<p>The economic data for the first quarter shows that the actual GDP grew by 5.4% year-on-year, and the nominal GDP increased by 4.6%, exceeding expectations. Per capita disposable income and consumption expenditure grew by 5.5% and 5.2%, respectively. Economic activity in March was robust, with industrial added value increasing by 7.7% year-on-year, the highest since July 2021. Retail sales grew by 5.9% year-on-year, indicating a recovery in consumption. Overall, policy dividends and market adjustments have played a positive role in economic recovery</p>

- In the first quarter, China's GDP grew by 5.4% year-on-year, slightly above predictions, indicating a positive start to 2025 and reflecting the effects of recent economic policies.  
- Consumer spending showed improvement, with per capita disposable income and consumption rising by 5.5% and 5.2%, respectively, benefiting from policy adjustments and a rebound in housing market activity.  
- March data revealed robust economic activity, with industrial output and retail sales increasing significantly, although challenges remain due to external factors like U.S. tariffs impacting future export growth.

How to view the economic data for the first quarter?