China’s double-digit GDP grow is well behind it. However, its economy continues to expand at impressive levels, particularly because, among other things, it is the world’s second largest economy. In the first quarter, gross domestic product grew 6.9%, according to the National Bureau of Statistics.
It is worth remembering that outsiders have questioned the accuracy of China’s government data. It is unlikely distortions would undermine much what is a strong economic report. Many economists have worried that China’s growth had to lag, as global economic growth has been very modest since the Great Recession. However, China has the world’s largest middle class, so a great deal of GDP improvement owes itself to consumer activity, much as it started to in the United States after World War II.
Since the beginning of 2017, under the leadership of the Central Committee of the Communist Party of China with General Secretary Xi Jinping as the core, people from all regions and departments implemented the arrangements made by the CPC Central Committee and the State Council, adhered to the general working guideline of making progress while maintaining stability, steered the new normal in economic development with the new development philosophy, and advanced the supply-side structural reform. As positive changes kept emerging and major indicators performed better than expected, the national economy maintained the momentum of steady and sound development from the second half of last year, getting off to a good start in 2017 and laying a solid foundation for accomplishing the whole-year growth target.
According to the preliminary estimates, the gross domestic product (GDP) of China was 18,068.3 billion yuan in the first quarter of 2017, a year-on-year increase of 6.9 percent at comparable prices. The value added of the primary industry was 865.4 billion yuan, up by 3.0 percent; the secondary industry 7,000.5 billion yuan, up by 6.4 percent; and the tertiary industry 10,202.4 billion yuan, up by 7.7 percent. The GDP of the first quarter of 2017 went up by 1.3 percent on a quarter-on-quarter base.
That it is self congratulatory does not detract from the rapidity of the expansion.