On April 16, the National Bureau of Statistics released data showing that China’s gross domestic product (GDP) reached 33.4193 trillion yuan in the first quarter of 2026, a year-on-year increase of 5.0%, and a quarter-on-quarter rise of 1.3%, 0.5 percentage points faster than the fourth quarter of last year. The economy achieved a solid start. By industry, the primary industry grew by 3.8%, the secondary industry by 4.9%, and the tertiary industry by 5.2%, with the service sector leading growth.

Demand-side performance was strong. In Q1, total imports and exports of goods hit 11.84 trillion yuan, up 15% year-on-year, a five-year high. Exports reached 6.85 trillion yuan and imports 4.99 trillion yuan, with private enterprises as the main force of foreign trade. Total retail sales of consumer goods neared 13 trillion yuan, up 2.4% year-on-year. Service consumption rose 5.5%, 3.3 percentage points higher than goods consumption, with cultural, tourism and leisure services growing in double digits. Value-added industrial output above designated size increased by 6.1%, with equipment manufacturing and high-tech manufacturing expanding rapidly, accelerating the formation of new-quality productive forces.

Market analysts noted that the 5.0% growth exceeded expectations and demonstrated economic resilience. The Q1 performance benefited from proactive fiscal and monetary policies, including early issuance of ultra-long special treasury bonds and local government special bonds. The consumption upgrade and trade-in program drove sales exceeding 430 billion yuan. The economy is expected to rely more on endogenous momentum in Q2. Consumption recovery, strong foreign trade and industrial rebound will continue to underpin growth, with the overall economy set for steady improvement for the full year.