China's gross domestic product expanded by 5.3 percent year-on-year in the first quarter after a 5.2 percent rise in the fourth quarter, official data showed on Tuesday, boding well for a steady economic recovery in the following months.4月16日官方发布的数据显示，继2023年第四季度增长5.2%之后，中国第一季度国内生产总值同比增长5.3%，预计未来几个月经济将实现稳步复苏。The country's GDP came in at 29.63 trillion yuan ($4.09 trillion) in the first quarter, according to the National Bureau of Statistics. On a quarter-on-quarter basis, China's GDP grew by 1.6 percent in...
China's gross domestic product expanded by 5.3 percent year-on-year in the first quarter after a 5.2 percent rise in the fourth quarter, official data showed on Tuesday, boding well for a steady economic recovery in the following months.
4月16日官方发布的数据显示，继2023年第四季度增长5.2%之后，中国第一季度国内生产总值同比增长5.3%，预计未来几个月经济将实现稳步复苏。
The country's GDP came in at 29.63 trillion yuan ($4.09 trillion) in the first quarter, according to the National Bureau of Statistics. On a quarter-on-quarter basis, China's GDP grew by 1.6 percent in the first quarter, the NBS said.
根据国家统计局的数据，第一季度中国GDP为29.63万亿元人民币。按季度计算，中国第一季度GDP增长1.6%。
"The Chinese economy is displaying more signs of recovery…led by the notable growth in exports and manufacturing," said Robin Xing, chief China economist at Morgan Stanley.
摩根士丹利中国首席经济学家邢自强表示：“中国经济正显示出越来越多的复苏迹象。尤其是出口和制造业”。
China's value-added industrial output grew by 6.1 percent year-on-year in the first quarter. The figure rose by 4.5 percent in March after a 7 percent growth in the first two months of the year, NBS data showed. Retail sales, a key measurement of consumer spending, grew by 4.7 percent in the first quarter. And the retail sales in March increased by 3.1 percent versus the 5.5 percent growth in the first two months.
国家统计局数据显示，第一季度我国工业增加值同比增长6.1%。在前两个月增长7%的基础上，3月份进一步增长4.5%。社会消费品零售总额时衡量消费者支出的关键指标，一季度零售额增长4.7%。3月份社会消费品零售总额增长3.1%，前两个月增长5.5%。
Fixed-asset investment - a gauge of expenditures on items including infrastructure, property, machinery and equipment – rose by 4.5 percent in the first three months, while in the first two months, it grew by 4.2 percent.The surveyed urban jobless rate came in at 5.2 percent in March down from 5.3 percent in February, according to the NBS.
固定资产投资是衡量基础设施、房地产、机械设备等支出的指标，前三个月增长4.5%，前两个月增长4.2%。3月份城镇调查失业率增长率为5.2%，低于2月份的5.3%。
Looking forward, Xing said he anticipates China's second-quarter GDP to accelerate to over 5.5 percent year-on-year on a low base. Morgan Stanley has recently revised China's 2024 real gross domestic product forecast up from 4.2 percent to 4.8 percent, given the country's stronger-than-expected exports and manufacturing capital expenditure.
邢自强认为，现在基数不算高，预计中国第二季度GDP将在此基础上同比加速至5.5%以上。因为中国出口和制造业资本支出强于预期，为此，摩根士丹利将中国2024年实际国内生产总值预测从4.2%上调至4.8%。
It also raised its forecast for China's growth in 2025 to 4.5 percent from 4 percent given the higher entry point. Two-thirds of the upward revision stems from stronger-than-expected exports, driven by resilient US demand and robust export volume amid soft prices.
鉴于2024年开局中国经济表现良好，摩根士丹利还将中国2025年经济增长预测从4%上调至4.5%。虽然市场价格走低，但美国强劲的市场需求以及巨大的货物出口量仍能保证中国出口领域交出优异答卷，这贡献了上涨幅度的三分之二。
And the rest of the upward revision is due to manufacturing capital expenditure as the country doubles down on supply chain upgrades, with a focus on energy efficiency and digitalization, Morgan Stanley said in a report.
另外三分之一是目前中国正加大供应链升级力度，重点关注能源效率和数字化，由此制造业支出巨大。
Xing said exports will remain a primary positive factor for China's growth in 2024 given the rebound in global demand, especially the stronger US demand. "I estimate that the export may grow by 5 percent to 10 percent this year."
邢自强表示，出口仍将是中国经济增长的主要积极因素。如今全球，尤其是美国，需求回升，并预计今年出口可能会增长5%到10%。”
digitalization
数字化
energy efficiency
能源效率
