China’s economy grew faster than expected in the first three months of the year, official data released by the country’s National Bureau of Statistics has demonstrated.
The bureau cited sustained growth in agricultural production, transport-backed services as well as the manufacturing and the supply of utility services, including electricity, thermal power, gas and water.
Industrial production surged 6.1% in the first quarter from a year ago, boosted by strong growth in high-tech manufacturing. The production of 3D printing equipment, charging stations for electric vehicles, and electronic components all increased by approximately 40% compared to the previous year.
"The national economy got off to a good start in the first quarter," said Sheng Laiyun, deputy director of the statistics bureau, adding that the 1.6% rise creates a "strong foundation" for achieving annual development targets "for the whole year."
These remarks were made in response to a report from an international think tank predicting that the People's Republic of China (PRC) will surpass the United States as the world's largest economy by 2035. The report suggests that if China can maintain a GDP growth rate of around 5% annually in the coming years, this economic shift is likely to occur.
This standpoint is based on China's "faster economic growth than the US, as well as the continuous appreciation of the yuan and its increased internationalization, and the long-term bullish outlook for the yuan against the US dollar," the report pointed out.
Last month, Chinese Premier Li Qiang announced that his country’s economic growth target for this year is "around 5%," in line with last year's performance.
He underscored the necessity of balancing security and stability with economic goals, adding that the government would seek to improve its handling of policies.
"We should communicate policies to the public in a well-targeted way to create a stable, transparent and predictable policy environment," Li pointed out.