Data recently released by the National Bureau of Statistics indicates that from January to February this year, China's major economic indicators showed significant improvement. The national economy started the year with strong momentum and a favorable opening. This performance report highlights three prominent strengths: accelerated growth in new quality productive forces, effective release of consumption potential, and evident resilience in foreign trade, which have reinforced confidence in achieving high-quality economic development throughout the year.
The favorable start is largely attributed to the robust performance of the "main engine." China's economy is currently in a critical period of transformation and upgrading, and the speed of transitioning between old and new growth drivers will determine how far it can go in the future. From January to February this year, the value added of high-tech manufacturing industries above the designated size increased by 13.1% year-on-year, while the manufacturing of digital products grew by 8.8%. The output of products such as 3D printing equipment, lithium-ion batteries, and industrial robots surged by 54.1%, 42.6%, and 31.1% year-on-year, respectively. These figures clearly demonstrate that technological innovation and industrial innovation are deeply integrating, the "AI+" initiative is rapidly gaining traction, and new quality productive forces have become a powerful engine driving industrial growth.
Based on this progress, it is also important to recognize that cultivating new quality productive forces should not be approached with a rush; instead, it must be tailored to local conditions and pursued with persistent effort, accumulating momentum through meticulous work.
The favorable start is also reflected in the growing vitality of the "smoke and fire" economy—the bustling everyday economic activity. Assessing China's economy requires looking not only at macroeconomic data but also at micro-level experiences. During the recent Spring Festival holiday, nearly 600 million domestic trips were recorded, with tourism spending hitting a record high. The box office revenue led globally, and intangible cultural heritage markets were crowded with visitors. The dynamic "mobile China" reflects a concentrated release of consumption potential. From January to February, the total retail sales of consumer goods increased by 2.8% year-on-year, accelerating by 1.9 percentage points compared to December last year.
More noteworthy is the optimization in structure: retail sales of services grew faster than those of goods, online short-video transaction volume increased by over 30%, and high-efficiency home appliances maintained double-digit growth. The shift from "buying goods" to "buying experiences" and from "meeting basic needs" to "pursuing quality" indicates a continuous enhancement of new consumption drivers. Consumption represents final demand; stabilizing consumption means stabilizing the fundamental economic base. Regions should continue to optimize the consumption environment, enabling people to feel confident, willing, and happy to spend.
The favorable start is further evidenced by the increasing stability of the "foreign trade sector." Against the backdrop of rising global trade protectionism and geopolitical instability, the resilience of China's foreign trade is particularly valuable. From January to February, the total value of goods imports and exports increased by 18.3% year-on-year. This growth was not driven by scale expansion but by structural changes: exports of mechanical and electrical products grew by 24.3%, integrated circuit exports experienced explosive growth, imports and exports by private enterprises increased by 22.8%, and trade with Belt and Road partner countries rose by 20%. These figures indicate that China's foreign trade foundation is more stable and of higher quality, with the competitiveness of its industrial and supply chains not only remaining intact but also opening new opportunities in high-value-added sectors.
Nevertheless, it is essential to acknowledge that the external environment remains complex and severe, and stabilizing foreign trade will still require arduous efforts.
The year's plan lies in the spring. The strong performance in the first two months has provided initiative and confidence for the year's economic work. By building on this momentum and pursuing practical actions, the positive start can be transformed into a successful outcome for the entire year. China's economic giant ship is set to forge ahead through the waves on the grand voyage of the 15th Five-Year Plan period.