2020年CRI China's Q1 GDP grows 6.8 pct year on year

 

New figures show China's economy expanded 6.8% year on year through the first quarter, surpassing the full-year economic growth target of 6.5% for year.

A number of observers say they believe the first-quarter stats lay a solid foundation for sound economic growth through the rest of this year.

The new data shows the service sector¹ grew faster than it did during the same period last year, contributing nearly 62% to China's overall economic growth. 

At the same time, the National Bureau of Statistics is also reporting a stable jobless rate and inflation.

"China's GDP growth rate has stayed within the range of 6.7% to 6.9% for the past 11 quarters. The employment has grown steadily², with unemployment in the urban areas being maintained at around 5%. The prices of consumer goods have also remained stable, while the momentum³ of industrial goods price increases has eased," said NBS spokesperson Xing Zhihong.

The data also suggest innovation has had a driving effect on economic growth through the first quarter.

Xing Zhihong also says consumption played a pivotal role in fostering growth, while investment has also helped balance supply and demand.

"Consumption contributed 77.8% to the total economic output in the first quarter, compared with 58.8% for the whole of last year, with consumption becoming the top engine of the Chinese economy for the fifth consecutive⁴ year. The investment structure has also been optimized⁵, with the private sector more actively⁶ involved. Private sector investment accounts for over 60% of the total, showing growth of 8.9% in the first quarter, 2.9% faster than last year. Meanwhile, the scope of private sector investment is expanding with some important areas being strengthened. "

In foreign trade, China saw import growth outpace exports, lowering the trade surplus.

Xing Zhihong does caution the Chinese economy may face a hit as a result of rising trade protectionism, a change of monetary⁷ policies and financial market turbulence⁸.

However, he argues the positive momentum will not be harmed.

"The efforts of reform and opening up, as well as well innovation, are expected to be further enhanced. Market players are showing growing confidence in the overall picture. In March, the manufacturing PMI marked its 20th consecutive month of expansion, while the non-manufacturing PMI maintained a level above 54 for the seventh consecutive month. The Consumer Confidence Index also reached 122.3 – a high level based on historic records. The inherent driving force for China's economy consolidated⁹ in terms of supply, demand, and market expectation, providing strong support for sustained sound development."

1 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

2 steadily   

adv.稳定地；不变地；持续地

参考例句：

• The scope of man's use of natural resources will steadily grow.人类利用自然资源的广度将日益扩大。
• Our educational reform was steadily led onto the correct path.我们的教学改革慢慢上轨道了。

3 momentum   

n.动力，冲力，势头；动量

参考例句：

• We exploit the energy and momentum conservation laws in this way.我们就是这样利用能量和动量守恒定律的。
• The law of momentum conservation could supplant Newton's third law.动量守恒定律可以取代牛顿第三定律。

4 consecutive   

adj.连续的，联贯的，始终一贯的

参考例句：

• It has rained for four consecutive days.已连续下了四天雨。
• The policy of our Party is consecutive.我党的政策始终如一。

5 optimized   

adj.最佳化的，（使）最优化的v.使最优化，使尽可能有效( optimize的过去式和过去分词 )

参考例句：

• We are often asked whether consumer Web sites should be optimized for beginners or intermediates. 我们常常被问到这样的问题：消费类网站究竟应该为新手而优化，还是应该为中间用户而优化？ 来自About Face 3交互设计精髓
• GOOGLE Advertising optimized sequence, greatly increasing the advertising effect. 优化了GOOGLE广告位排列顺序，大大增加了广告效果。 来自互联网

6 actively   

adv.积极地，勤奋地

参考例句：

• During this period all the students were actively participating.在这节课中所有的学生都积极参加。
• We are actively intervening to settle a quarrel.我们正在积极调解争执。

7 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

8 turbulence   

n.喧嚣，狂暴，骚乱，湍流

参考例句：

• The turbulence caused the plane to turn over.空气的激流导致飞机翻转。
• The world advances amidst turbulence.世界在动荡中前进。

9 consolidated   

a.联合的

参考例句：

• With this new movie he has consolidated his position as the country's leading director. 他新执导的影片巩固了他作为全国最佳导演的地位。
• Those two banks have consolidated and formed a single large bank. 那两家银行已合并成一家大银行。