2024 is a critical year for achieving the goals and tasks of the 14th Five-Year Plan.
The latest first quarterly report of China’s economy shows that in the first quarter, the economy continued to pick up and improve, the growth rate of major economic indicators was stable and rising, and the economic structural adjustment was stable and making progress, but at the same time there are still some problems and challenges.
This is the recording scene of the China Economic Roundtable.
Photo by Xinhua News Agency reporter Li He
How do you view the economic situation in the first quarter? What are the future growth prospects? Xinhua News Agency launched a new issue of the “China Economic Roundtable” large-scale all-media interview program on the 25th, inviting Li Hui, deputy director of the National Economic Comprehensive Department of the National Development and Reform Commission, and deputy director and spokesperson of the National Economic Comprehensive Statistics Department of the National Bureau of Statistics. Wang Guanhua, Chief Researcher of China Center for International Economic Exchanges Zhang Yansheng, and Chairman of Chongqing Huasen Pharmaceutical Co., Ltd. You Hongtao discussed China’s economic trends.
Stable start: The economy got off to a good start in the first quarter
According to data from the National Bureau of Statistics, in the first quarter of this year, China’s gross domestic product (GDP) was 29,629.9 billion yuan, a year-on-year increase of 5.3% at constant prices, and a 1.6% month-on-month increase from the fourth quarter of last year.
“In the first quarter, the economic growth rate increased steadily, both year-on-year and quarter-on-quarter, both improved compared to the previous quarter.” Li Hui said that from a macro perspective, the entire economy has continued to recover and improve.
The national average urban surveyed unemployment rate was 5.2%, a year-on-year decrease of 0.3 percentage points; the national consumer price index (CPI) was the same as the same period last year, and the core CPI excluding food and energy prices increased by 0.7% year-on-year; fixed asset investment increased by 4.5% year-on-year. %, the growth rate increased by 1.5 percentage points compared with the previous year…A series of data confirms that the current economic momentum is stable and improving.
Cargo ships load and unload containers at Qingdao Port, Shandong port (photo taken on March 13, 2024, drone photo).
Photo by Xinhua News Agency reporter Li Ziheng
“China’s economy got off to a good start in the first quarter of this year. This good start is reflected not only in the stability of the macroeconomic fundamentals, but also in the fact that the Chinese economy has strengthened its muscles and physical fitness through transformation and upgrading.” Wang Guanhua commented when analyzing the current economic operation situation.
In Zhang Yansheng’s view, the 5% growth rate of imports and exports of goods in the first quarter hit a new high in six quarters, with the total amount exceeding 10 trillion yuan for the first time in history. It also showed a positive structural change, demonstrating the resilience of the Chinese economy.
A closer look at the first quarter report of this year shows that while China’s economy has achieved reasonable growth in quantity, it has also achieved effective improvement in quality.
This is the Hongqi new energy vehicle displayed at the 4th China International Consumer Goods Expo (photo taken on April 13, 2024).
Photo by Xinhua News Agency reporter Yang Guanyu
In the first quarter, the added value of high-tech manufacturing above designated size increased by 7.5% year-on-year, 2.6 percentage points faster than the fourth quarter of last year; the added value of the service industry increased by 5%, accounting for 59% of GDP; the contribution of domestic demand to economic growth reached 85.5% %; energy consumption per unit of GDP decreased by 0.1% year-on-year; per capita disposable income of national residents increased by 6.2% year-on-year, and per capita service consumption expenditure increased by 12.7%…
Li Hui, deputy director of the National Economic Comprehensive Department of the National Development and Reform Commission, delivered a live exchange speech at the China Economic Roundtable.
Photo by Xinhua News Agency reporter Li He
“The economy in the first quarter showed a trend of rapid growth, better structure, and better quality and efficiency.” Li Hui said that the economic scale in the first quarter accounted for about 22% of the total economic volume for the whole year. The plan for the year begins in spring, and a good start is of great significance for completing the economic and social development goals and tasks for the whole year.
As the stability and coordination of economic operations increase, the confidence of business entities continues to rise. You Hongtao introduced that in the first quarter, the company’s performance increased by more than 25% compared with the same period last year. From the perspective of future development, domestic health demand continues to grow, and we are very confident about the future market.
Looking around the world, world economic growth is still facing great pressure. The World Bank predicts that the global economy will grow by 2.4% this year, and the International Monetary Fund (IMF) has recently raised its global growth forecast to 3.2%.
Wang Guanhua, deputy director and spokesperson of the National Economic Comprehensive Statistics Department of the National Bureau of Statistics, delivered a live exchange speech at the China Economic Roundtable.
Photo by Xinhua News Agency reporter Li He
Wang Guanhua said that China’s economic growth remains the leader among the world’s major economies and remains an important engine and stabilizing force for global economic growth, injecting certainty into the uncertain world economy.
Facing challenges head-on, the foundation for recovery still needs to be consolidated
The good start has boosted development confidence and laid a good foundation for achieving the goals and tasks throughout the year. However, we must also note that current problems such as insufficient effective demand and weak social expectations still exist, and the foundation for continued recovery needs to be further consolidated.
