Chinese economy grew by 6.8 per cent in Q1 of 2018
17 Apr 2018
The Chinese economy grew by a healthy 6.8 per cent in the first quarter of 2018, with the tertiary segment expanding by 7.5 per cent, secondary by 6.3 per cent and primary by 3.2 per cent.
According to the National Bureau of Statistics of China, agricultural production was sound, industrial production was generally stable, the service sector grew fast and private investment grew faster.
“The national economy in the first quarter has maintained the momentum of steady and sound development and favourable conditions to support the economy moving toward high quality development are increasing,” it said. And this had laid “a sound foundation for the stable and healthy economic development for the whole year,” said the bureau.
But it also warned of increasing international uncertainties, unbalanced and inadequate development within China which are acute, and the daunting tasks for reform and development.
The bureau also focused at length on taking “the Xi Jinping thought on socialism with Chinese characteristics for a new era as the guideline,” and implementation of the spirit of the 19th National Congress of the Communist Party of China and the Central Economic Working Conference.
Imports and exports in the first quarter were up by 9.4 per cent year on year. Foreign trade with its top three trade partners – European Union, the US and Asean – went up by 8.2 per cent, 6.3 per cent and 13.7 per cent respectively.
China’s exports were up by 7.4 per cent and imports rose by 11.7 per cent in the first quarter of 2018. The trade balance was 326.2 billion yuan in surplus, 21.8 per cent less than in the same period last year.