{"id":24051,"date":"2025-11-27T06:20:42","date_gmt":"2025-11-27T06:20:42","guid":{"rendered":"https:\/\/msadvisory.com\/?p=24051"},"modified":"2026-04-20T11:33:08","modified_gmt":"2026-04-20T11:33:08","slug":"china-quarterly-results-q1-2024","status":"publish","type":"post","link":"https:\/\/msadvisory.com\/china-quarterly-results-q1-2024\/","title":{"rendered":"China Quarterly Economic Data Q1 2024"},"content":{"rendered":"\t\t
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China’s economy has demonstrated greater resilience than initially anticipated at the start of the year, primarily driven by strong growth in the high-tech manufacturing sector. According to the National Bureau of Statistics’ report<\/a> released on Tuesday, the gross domestic product (GDP) expanded by 5.3%<\/strong> in the first quarter compared to the same period last year, surpassing economists’ expectations of 4.6% growth<\/strong> (NBS<\/a>).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Sheng Laiyun, spokesperson for the NBS, emphasized during a press conference in Beijing that the positive performance in the first quarter lays a strong foundation for meeting annual objectives. However, he cautioned that challenges persist in stabilizing and enhancing economic conditions.<\/p>

Below we provide a brief overview of some of the highlights announced in China\u2019s 2024 Q1 statistics<\/b><\/p>

Stable unemployment rate<\/h2>

In the first quarter, the urban surveyed unemployment rate<\/a> averaged 5.2%<\/strong>, showing a decline of 0.3%<\/strong> compared to the same period last year. Specifically, in March, the surveyed unemployment rate in urban areas decreased to 5.2%<\/strong>, marking a 0.1% reduction<\/strong> from both the previous month and the same month last year.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Imports and Exports Experienced Stable Growth<\/h2>

During the first quarter, the total worth of goods imported and exported amounted to 10,16 trillion yuan<\/strong>, marking a 5% increase<\/strong> compared to the previous year.<\/p>

China\u2019s Export value<\/a> in Q1 totaled 5.74 trillion yuan<\/strong>, rising by 4.9%<\/strong>, while import value reached 4,43 trillion yuan<\/strong>, experiencing a 5%<\/strong> increase. This resulted in a trade surplus of 1,36 trillion yuan<\/strong>. Private enterprises contributed significantly, with their imports and exports growing by 10.7% <\/b>and accounting for 54.3%<\/b> of the total trade value (See General Administration of Customs of China<\/a>)<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Purchasing Manager Index<\/h2>

The Purchasing Managers Index (PMI) is a key indicator used to predict and track macroeconomic trends, specifically focusing on activities like production, purchasing, and logistics in enterprises. The composite index reflects changes in output levels for both manufacturing and non-manufacturing sectors. A PMI above 50 indicates expansion, while below 50 signals economic contraction.<\/p>

In March, China’s manufacturing industry saw its Purchasing Managers’ Index (PMI) rise to 50.8%, marking a notable increase of 1.7% compared to the previous month. This surpassed the threshold and signified a rebound in the overall climate of China\u2019s manufacturing sector<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Fast growth seen in the value of industrial enterprises<\/h2>

In the first quarter, the total value added of industrial enterprises above the designated size experienced a noteworthy 6.1%<\/strong> year-on-year growth.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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An increase was also seen in specific sectors, such as mining and manufacturing, while the production and supply of electricity, thermal power, gas, and water also experienced an increase. Notably, high-tech manufacturing exhibited robust growth, with a 7.5% increase<\/strong>, marking a 2.6% acceleration<\/strong> compared to the fourth quarter of 2023<\/a>.<\/p>

Total retail sales of consumer goods<\/h2>

During the first quarter, total retail sales of consumer goods amounted to 12 trillion yuan<\/strong>, reflecting a year-on-year increase of 4.7%<\/strong>. In the same period, national retail sales online reached 3.3 trillion yuan, which is a 12.4%<\/strong> increase year-on-year.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Positive signs for the year ahead<\/h2>

Based on the data from the first quarter, the Chinese government holds an optimistic outlook for China\u2019s economic growth<\/a> this year<\/strong>. Key objectives include increasing domestic demand and consumption, enhancing high-tech manufacturing, and stabilizing foreign trade relations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Q1 2024 economic data showed China’s GDP growth slowed to 5.3%, with weakness in services and consumption offsetting manufacturing resilience\u2014an environment favoring companies with diversified supply chains, cost discipline, and local market penetration. Understanding quarterly trends shapes tactical decisions on hiring, investment, and pricing. MSA Asia contextualizes data for your business strategy. Get in touch<\/a> about your China company setup<\/a> roadmap.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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\"Shanghai<\/a><\/figure>
Turn China\u2019s Q1 growth into your market entry advantage<\/a><\/div>

From WFOE setup to JV structuring, we help you navigate opportunities in high-tech manufacturing, digital retail, and cross-border trade..\nMessage  \u2192<\/span><\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

China’s economy has demonstrated greater resilience than initially anticipated at the start of the year, primarily driven by strong growth in the high-tech manufacturing sector. According to the National Bureau of Statistics’ report released on Tuesday, the gross domestic product (GDP) expanded by 5.3% in the first quarter compared to the same period last year, […]<\/p>\n","protected":false},"author":19,"featured_media":24196,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"iawp_total_views":187,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-24051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-doing-business-in-china"],"acf":[],"_links":{"self":[{"href":"https:\/\/msadvisory.com\/wp-json\/wp\/v2\/posts\/24051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/msadvisory.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/msadvisory.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/msadvisory.com\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/msadvisory.com\/wp-json\/wp\/v2\/comments?post=24051"}],"version-history":[{"count":6,"href":"https:\/\/msadvisory.com\/wp-json\/wp\/v2\/posts\/24051\/revisions"}],"predecessor-version":[{"id":47312,"href":"https:\/\/msadvisory.com\/wp-json\/wp\/v2\/posts\/24051\/revisions\/47312"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/msadvisory.com\/wp-json\/wp\/v2\/media\/24196"}],"wp:attachment":[{"href":"https:\/\/msadvisory.com\/wp-json\/wp\/v2\/media?parent=24051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/msadvisory.com\/wp-json\/wp\/v2\/categories?post=24051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/msadvisory.com\/wp-json\/wp\/v2\/tags?post=24051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}