Consumption is the main engine driving economic growth. In the first quarter, the growth rate of total retail sales of consumer goods was 4.7%, which was slower than the 5.5% growth rate in the previous two months and the 7.2% growth rate last year. At the same time, price increases have slowed down, with CPI rising by 0.1% year-on-year in March, a decrease of 0.6 percentage points from the previous month, indicating that consumer confidence needs to be further enhanced.
In the Heihe area of the China (Heilongjiang) Free Trade Pilot Zone, workers at the Intelligent Warehousing and Logistics Center of the Heihe Cross-Border E-commerce Park deliver packaged goods to the express sorting field via a conveyor belt (photographed on January 31, 2024).
Photo by Xinhua News Agency reporter Xie Jianfei
Wang Guanhua suggested that to promote consumption from post-epidemic recovery to continued expansion, we should focus on three aspects: continue to expand employment, promote residents’ income increase, and enhance residents’ consumption ability; innovate consumption scenarios, increase the supply of high-quality goods and services, and increase residents’ consumption Willingness; to improve the commercial circulation system and create a good consumption environment so that residents can consume with peace of mind and comfort.
Difficulty and expensive financing are problems that many private enterprises have long faced. You Hongtao also has a deep understanding of this. He said that for the pharmaceutical industry, research and development requires a large amount of capital investment, and problems such as financing difficulties bring challenges to enterprise development.
Workers work in the production workshop of a medical equipment company in Qinhuangdao Economic and Technological Development Zone, Hebei Province (photo taken on January 10, 2024). According to reports, there are currently more than 30 companies in the area of health management, bioengineering, medical equipment and other life and health fields.
Photo by Xinhua News Agency reporter Yang Shiyao
“To solve the problem of difficult and expensive financing, we need the cooperation of policies from all aspects.” Li Hui said, for example, in terms of promoting technological innovation and technological transformation process, in addition to implementing tax reduction policies, the People’s Bank of China recently established a re-loan policy Tools, which reflect the combined effect of fiscal and monetary policies.
Currently, China is still at a critical stage of economic transformation and upgrading. “Enterprise transformation and upgrading are bound to endure some pains.” You Hongtao said that Watson Pharmaceuticals has always been confident in pursuing innovation, constantly increasing investment in research and development, focusing on opening up new tracks in the health industry such as special medical formula foods, and cultivating and developing new advantages. .
Currently, the issue of how to effectively implement policies is also receiving much attention.
In this regard, Li Hui said that the key to promoting effective implementation is to pay close attention to policy implementation, especially this year’s incremental policies, such as the issuance of ultra-long-term special treasury bonds, large-scale equipment updates and consumer goods trade-in policies, etc., must be implemented as soon as possible. In addition, we must pay close attention to problem solving and overall coordination to further promote policies in various fields to work in the same direction and form synergy.
Job seekers learn about recruitment information at the 2024 Shaanxi Trade Union “Spring Jobs” Employment Service Month on-site job fair (photographed on March 6, 2024).
Photo by Xinhua News Agency reporter Zhang Bowen
“In the past two years, we have conducted consistency assessments on macro policy orientations on thousands of newly released policy documents, and are now promoting the inclusion of non-economic policies and economic policies into the consistency assessment of macro policy orientations, promoting various aspects of We will adopt more policies that are conducive to stabilizing growth, stabilizing employment, and stabilizing expectations, and we will prudently introduce contractionary and suppressive measures,” Li Hui said.
There is support for activation potential to improve in the long termHave confidence
In 2024, China has set an expected target of annual economic growth of about 5%.
Zhang Yansheng, chief researcher of the China Center for International Economic Exchanges, recorded a live exchange speech at the China Economic Roundtable.
Photo by Xinhua News Agency reporter Li He
Looking forward to the future development of the Chinese economy, Zhang Yansheng believes that in the short term, the problem of insufficient demand must be solved, in the medium term, economic structural adjustment must be accelerated, risk prevention and resolution work should be done, and the development of the real estate industry should be stabilized. In the long term, the economy must be promoted by accelerating the development of new productive forces. High-quality development.
A series of measures are being taken to expand domestic demand. Since the beginning of this year, the National Development and Reform Commission has accelerated the issuance of the central budget investment plan. So far, it has issued more than 200 billion yuan, accounting for more than 30% of the whole year, and has completed the preliminary screening of local government special bond projects.
Following the issuance of the Action Plan for Promoting Large-Scale Equipment Updates and Trade-in of Consumer Goods, the Action Plan for Promoting Trade-in of Consumer Goods issued by 14 departments including the Ministry of Commerce was recently released, proposing 22 measures including increasing fiscal and financial policy support, which is expected to leverage Create a trillion-yuan market space.
“We are establishing a better working mechanism to strengthen departmental linkage and central-local interaction.” Li Hui said, at the same time, we are striving to include equipment updates and some recycling projects into the scope of various government funding support such as investments within the central budget, and Optimize the implementation of preferential tax policies and promote the implementation of policies for upgrading equipment and consumer goods.
