It is normal for there to be short-term fluctuations in growth figures between months. A high base in the early period, seasonal factors, etc, all have a certain impact on relative growth from month to month.
The Chinese economy is in a critical period of economic recovery, transformation and upgrading. As the complexity, severity and uncertainty of the external environment increase, economic recovery will not be linear and will inevitably be accompanied by fluctuations and twists and turns. However, short-term data fluctuations do not affect the fundamentals of economic recovery.
A comprehensive analysis of the first quarter data shows that more indicators reflect the general trend of high-quality economic development.
For example, investment in high-tech industries increased by 11.4 percent year-on-year, 2 percentage points higher than that from January to February, and 6.9 percentage points higher than all investment; the added value of industries such as intelligent vehicle equipment manufacturing, semiconductor device special equipment manufacturing, and integrated circuit manufacturing registered increases of 61.5 percent, 40.6 percent and 18.5 percent respectively.
That means high-end, intelligent, and green industries are booming, new products, new business formats, and new models continue to emerge, and the cultivation of new quality productive forces is accelerating.
In the long run, the positive trend of China’s economy remains stable. At present, the country is implementing a series of major measures to comprehensively deepen institutional reforms and supply-side structural reforms, focusing on expanding effective demand through coordinated efforts.
The latest economic forecast data from the International Monetary Fund also confirm the positive prospects of the Chinese economy. The organization predicts that from 2024 to 2029, China will account for about 21 percent of new global economic activities, the United States will account for nearly 12 percent, and the rest of the G7 members will account for about 8 percent.
According to the latest forecasts of the IMF, 75 percent of global economic growth in the next five years is expected to be concentrated in 20 countries, of which China, India, the US and Indonesia will contribute more than half of global economic growth.