China’s economic outlook remains positive as the country’s consumer spending surged in the first quarter (Q1) of 2024, signaling a strong contribution to domestic demand and overall economic growth China’s retail sales of consumer goods, a major indicator of the country’s consumption strength, climbed 4.7 percent year on year in Q1 2024, according to data from the National Bureau of Statistics (NBS). Analysts believe that the sustained growth in consumer spending is a testament to China’s economic resilience and the…

China has sped up industrial upgrading by cultivating new quality productive forces, laying a solid foundation for strengthened recovery momentum this year and beyond. The following are some figures highlighting the country’s progress in certain areas within the first quarter (Q1) of this year. EMERGING INDUSTRIES The high-tech manufacturing sector registered a growth of 7.5 percent in Q1, accelerating by 2.6 percentage points from the fourth quarter of 2023. Investment in high-tech industries has experienced robust growth, increasing by 11.4…

China’s ongoing drive to advance high-quality development will create new opportunities for enterprises, according to industry insiders who joined the fourth episode of the China Economic Roundtable, an all-media talk platform hosted by Xinhua News Agency “We started from scratch like many other small Chinese companies, but after reaching a certain size, we had to undergo a major transformation to extend the growth momentum,” said You Hongtao, chairman of Chongqing Pharscin Pharmaceutical Co., Ltd. Today the company is listed on…

China’s economic performance achieved a “good start” in the first quarter of 2024, bringing certainty to the volatile global economic landscape, according to a guest speaker at the fourth episode of the China Economic Roundtable, an all-media talk platform hosted by Xinhua News Agency. The global economic landscape will still see a year full of uncertainty, with complicated international environment, frequent geopolitical conflicts, and the trend of high inflation, high debt pressure, high interest rates and low economic growth remaining…

The Chinese economy has seen its recovery gather steam in the first quarter (Q1) of 2024, displaying strength and resilience and bringing much-needed certainty to an otherwise uncertain global economic landscape. In the first three months of the year, China’s GDP expanded 5.3 percent from one year earlier, accelerating from 5.2 percent in the previous quarter, data from the National Bureau of Statistics (NBS) showed. Acknowledging the performance as a “good start,” guest speakers at the fourth episode of the…

A demonstration zone focusing on almost zero emissions began operations on Monday in Boao, south China’s Hainan Province. A launching ceremony was held in Boao’s Dongyu Island for the “Boao Nearly Zero Carbon Demonstration Zone,” a project jointly built by the Ministry of Housing and Urban-Rural Development and the Hainan provincial government. By incorporating emission reduction technologies and taking various innovative practices and measures, the demonstration zone is able to achieve balance between new energy power generation and consumption. The…

The Asian economy is expected to grow by around 4.5 percent in 2024, surpassing that of 2023, and continue to be the largest contributor to global economic growth, according to a report released Tuesday by the Boao Forum for Asia (BFA), which convenes its 2024 conference in Boao, a resort town in southern China’s Hainan Province. According to the forum’s Asian Economic Outlook and Integration Progress flagship report, despite facing various external economic challenges, the Asian economy will still maintain…

Some 2,000 participants will attend the 2024 Boao Forum for Asia (BFA) annual conference, scheduled for March 26 to 29 in Boao, a coastal town on China’s island province of Hainan, BFA secretary general Li Baodong said on Tuesday. This year’s conference will draw about 2,000 delegates from over 60 countries and regions and more than 1,100 journalists from about 40 countries and regions. Themed “Asia and the World: Common Challenges, Shared Responsibilities,” the event will center around five main…

Chinese Premier Li Qiang attended the opening ceremony of the China Development Forum 2024 on Sunday in Beijing, and delivered a keynote speech. The China Development Forum 2024 is scheduled for March 24 and March 25. The theme of this year’s forum is “The Continuous Development of China.” This theme reflects the attention and expectations of all sectors for the long-term, steady and high-quality development of the Chinese economy, Li said. Noting that China successfully accomplished its main targets and…

African Times has published this article in partnership with Xinhua News Agency