The Spring Festival in 2024 will usher in the “8+1” holiday. People are enthusiastic about traveling. Scenic spots in various places are experiencing a boom in visits, and the cultural tourism market has made a good start. This is a tourist visiting the Mingsha Mountain Crescent Spring Scenic Area in Dunhuang City, Gansu Province (photo taken on February 14, 2024).
Published by Xinhua News Agency (Photo by Zhang Xiaoliang)
In the first quarter of this year, consumption is still the ballast stone for the stable operation of the economy. From the holiday economy to the spring economy, various scenario-based consumption continues to innovate.
Tourists ride bamboo rafts to watch live singing and dancing performances on the riverbank on the Gongshui River in Xuanen County, Hubei Province (photo taken on February 20, 2024). During the Spring Festival, the local area organizes a variety of cultural activities, attracting a large number of tourists to enjoy the scenery and inject activities into the economy of the mountainous countryside.
Published by Xinhua News Agency (Photo by Song Wen)
Wang Guanhua believes that this contains many new economic growth points and also brings great space for expanding consumption potential. “The market is the scarcest resource. Our country has a very large domestic demand market with a population of more than 1.4 billion, with large consumption potential and strong resilience. This is our advantage, and where our confidence and confidence lie.”
Collaboratively promoting new industrialization and urbanization will bring huge market demand and further release China’s economic growth potential.
You Hongtao, Chairman of Chongqing Huasen Pharmaceutical Co., Ltd., delivered a live exchange speech at the China Economic Roundtable.
Photo by Xinhua News Agency reporter Li He
“If an enterprise wants to develop in the long term, it must persist in innovation. The country’s focus on cultivating new productive forces has brought many new development opportunities to our enterprises.” You Hongtao said that for enterprises, confidence in future development lies in the vigorous development of China’s economy The future lies in China’s huge market potential.
In Zhang Yansheng’s view, accelerating new urbanization and releasing the growth potential of county economies are also the keys to China’s economic growth in the future. “The efficiency of resource allocation in counties is much higher than that in rural areas. Vigorously promoting new urbanization with counties as an important carrier is the key to solving the problem of insufficient total demand.”
In Dunhou Community, Xilai Town, Pujiang County, Chengdu City, Sichuan Province, tourists wander in the sea of rapeseed flowers (photo taken on March 8, 2024, drone photo).
Photo by Xinhua News Agency reporter Jiang Hongjing
Li Hui believes that the current level of new industrialization and urbanization in some areas of our country is still relatively low. The next step is to place the urbanization of agricultural migrant workers in a more prominent position, speed up the filling of shortcomings in urban construction, and improve new industrialized towns in areas with potential. level of urbanization, unleashing the huge domestic demand potential contained in urbanization, and improving the quality of life of the people in the process.
Talking about future economic trends, Li Hui said that we have opportunities for industrial upgrading brought by the development of new productive forces, a more solid foundation for high-quality development, the power and vitality stimulated by further comprehensively deepening reform and opening up, and the ability to cope with domestic and foreign risks and challenges. With the further implementation of policies and work preparations, the economy will have a solid foundation for steady improvement throughout the year.
China’s economy has always grown and prospered amidst wind and rain. “To observe the economic operation, we still need to observe the general trend, look at the trends, and recognize the mainstream.” Wang Guanhua said that there are pressures and challenges in the economic operation, but there is also support and confidence. The basic trend of economic recovery and long-term improvement has not changed.
Text reporters: Wei Yukun, Chen Weiwei, Han Jianuo
Video reporters: Li Shuzhen, Guan Guifeng, Han Jie, Chen Weiwei, Wei Yukun, Han Jianuo, Li Linxin, Yang Zhigang, Hao Xiaojiang, Liu Yang, Wang Gejun, Sha Qing, Zhao Xiaoshuai, Feng Yuanyuan, Wu Feizuo, Huo Siying, Li Sijia, Zhou Yang, Li Haiwei, Sun Min , Zhang Zhimin, Pang Jie, Yue Wenting, Zou Shangbo, Li Shuai, Jiang Liang, Han He, Cheng Jian, Cui Yueping, Wang Bingdi, Zhu Yinan, Wei Ying, Zhu Longchuan, Li Zhen, Zhang Yuheng, Dong Xiuzhu, Yao Bing, Yang Yiran, Yu Fuqing, Hua Hongli, Ji Li, Liu Yanan, Xie E, Deng Min, Zeng Tao, Zhao Xiaona, Zheng Bofei, Sun Qing, You Zhixin, Yang Zichun, Hao Jie, Huo Siying, Ding Le, Wu Hao, Miao Peiyuan, Meng Jing, Li Guangzheng, Liu Chunyan, Zhong Ya, Sun Xinjing
Poster Design: Excellence
Editors: Luo Hui, Jin Di, Han Jianuo, Xu Jinquan, Wu Jianlu, Song Weiwei, Liu Mengqi, Cheng Hao, Guo Jieyu
Coordinator: Li Yunan, Fang Sixian
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