Vibrant Q1 consumption mirrors China's economic stamina
Release time：2024-05-21 21:18:23 Source：International Impact news portal
-
BEIJING, April 25 (Xinhua) -- China's economic outlook remains positive as the country's consumer spending surged in the first quarter (Q1) of 2024, signaling a strong contribution to domestic demand and overall economic growth. China's retail sales of consumer goods, a major indicator of the country's consumption strength, climbed 4.7 percent year on year in Q1 2024, according to data from the National Bureau of Statistics (NBS). Analysts believe that the sustained growth in consumer spending is a testament to China's economic resilience and the effectiveness of policy measures aimed at stimulating domestic demand. According to a research note by Zhongtai Securities, the per capita disposable income of Chinese residents reached 11,539 yuan (about 1,625 U.S. dollars) in Q1, with per capita consumer spending hitting 7,299 yuan. The marginal propensity to consume, measured by the ratio of consumption expenditure to disposable income, stood at 63.3 percent, marking a new high since 2020. Yuekai Securities echoed the optimism, noting that China's economy has continued to show signs of recovery, underpinned by improvements in supply and demand. The business expectations index within the purchasing managers' index (PMI) data pointed upwards, reflecting a gradual restoration of confidence among microeconomic entities. The demand structure revealed that service consumption, high-end manufacturing investment, and infrastructure investment were the main drivers, said Yuekai Securities in a research note. The total retail sales of consumer goods experienced a monthly growth rate of 0.03 percent, 0.01 percent, and 0.26 percent for January, February, and March, respectively, with a significant acceleration in March, the note said. "China's economic recovery is primarily attributed to three factors: the resilience of a large economy, a long industrial chain, and distinct advantages of economies of scale," said Yuekai Securities. Service consumption emerged as one of the highlights of the Q1 data. As Sheng Laiyun, deputy head of the NBS, told a press conference, service consumption contributed 55.7 percent to economic growth in Q1. The number of trips made during the Spring Festival holiday jumped 34.3 percent year on year, exceeding that of the same period in 2019. Tourism consumption during the holiday also surpassed the level seen in the same period in 2019, official data showed. Great Wall Securities analyst Jiang Fei noted that in the first quarter, the manufacturing sector showed relative strength in investment, and infrastructure investment demonstrated resilience. On the consumer front, the enthusiasm for travel and tourism among residents has driven consumption in related industries." A recent forecast by Trip.com, a prominent online travel agency, anticipates a steady increase in travel enthusiasm during the upcoming Labor Day holiday over last year's high base levels. Wang Guanhua, spokesperson for the NBS, emphasized the importance of consumption in stimulating and expanding domestic demand. "China has an ultra-large consumer market with a population of over 1.4 billion," Wang said. "The potential for consumption is vast, and its resilience is our greatest strength and source of confidence."
（Editor:Wang Su）
- Previous：Brewers starter Joe Ross leaves after first inning vs. Marlins with lower back strain
- Next：Arrest Lord Mountbatten's self
Related articles
- Kylie Jenner displays her VERY edgy fashion sense in cleavage
- Not b***** likely! How straight
- Kate will 'lean on' her trusted nanny Maria Borrallo as she recovers from abdominal surgery
- Ministry of Health proposes 134 job losses
- Christopher Reeve Super/Man documentary
- WorkSafe interim chief executive Steve Haszard resigns months into job
- Loosening building products red tape 'good first step'
- How Katharine, Duchess of Kent bagged a royal prince
- Patrick Reed withdraws from US Open qualifying and ends streak of playing the majors
- Meghan Markle reads books to youngsters at Los Angeles Children's Hospital on Royal
- Online reading or offline clubs? Young Chinese embrace both in digital era
- Oscars 2024: The Biggest Moments from the 96th Academy Awards
- TikTok crackdown bill unanimously approved by US House panel
- Queen Camilla could stand in for King Charles at the 80th anniversary of D
- French sports minister calls for sanctions after Monaco player tapes over anti
- Can you nail which royal women committed these acts of manicure mutiny?
- From the fabulous 'Elvis Dress' to the velvet gown she wore dancing with Travolta
- Queen Letizia and King Felipe of Spain visit Queen Sofia, 85, in hospital
- Candice Swanepoel stuns in a form
- Archbishop of Canterbury says Kate Middleton conspiracy theories are nothing more than 'old
Random recommendation
Across China: National Fitness Day Events Held Nationwide to Promote Healthy LivingMartial Arts Enthusiasts Found Training Class for Local ChildrenSW China's Banxi Village Enters Fruits Harvest SeasonChina's Annual Marriage Registrations Drop at Lowest Since 1986Chinese Public Security Authority Urges Better Care for Police OfficersMartial Arts Enthusiasts Found Training Class for Local ChildrenLetter from Space Sends Hong Kong Student over the Moon2022 World Artificial Intelligence Conference Held in ShanghaiHuge Flower Basket Decorates Tian'anmen Square Ahead of National Day HolidayChildren Enjoy Summer Vacation in Shenyang
- Copyright © 2024 Powered by Vibrant Q1 consumption mirrors China's economic stamina ,International Impact news portal sitemap