China’s gross domestic product (GDP) grew 5.3% year on year in the first quarter of 2024, data from the National Bureau of Statistics (NBS) showed on Tuesday.

The country’s GDP reached 29.63 trillion yuan ($4.17 trillion) during that period, NBS data showed. On a quarterly basis, the economy grew 1.6%.

“China’s high-quality development made new achievements in the first quarter. The national economy maintained the recovery momentum and started well,” said Sheng Laiyun, deputy director of the NBS, at a press conference.

Sheng mentioned positive factors during the period, such as increased production demand, stable employment and prices, and increased market confidence.

“These positive factors driving economic recovery are accumulating and strengthening, laying a good foundation for full-year growth,” Sheng said.


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