In the first quarter, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, various regions and departments deeply implemented the decisions and deployments of the Party Central Committee and the State Council, accelerated the implementation of more proactive macro policies, focused on stabilizing employment, enterprises, markets, and expectations, and accelerated the cultivation and development of new productive forces. The growth of production supply accelerated, market demand continued to improve, the employment situation remained generally stable, market prices moderately rebounded, high-quality development moved towards new and better directions, and the national economy achieved a good start, further demonstrating resilience and vitality in development.
Preliminary calculations show that in the first quarter, the gross domestic product (GDP) was 33.4193 trillion yuan, a year-on-year increase of 5.0% at constant prices, accelerating by 0.5 percentage points compared to the fourth quarter of the previous year. By industry, the added value of the primary industry was 1.1941 trillion yuan, a year-on-year increase of 3.8%; the added value of the secondary industry was 11.6135 trillion yuan, an increase of 4.9%; the added value of the tertiary industry was 20.6117 trillion yuan, an increase of 5.2%. On a quarter-on-quarter basis, GDP grew by 1.3% in the first quarter.
I. Agricultural production is relatively good, and animal husbandry is generally stable
In the first quarter, the added value of agriculture (planting industry) increased by 3.7% year-on-year. The planting area of winter wheat remained stable, and the seedling situation continued to improve, with smooth progress in spring plowing preparations. According to the national planting intention survey, the intended planting area for grain this year is generally stable, with the area for rice remaining basically unchanged and the area for corn increasing steadily. In the first quarter, the production of pork, beef, lamb, and poultry meat was 26.62 million tons, a year-on-year increase of 4.8%, with pork and poultry meat production increasing by 4.2% and 9.3%, respectively, while beef and lamb production decreased by 1.4% and 2.0%, respectively; milk production increased by 3.4%, and egg production decreased by 3.1%. In the first quarter, the number of live pigs slaughtered was 200.26 million, a year-on-year increase of 2.8%; at the end of the quarter, the number of live pigs in stock was 423.58 million, an increase of 1.5%.
II. Industrial production growth accelerates, with rapid growth in equipment manufacturing and high-tech manufacturing
In the first quarter, the added value of industrial enterprises above designated size nationwide increased by 6.1% year-on-year, accelerating by 1.1 percentage points compared to the fourth quarter of the previous year. By the three major categories, the added value of the mining industry increased by 6.0% year-on-year, manufacturing grew by 6.4%, and the production and supply of electricity, heat, gas, and water increased by 4.3%. The added value of equipment manufacturing increased by 8.9%, and the added value of high-tech manufacturing grew by 12.5%, which were 2.8 and 6.4 percentage points faster than the overall added value of industrial enterprises above designated size. By economic type, the added value of state-controlled enterprises increased by 4.8%; joint-stock enterprises grew by 6.6%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 3.9%; and private enterprises grew by 6.1%. By product, the output of 3D printing equipment, lithium-ion batteries, and industrial robots increased by 54.0%, 40.8%, and 33.2% year-on-year, respectively. In March, the added value of industrial enterprises above designated size increased by 5.7% year-on-year and grew by 0.28% month-on-month. In March, the manufacturing purchasing managers' index was 50.4%, an increase of 1.4 percentage points from the previous month; the business activity expectation index was 53.4%. From January to February, the total profit of industrial enterprises above designated size nationwide was 1.0246 trillion yuan, a year-on-year increase of 15.2%
III. Rapid Growth in the Service Sector, Good Momentum in Modern Services
In the first quarter, the added value of the service sector increased by 5.2% year-on-year. Among them, the added value of leasing and business services, information transmission, software and information technology services, finance, transportation, warehousing and postal services, accommodation and catering industries increased by 12.2%, 10.6%, 6.5%, 4.3%, and 4.3% respectively. In March, the national service production index increased by 5.0% year-on-year. Among them, the production index of information transmission, software and information technology services, leasing and business services, and finance increased by 11.8%, 10.1%, and 6.7% respectively. From January to February, the operating income of service enterprises above designated size increased by 7.4% year-on-year. In March, the service business activity index was 50.2%, an increase of 0.5 percentage points from the previous month; the service business activity expectation index was 54.8%. Among them, the business activity index of industries such as railway transportation, telecommunications broadcasting and television, satellite transmission services, monetary financial services, and insurance was above 55.0%, indicating a high prosperity range.
