6 / 84
SPONSORCONTENT
The Chinese economy expanded 6.8
SHUFHQW LQ WKH ĶUVW WKUHH PRQWKV RI WKLV
year on robust domestic consumption
and a strong service sector, laying a sound
IRXQGDWLRQ IRU VXVWDLQHG KHDOWK\ JURZWK
IRU DOO RI
DFFRUGLQJ WR WKH 1DWLRQDO
%XUHDX RI 6WDWLVWLFV 1%6
“The growth rate has been within the 6.7- to
SHUFHQW UDQJH IRU FRQVHFXWLYH TXDU
WHUV ZLWK D VWDEOH MRE PDUNHW DQG LQßDWLRQ
rate,” Xing Zhihong, an NBS spokesperson,
VDLG DW D SUHVV EULHĶQJ RQ $SULO
However, uncertainties in the global
market, such as mounting trade protec-
WLRQLVP DQG WKH VSLOORYHU HIIHFW RI SRVVLEOH
PRQHWDU\ SROLF\ FKDQJHV RI RWKHU PDMRU
economies, are casting a shadow over the
world’s second-largest economy.
Good signs
(FRQRPLF LQGLFDWRUV IRU WKH ĶUVW TXDUWHU
demonstrated once again that China has
VKLIWHG IURP H[SRUWV DQG LQYHVWPHQW
driven expansion to consumption-led
JURZWK ,Q WKH ĶUVW TXDUWHU FRQVXPSWLRQ
contributed 77.8 percent to economic
growth, 46.5 percentage points higher
than investment.
7KH LQWHJUDWLRQ RI RQOLQH DQG RIßLQH VDOHV
campaigns has not only boosted online
VDOHV YROXPH EXW DOVR OLIWHG VDOHV RI EULFN
and-mortar outlets.
5HWDLO VDOHV JURZWK TXLFNHQHG WR D KLJKHU
WKDQ H[SHFWHG SHUFHQW LQ 0DUFK ,Q
WRWDO IRU WKH ĶUVW TXDUWHU RYHUDOO UHWDLO VDOHV
grew 9.8 percent, as online retail sales
surged 35.4 percent and the business vol-
XPH RI WKH FRXULHU VHFWRU LQFUHDVHG RYHU
SHUFHQW DV D UHVXOW RI WKH H FRPPHUFH
boom.
5HJDUGLQJ &KLQDoV ĶUVW TXDUWHU GDWD
Japanese investment bank Nomura noted
that the “bright spot” was retail sales. “This
is a good sign that growth is rebalanc-
LQJ IURP LQYHVWPHQW WR FRQVXPSWLRQ q
Nomura said in a research note. “Indeed,
underneath the very stable GDP growth
RYHU WKH SDVW ĶYH TXDUWHUV KDV EHHQ D
FRQWLQXHG UDSLG UHEDODQFLQJ IURP ROG
economy industrial sectors and invest-
ment, toward new economy sectors like
tech and service, as well as consumption.”
&KLQDoV UHVWUXFWXULQJ HIIRUWV DUH SD\LQJ RII
ZLWK WKH HFRQRPLF VWUXFWXUH VLJQLĶFDQWO\
improved. The service sector is taking
the lead as the country makes headway
in steering its economy toward high-
TXDOLW\ JURZWK DQG DZD\ IURP LQHIĶFLHQW
investment, low-end exports and polluting
IDFWRULHV
The service sector has been China’s stron-
JHVW DIWHU VXUSDVVLQJ WKH LQGXVWULDO VHFWRU
LQ
6HUYLFH LQGXVWULHV DFFRXQWHG IRU
SHUFHQW RI WKH HFRQRP\ DQG
SHUFHQW RI LWV JURZWK LQ WKH ĶUVW TXDUWHU
NBS data shows.
The industrial sector is also climbing up the
value chain and marching toward medium-
and high-end production. Hi-tech and
HTXLSPHQW PDQXIDFWXULQJ VHJPHQWV DF
FRXQWHG IRU
SHUFHQW DQG SHUFHQW
UHVSHFWLYHO\ RI WRWDO LQGXVWULDO RXWSXW
$FFRUGLQJ WR ;LQJ LQQRYDWLRQ GULYHQ
growth gained more momentum, with
DURXQG
QHZ FRPSDQLHV RQ DYHU
DJH IRXQGHG GDLO\ 1HZ LQGXVWULHV DQG
new business models are thriving. Output
IRU VWUDWHJLF QHZ LQGXVWULHV LQFUHDVHG
SHUFHQW LQ WKH ĶUVW TXDUWHU PXFK KLJKHU
than overall growth.
“The Internet Plus strategy has been inte-
grated into all sectors, giving birth to new
EXVLQHVV PRGHOV DQG LQMHFWLQJ IUHVK LPSH
tus into the broader economy,” Xing said.
Looking ahead
“Investment in the service and high-end
PDQXIDFWXULQJ VHFWRUV LV DFFHOHUDWLQJ
signaling possible industrial structural
FKDQJHV LQ WKH IXWXUH 1HZ W\SHV RI
consumption—culture, elderly care,
healthcare and travel—will boom in the
FRPLQJ \HDUV q ;X +RQJFDL 'HSXW\ &KLHI
(FRQRPLVW ZLWK WKH &KLQD &HQWHU IRU
International Economic Exchanges, told
Beijing Review
.
:LWK WKH UDWFKHWLQJ XS RI &KLQD 8 6 WUDGH
IULFWLRQ FRQFHUQV KDYH EHHQ PRXQWLQJ
that it could damage the Chinese econo-
my in the long run. But NBS spokesperson
Xing said trade tensions between China
DQG WKH 8QLWHG 6WDWHV FDQQRW KLQGHU D
stable and resilient Chinese economy.
“China doesn’t seek trade surplus, which
has been narrowing in recent years. Our
goal is more balanced trade, which is good
IRU &KLQDoV HFRQRPLF JURZWK $Q LQFUHDVH LQ
&KLQHVH H[SRUWV LV WKH UHVXOW RI WKH FRPSHWL
WLYHQHVV RI &KLQHVH SURGXFWV q KH VDLG
$FFRUGLQJ WR 1%6 GDWD GRPHVWLF GHPDQG
FRQWULEXWHG
SHUFHQW WR &KLQDoV *'3
JURZWK RQ DYHUDJH IURP WR
,W KDV EHHQ WKH SULPDU\ GULYLQJ IRUFH
RI HFRQRPLF JURZWK IRU WKH SDVW ĶYH
years, playing a vital role in helping China
FXVKLRQ WKH LPSDFW RI H[WHUQDO VKRFNV
Compared with exports and investment,
Off to aGood Start
China logged stable growth in the first quarter, along with positive
structural changes
By Zhou Xiaoyan
7RXULVWV VSHQG WKH 6SULQJ )HVWLYDO KROLGD\ DW D KLVWRULF VLWH LQ )X]KRX )XMLDQ 3URYLQFH RQ )HEUXDU\
;,1+8$