The National Bureau of Statistics today released the national economic performance for the first quarter of 2026. Preliminary estimates show that the gross domestic product for the quarter reached 33.4193 trillion yuan, representing a year-on-year increase of 5.0% calculated at constant prices. On a quarterly basis, GDP grew by 1.3%. Against a backdrop of an increasingly complex and volatile external environment, this stable and positive quarterly report card has surpassed market expectations and laid a solid foundation for a strong start to the 16th Five-Year Plan period.

The steady and positive economic trend in the first quarter benefited from both precise macroeconomic policies and the continuous optimization of the economic structure. Notably, investment growth shifted from negative to positive, becoming a key engine for stabilizing growth. Throughout last year, influenced by factors including adjustments in the real estate sector, national fixed-asset investment fell by 3.8% year-on-year. In the first quarter of this year, fixed-asset investment returned to positive growth, increasing by 1.7% year-on-year. Excluding real estate development investment, national fixed-asset investment growth reached 4.8%. This steady improvement in investment vitality sends a positive signal, indicating that the economy's internal drivers are continuously strengthening. This turnaround is supported by strong infrastructure investment and a steady recovery in manufacturing investment, both serving as important forces driving economic growth.

Another highlight of the first-quarter economic performance was the counter-trend growth in foreign trade. Amid rising trade protectionism and ongoing geopolitical conflicts, which have put pressure on foreign trade in many countries and regions, China's total goods imports and exports increased by 15% year-on-year in the quarter. Exports grew by 11.9%, while imports surged by 19.6%, with growth rates significantly exceeding last year's levels. This achievement is attributed to the continuous advancement of high-level opening-up and the unleashing of vitality among private enterprises. Emerging markets such as those involved in the Belt and Road Initiative, ASEAN, and Latin America have shown strong growth, accelerating the pace of foreign trade expansion and broadening the circle of international cooperation. Meanwhile, private enterprises, as the mainstay of import and export activities, saw their trade volume grow by 16.2%, accounting for 57.3% of the total import and export value and playing a pivotal role.

Additionally, industrial production has accelerated its recovery. The value-added of industrial enterprises above the designated size increased by 6.1% year-on-year in the first quarter, 1.1 percentage points faster than the growth rate in the fourth quarter of last year. By sector, equipment manufacturing and high-tech manufacturing grew by 8.9% and 12.5% year-on-year, respectively, indicating accelerated development of new quality productive forces and a faster transformation of the industrial structure, which injects strong new momentum into economic growth.

While encouraged by the robust first-quarter performance, it is important to remain clear-headed. Achieving the full-year growth target of 4.5% to 5% still presents considerable challenges. The external environment remains complex, with strong uncertainties from geopolitical conflicts potentially impacting future import and export activities. Domestically, the contradiction of strong supply versus weak demand persists, the real estate market is still undergoing adjustments, and the vitality of private investment as well as household consumption willingness require further enhancement.

Overall, achieving a strong and solid start in the first quarter amidst multiple challenges once again highlights the remarkable resilience of the Chinese economy. To consolidate the current positive momentum, continued efforts are needed to expand domestic demand and boost consumer confidence. By enabling households to spend confidently and businesses to invest boldly, the Chinese economy, like a large vessel, is well-positioned for stable and long-term progress.