IV. Market Sales Accelerated, Rapid Growth in Service Retail
In the first quarter, the total retail sales of consumer goods reached 12,769.5 billion yuan, a year-on-year increase of 2.4%, accelerating by 0.7 percentage points compared to the fourth quarter of the previous year. By the location of the operating units, the retail sales of consumer goods in urban areas were 11,057.4 billion yuan, a year-on-year increase of 2.3%; in rural areas, retail sales were 1,712.1 billion yuan, an increase of 3.1%. By consumption type, retail sales of goods were 11,307.2 billion yuan, an increase of 2.2%; catering revenue was 1,462.3 billion yuan, an increase of 4.2%. Sales of basic living goods and some upgraded goods grew rapidly, with retail sales of grain and oil food, clothing, shoes and hats, textiles, communication equipment, and gold and silver jewelry in units above the designated size increasing by 10.0%, 9.3%, 20.8%, and 12.6% year-on-year, respectively. In March, the total retail sales of consumer goods increased by 1.7% year-on-year and 0.14% month-on-month. In the first quarter, service retail sales increased by 5.5% year-on-year, maintaining the same growth rate as the previous year. Among them, retail sales of communication information services, tourism consulting and leasing services, and cultural and recreational services grew rapidly. In the first quarter, the national online retail sales of goods and services reached 4,977.4 billion yuan, a year-on-year increase of 8.0%. Among them, online retail sales of goods were 3,161.4 billion yuan, an increase of 7.5%, accounting for 24.8% of the total retail sales of consumer goods; online service retail sales were 1,816.0 billion yuan, an increase of 8.8%.
V. Stable Growth in Fixed Asset Investment, Rapid Growth in Infrastructure Investment
In the first quarter, national fixed asset investment (excluding rural households) reached 10,270.8 billion yuan, a year-on-year increase of 1.7%, compared to a decline of 3.8% for the entire previous year; excluding real estate development investment, national fixed asset investment grew by 4.8%. By sector, infrastructure investment increased by 8.9% year-on-year, manufacturing investment grew by 4.1%, and real estate development investment decreased by 11.2%. The sales area of newly built commercial housing nationwide was 195.25 million square meters, a year-on-year decrease of 10.4%; the sales amount of newly built commercial housing was 1,726.2 billion yuan, a decrease of 16.7%
From an industrial perspective, investment in the primary industry increased by 15.9% year-on-year, investment in the secondary industry grew by 5.8%, and investment in the tertiary industry decreased by 1.0%. Private investment fell by 2.2% year-on-year, a decrease that narrowed by 4.2 percentage points compared to the entire previous year; excluding real estate development investment, private investment grew by 1.3%. Investment in high-tech industries increased by 7.4% year-on-year, with the manufacturing of computers and office equipment, aerospace and equipment manufacturing, and information services growing by 28.3%, 19.0%, and 20.9% respectively. In March, fixed asset investment (excluding rural households) increased by 0.52% month-on-month.
VI. Rapid growth in goods import and export, trade structure continues to optimize
In the first quarter, the total value of goods import and export reached 11.838 trillion yuan, a year-on-year increase of 15.0%. Among them, exports were 6.8467 trillion yuan, an increase of 11.9%; imports were 4.9913 trillion yuan, an increase of 19.6%. General trade import and export grew by 9.0% year-on-year. Import and export to countries participating in the &#34;Belt and Road&#34; initiative increased by 14.2%. Private enterprises' import and export grew by 16.2%, accounting for 57.3% of the total import and export value. The export of electromechanical products increased by 18.3%. In March, the total import and export value was 4.1046 trillion yuan, a year-on-year increase of 9.2%.
