China's economy starts off 2024 on strong footing, with an array of key indicators in the first two months beating market expectation by a wide margin, fueled by a spending spree in the Spring Festival holidays, ramped-up efforts in building new quality productive forces and the effects of macro policies implementation. Observers said the upbeat data offer an encouraging sign that the world's second-largest economy is not only consolidating the recovery momentum but also picking up pace.
The industrial output grew 7 percent year-on-year in the first two months, according to data released by the National Bureau of Statistics (NBS) on Monday, well above the 5 percent forecast from analysts polled by Reuters. It is also the fastest since March 2023.
The strong start in 2024, which presages a raft of bright spots ranging from high-tech to consumption of this year's growth path, also rebuts squarely recent skepticism and badmouths on Chinese economy hyped by certain Western media. It projects great confidence in China's economic trajectory toward a growth rate of around 5 percent in 2024, a goal set by this year's Government Work Report that Chinese officials believe - albeit faced with external and internal headwinds - will come to fruition "with earnest endeavors."
In January-February period, retail sales expanded 5.5 percent from the same period last year, versus a Reuters forecast of 5.2 percent, while fixed-asset investment also gained 4.2 percent in year-on-year terms, surpassing market estimates of 3.2 percent. "With the macro policies taking effect, China's national economy has continued to recover and turn for the better in the first two months," NBS spokesperson Liu Aihua said at a press briefing of the State Council Information Office on Monday.
