China's economy grew by 6.1% in the first quarter

According to data released by the National Bureau of Statistics on the 16th, China’s economy grew by 6.1% year-on-year in the first quarter, with the growth rate falling by 4.5% from the same period of last year and by 0.7% from the previous quarter.

Li Xiaochao, spokesperson of the National Bureau of Statistics, said at the press conference held by the State Council Information Office that since the beginning of this year, all regions and departments have conscientiously implemented the central government’s package plan to further expand domestic demand and maintain stable and rapid growth of the national economy. With the impact of the financial crisis, there have been positive changes in the operation of the national economy and the overall performance has been better than expected.

Preliminary calculations show that in the first quarter China’s gross domestic product was 6574.5 billion yuan. Among them, the added value of the primary industry was 470 billion yuan, a year-on-year increase of 3.5%; that of the secondary industry was 3169.8 billion yuan, an increase of 5.3%; and that of the tertiary industry was 2,007.7 billion yuan, an increase of 7.4%.

Agricultural production started well and industrial production growth stabilized. The National Bureau of Statistics estimates that the country's annual grain sown area will be 10.814 million hectares, which will increase for six consecutive years. The overall growth of winter wheat is better. In the first quarter, the value-added of industrial enterprises above designated size increased by 5.1% year-on-year, of which, from January to February, it increased by 3.8%, and in March it increased by 8.3%.

The growth in investment in fixed assets has accelerated, and sales in the domestic market have grown steadily and rapidly. In the first quarter, China’s total investment in fixed assets was 2,282.9 billion yuan, a year-on-year increase of 28.8%, an acceleration of 4.2 percentage points over the same period of the previous year; total retail sales of consumer goods was 2,989.8 billion yuan, a year-on-year increase of 15.0%, deducting prices. Factors, the actual growth of 15.9%, an increase of 3.6 percentage points year-on-year.

Li Xiaochao said that the current major difficulties in the operation of the national economy are: due to the impact of the international financial crisis, export demand has fallen by a large margin, resulting in a decline in corporate profits, a decrease in fiscal revenue, and an increase in employment difficulties. The economy has a large downward pressure. In the next stage, we must follow the Central Government's decision-making and deployment of economic work, effectively implement the various policies and measures that have been introduced, and constantly improve the macro-control policies, in an effort to achieve stable and rapid development of the national economy.

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