In the first quarter of 2024, China’s economy expanded by 5.3% year-on-year, surpassing the forecast of 4.8% and marking a 1.6 percentage point increase from the previous quarter. The country’s gross domestic product (GDP) reached around RMB29.6 trillion (US$4.09 trillion) during this period. Despite this growth, key economic indicators showed mixed results in the first quarter. The industrial sector and total consumption grew by 6.1%, falling short of the expected 6.6%. Total retail sales of consumer goods increased by approximately RMB12 trillion (US$1.66 trillion), rising by 4.7% year-on-year, slightly lower than the 5.4% forecasted
