The economy is off to a good start and is expected to pick up speed this quarter

China's economy got off to a good start in the first quarter, with the quarter-on-quarter growth reaching its highest since 2015, which was slightly stronger than in the first quarter of 2023 during the early stages of optimization of epidemic prevention and control. Considering that the economy in the second quarter of last year was weak compared to the previous quarter, the low base may drive GDP in the second quarter of 2024.

economic outlook

According to analysis by Zhong Zhengsheng, chief economist of Ping An Securities, China's economy is expected to accelerate further this quarter with a good start to the year. This will inject strong impetus into the entire economic system and lay a solid foundation for achieving the full-year economic growth target.

The impact of the epidemic on the economy

Despite the early stages of optimization of epidemic prevention and control in the first quarter of 2023, China's economy can still maintain steady growth. This shows that China's economy is highly resilient and able to cope with the challenges brought about by changes in the external environment.

low base effect

The economy in the second quarter of last year was weaker than the previous quarter, which will become a low base for economic growth in the second quarter of 2024. The low base effect may push the economy to maintain a higher growth rate in the next few quarters and provide support for the stable development of the economy.

Conclusion

After a good start, China's economy is expected to continue to maintain steady growth in the coming quarters. The government will continue to implement proactive monetary and fiscal policies to promote a virtuous economic cycle and achieve high-quality development.