Editing and photography: He Meng, reporter of People's Daily Online, Wei Qingcheng

[Summary of views]

● When observing the operation of China's economy, we should look not only at the total amount, but also at the structure, and also at the trend and potential.

● Looking forward to China's economic development in the whole year, it is believed that the economic growth target of about 5% this year is a goal that can be achieved by "striving for a leap" through sustained policies.

● China's economic development not only pursues "gold content", but also "green content".

● The rapid growth of year-on-year industrial data has played an important role in supporting the steady operation and steady improvement of GDP.

In 2024, China's first quarterly economic report ushered in a "good start". According to the data released by the National Bureau of Statistics on the 16th, the gross domestic product (GDP) in the first quarter was 29629.9 billion yuan in preliminary accounting, an increase of 5.3% year-on-year at constant prices. How to view the "report card" of China's economy in the first quarter? How does the second quarter continue to develop and where does the confidence come from?

"When observing the operation of China's economy, we should look not only at the total amount, but also at the structure, and also at the trend and potential. From the characteristics of the current economic operation, while the total economic volume remains stable, the structure is also constantly optimized, and consumer demand and investment demand are also in the process of steady recovery." Recently, the director of the Industrial Economy Research Office of the Economic Forecast Department of the National Information Center Researcher Wei Qijia said when he visited China's Economic Micro observation Expert Talk that China's economic growth in the first quarter can be summarized by one key word: progress while maintaining stability, which well summarizes the main characteristics of China's economic operation in the first quarter.

The goal of economic growth is the key to boosting confidence. Wei Qijia said that looking forward to China's economic development trend in the whole year, he believed that the economic growth target of about 5% this year could be achieved by a "leap" through sustained policies.

"The key is to see the trend and potential of China's economy"

The growth of high-tech manufacturing industry is accelerating, and the market sales are growing steadily... Dialyzing the economic data of the first quarter, China's economic growth is generally higher than the market expectations, and China, which practices high-quality development, has delivered a brilliant "first quarter report".

Wei Qijia said that from the perspective of "stability", China, as a super large economy, on the basis of rising external environment uncertainty and relatively high base last year, it is not easy to achieve a year-on-year growth of 5.3% in GDP growth, which is also an important reflection of the steady operation of China's economy.

From the perspective of "advancement", investment in some high-tech manufacturing and high-tech service industries has maintained double-digit growth, and product output has also maintained a high year-on-year growth rate, reflecting the characteristics of structural optimization and better quality and efficiency.

"The key is to see the trend and potential of China's economy." Wei Qijia said, for example, from the hot "holiday economy", we can see that the current demand in the consumer sector is showing a steady and moderate recovery trend. With the introduction of various policies, this trend is expected to continue this year, and micro entities will further feel the warmth of economic stability.

Wei Qijia said that from the policy perspective, the policy guarantee is strong and the reserves are sufficient. Taking large-scale equipment renovation and consumer goods as an example, the old for new policy is not limited to the old for new policy of consumer goods, but aims to achieve a virtuous cycle of consumption and investment through the introduction of systematic policies.

"Ultimately, it will drive the growth of demand for consumer goods, and also promote enterprises to carry out technological transformation, optimize production processes, and produce products with better quality." Wei Qijia further analyzed that, on the whole, this policy can form a positive interaction between consumption and investment, and will also lay a good foundation for creating new economic growth points.

"Pursue both 'gold content' and 'green content'"

Taking a closer look at the "report card" of China's economy in the first quarter, the energy consumption per unit GDP decreased by 0.1% year on year, the added value of high-technology manufacturing above designated size increased by 7.5% year on year, the national investment in fixed assets (excluding farmers) increased by 4.5% year on year, and semiconductor and 3D printing also maintained a double-digit high growth. What information does this data convey? What new signals are released?

"Behind each set of data, there is profound logic and practical support for action." Wei Qijia said that, as the world's second largest economy, China's economy has many commendable points while maintaining stability, including two more prominent aspects.

First, the energy consumption per unit of GDP in the first quarter decreased year on year. Behind this slight decline is the country's continuous efforts to promote the green transformation of industries. It can be said that China's economic development not only pursues "gold content", but also pursues "green content".

The second is the growth of product output and investment related indicators of high-tech manufacturing industry. This is the result of China's long-term efforts to promote the development of the real economy and attach importance to the transformation and upgrading of the real economy. In particular, China has promoted the upgrading and transformation of traditional industries, increased investment in technological transformation, and promoted the upgrading and expansion of strategic emerging industries.

"Pay attention to both short-term growth and long-term overall planning"

According to the data of the National Bureau of Statistics, the added value of the secondary industry in the first quarter was 10984.6 billion yuan, up 6.0%, which played a role in driving economic growth. Among them, the added value of industries above designated size nationwide increased by 6.1% year on year. In terms of three categories, the added value of the mining industry increased by 1.6% year on year, the manufacturing industry increased by 6.7% year on year, and the power, heat, gas and water production and supply industries increased by 6.9% year on year. The added value of high-tech manufacturing increased by 7.5% year on year, 2.6 percentage points faster than the fourth quarter of last year.

"The rapid growth of year-on-year industrial data has played an important role in supporting the steady operation and steady improvement of GDP." Wei Qijia said that the real economy, especially the industrial categories, is an important support for the steady operation of the national economy, and relevant policies also play an important role in promoting the transformation and upgrading of industry and high-quality development.

Wei Qijia further said that from the perspective of the industrial field, policies such as large-scale equipment renewal and consumer goods trade in not only focus on short-term growth, but also on medium - and long-term overall planning, which has boosted the confidence of many industrial enterprises. Many enterprises are also taking advantage of favorable policies to arrange relevant production in advance, which will play a strong role in promoting the growth of industrial added value.

"From the perspective of economic cycle, consumption and investment in the service industry have maintained a good growth trend, which indicates that the demand for consumption is recovering steadily." Wei Qijia believes that the steady growth of the service industry will also promote the improvement of product demand, further promote industrial development, and achieve positive interaction between industries.

Wei Qijia also suggested that in the future, China should adhere to the principle of quality first and efficiency first, seize the favorable opportunity, and accelerate the construction of a modern industrial system with the main focus on expanding the total scale, improving the industrial system, optimizing the industrial structure and improving industrial resilience.

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