The Chinese government yesterday released national economic data for the first quarter of 2023. Foreign media outlets evaluated the Chinese economy with statements such as "the growth in the first quarter is higher than expected", "The recovery of the Chinese economy has gained momentum" and "The Chinese economy started the new year with a good report card".
In the first quarter, China's GDP increased by 4,5 percent to 28 trillion 499 billion 700 million yuan (around 4,1 trillion USD).
The value added of industrial firms with annual turnover over 20 million yuan (US$2.9 million) increased by 3 percent, while investment in national fixed property rose by 5,1 percent.
The total retail figure increased by 5,8 percent and goods exports and imports increased by 4,8 percent.
All these figures showed that the Chinese economy has regained momentum and laid the groundwork for the realization of its annual growth target.
Since the beginning of this year, inflation in the USA and European countries has been at high levels and monetary policies have been tightened continuously. In recent days, a liquidity crisis has also been seen in the banks of some Western countries.
In addition, uncertainties in the global economy increased in an environment of geopolitical intransigence, unilateralism and protectionism. In this environment, achieving a higher-than-expected target for China's economic growth in the first quarter has not been easy.
In the article in the Wall Street Journal, it was stated that while the US and European economies slowed down, the recovery of the Chinese economy would revive the world economy.
The first quarter data of the Chinese economy is the result of the joint effort of the whole country. As of the New Year, China began to take various measures to revive the economy. While the active fiscal policy accelerates the economy, the sound monetary policy can hit the target precisely. In addition, the implementation of policies aimed at stabilizing growth, employment and commodity prices accelerated the recovery of the economy.
For example, loans made in Renminbi reached 10,6 trillion yuan (US$ 1,5 trillion), up 2,27 trillion yuan (US$330 billion) compared to the same period last year. It was stated that the return of companies to production accelerated as financial institutions acted more positively about lending.
While various steps are taken to encourage consumption, interactive touristic events are organized in Jiayuguan city in Gansu province, originating from ancient gate tour and Silk Road-specific folklore.
According to the data, sales of consumer products rose 5,8 percent in the first quarter compared to the same period last year, and were much better than the 2,7 percent decline in last year's fourth quarter.
On the other hand, investment in China's manufacturing sector increased by 7 percent and took the first place in the ranking of investments. Meanwhile, investment in advanced technology-based manufacturing increased by 15,2%, the production of new energy cars by 22,5 percent and solar battery production by 53,2%.
These reflected the accelerating development of new sectors as the structural change of the Chinese economy continued. This satisfies the Chinese economy's need for high-quality development.
Apart from that, contacts between the Chinese and foreigners intensified after China lifted the epidemic measures at the beginning of this year. China Development High-Level Forum, Boao Forum for Asia, China International Consumer Goods Expo, and China International Export and Import Expo… Numerous platforms have shortened the distance between China and the world.
The international environment today is again full of complex changes. While there is a certain inadequacy in China's domestic demand, the basis for the recovery of the economy is still not solid… But the long-term positive development trend of the Chinese economy has not changed and the domestic factors that encourage the economy are increasing.
The economy is expected to continue to improve as the impact of macro policies increases. Many foreign firms believe that investing and settling in China means choosing a better future.