Global Times: Data of first quarter in 15th Five-Year Plan period reveals three things unchanged

BEIJING, April 16, 2026 /PRNewswire/ -- The National Bureau of Statistics released economic data for the first quarter of the first year of the 15th Five-Year Plan period (2026-30) on Thursday, showing that China's GDP grew by 5.0 percent year-on-year, with major macroeconomic indicators rebounding and new growth drivers emerging rapidly, marking a good start for the national economy. Against the backdrop of a sluggish global economic recovery, protracted geopolitical conflicts, rising protectionism, and a complex and challenging external environment, this first-quarter report is not only hard-won but also of great significance. It reflects three things that have remained unchanged: the fundamentals of China's economic development have not changed, the long-term positive trend has not changed and the strong support for high-quality development has not changed.

A 5 percent growth rate is first and foremost a signal of stability. Reaching the high end of the full-year target range of 4.5 percent to 5 percent indicates a strong and positive start to the year for the Chinese economy. For a large country whose economy has already reached a new level, 5 percent is by no means an easily achievable figure, especially given rising external instability and uncertainty. The fact that China can still maintain key indicators better than expected demonstrates that the Chinese economy is not propped up by short-term stimulus, but rather stabilized by a complete industrial system, a massive market, powerful policy tools and continuously strengthening innovation capabilities. The fact that China, a super-large economy, can maintain stable growth is itself a strong support for global confidence.

Behind the 5 percent growth lies a clear momentum of "advancement." The "advancement" of the economy is essentially an improvement in the efficiency of resource allocation and an upgrading of the industrial structure. From the perspective of investment, fixed-asset investment in the first quarter grew by 1.7 percent year-on-year, reversing the previous decline and sending a positive signal. Infrastructure investment rose by 8.9 percent, while manufacturing investment increased by 4.1 percent. These figures show that local governments and enterprises have been vigorously pushing forward with "dual-key" projects, major engineering initiatives and manufacturing upgrades. The effects of policy measures are accelerating.

A China that is accelerating the cultivation of new growth drivers and continuously expanding new development space is leading profound adjustments in its industrial structure through innovation-driven development, fully demonstrating the strong resilience and endogenous dynamism of the Chinese economy in a complex environment.

The strong start in the first quarter has drawn particular attention for three bright spots.

First, consumption. The temperature of people's livelihoods often provides the most accurate measure of real economic progress. In the first quarter, retail sales of services grew by 5.5 percent year-on-year, indicating that service consumption is becoming a key engine for expanding domestic demand. From the boom in cultural tourism and travel to the rising heat of holiday economies, and from the improvement of convenient services to the expansion of new consumption scenarios, China's consumer market is clearly showing structural upgrading and the unleashing of its potential.

In today's China, ordinary people's consumption demands have long gone beyond "whether they have it or not." What matters now is "whether it's good," "whether it's excellent" and "whether it's new." The continued surge in service consumption reflects the deeper logic of China's economy shifting from being driven primarily by investment and exports toward a more diversified model supported by consumption, innovation and services.

Second, corporate profitability has improved. In the first two months of this year, the total profits of industrial enterprises above the designated size nationwide rose by 15.2 percent year-on-year, with particularly rapid growth in the equipment manufacturing and high-tech manufacturing sectors. This reflects a strengthening foundation for the recovery of the real economy and a growing momentum for industrial upgrading. The rebound in industrial profits demonstrates that China's real economy is not merely passively withstanding pressure, but is actively evolving. Only when enterprises are profitable can the market remain vibrant, employment be secured and economic expectations be stabilized. Whether in high-end equipment, smart manufacturing, new energy, new materials or the digital industry, Chinese enterprises are accelerating their move toward the mid-to-high end of industrial and value chains.

Furthermore, the remarkable surge in foreign trade against the trend is particularly noteworthy. In the first quarter, China's imports and exports of goods exceeded 11 trillion yuan ($1.6 trillion), a year-on-year increase of 15 percent, setting a new record for the same period and the highest quarterly growth rate in nearly five years. Faced with rising global trade protectionism, supply chain restructuring and intensified interference from unilateralism, China's foreign trade has continued to demonstrate strong resilience and competitiveness, fully showing that Chinese manufacturing, Chinese services and Chinese supply chains still hold an irreplaceable and important position in the international market. The 11.9 percent export growth is not achieved by "chance", but rather the result of comprehensive advantages accumulated over a long period. A complete industrial chain, strong manufacturing capabilities, active enterprise innovation, an efficient logistics system and continuous institutional opening-up – these factors collectively constitute the deep support for the steady improvement in the quality of China's foreign trade. Amid the various uncertainties in the world, the value of China's "certainty" is becoming increasingly prominent.

Five percent is not just a number, but also a source of confidence, strength and a signal. A China that constantly strives for innovation, higher goals and long-term vision will undoubtedly continue to exceed expectations. The world will eventually see that the Chinese economy is not only a vital engine of global growth, but also a rare and valuable stabilizing force in turbulent times.

https://www.globaltimes.cn/page/202604/1359074.shtml

SOURCE Global Times