VII. Expansion in consumer price increase, industrial producer prices continue to rebound
In the first quarter, the national consumer price index (CPI) rose by 0.9% year-on-year, an increase of 0.4 percentage points compared to the fourth quarter of the previous year. By category, prices for food, tobacco, alcohol, and dining out rose by 0.5% year-on-year, clothing prices increased by 1.8%, housing prices decreased by 0.2%, prices for daily necessities and services rose by 2.3%, transportation and communication prices decreased by 1.1%, education, culture, and entertainment prices rose by 1.0%, and medical care prices increased by 1.8%, while prices for other goods and services rose by 14.1%. Within the prices for food, tobacco, alcohol, and dining out, pork prices decreased by 11.3%, grain prices fell by 0.3%, fresh fruit prices rose by 4.3%, and fresh vegetable prices increased by 7.6%. The core CPI, excluding food and energy prices, rose by 1.2% year-on-year. In March, the national consumer price index rose by 1.0% year-on-year, and decreased by 0.7% month-on-month.
In the first quarter, the national industrial producer price index decreased by 0.6% year-on-year, a decrease that narrowed by 1.5 percentage points compared to the fourth quarter of the previous year. In March, it rose by 0.5% year-on-year, compared to a decrease of 0.9% the previous month; it increased by 1.0% month-on-month. In the first quarter, the national industrial producer purchase price index decreased by 0.5% year-on-year. In March, it rose by 0.8% year-on-year, compared to a decrease of 0.7% the previous month; it increased by 1.2% month-on-month.
VIII. Overall stable employment situation, urban survey unemployment rate remains flat year-on-year
In the first quarter, the average urban survey unemployment rate nationwide was 5.3%, unchanged from the same period last year. In March, the national urban survey unemployment rate was 5.4%. The unemployment rate for local registered labor was 5.4%; the unemployment rate for migrant registered labor was 5.3%, among which the unemployment rate for migrant agricultural registered labor was 5.7%
The unemployment rate in 31 major cities and towns is 5.3%. The average weekly working hours for employees in national enterprises is 48.1 hours. By the end of the first quarter, the total number of rural laborers working outside their hometowns reached 18.838 million, a year-on-year increase of 0.2%.
9. Residents' income continues to grow, with rural residents' income growing faster than urban residents'
In the first quarter, the per capita disposable income of residents nationwide was 12,782 yuan, a nominal year-on-year increase of 4.9%, and a real increase of 4.0% after deducting price factors. By residence, the per capita disposable income of urban residents was 16,549 yuan, a nominal year-on-year increase of 4.2%, and a real increase of 3.2%; the per capita disposable income of rural residents was 7,433 yuan, a nominal year-on-year increase of 6.1%, and a real increase of 5.4%. In terms of income sources, the per capita wage income, net operating income, net property income, and net transfer income of residents nationwide increased nominally by 4.9%, 6.6%, 1.6%, and 5.1%, respectively. The median per capita disposable income of residents nationwide was 10,433 yuan, a nominal year-on-year increase of 5.0%.
Overall, the growth rate of major macro indicators rebounded in the first quarter, new momentum is growing rapidly, and the national economy has achieved a good start. However, it is also necessary to recognize that the external situation is becoming more complex and changeable, and the contradiction of strong supply and weak demand domestically remains prominent. The foundation for economic improvement still needs to be consolidated. In the next stage, we must adhere to Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era as our guide, resolutely implement the decisions and deployments of the Party Central Committee and the State Council, fully and accurately implement the new development concept, accelerate the construction of a new development pattern, focus on promoting high-quality development, maintain the general tone of seeking progress while ensuring stability, implement more proactive and effective macro policies, continuously expand domestic demand, optimize supply, improve incremental growth, activate existing stock, focus on stabilizing employment, stabilizing enterprises, stabilizing markets, and stabilizing expectations, and continuously consolidate and expand the positive trend of economic stability and improvement.
Notes
(1) The growth rates of gross domestic product and its classified items are calculated at constant prices, while the growth rates of industrial added value above designated size and its classified items are calculated at comparable prices, both representing real growth rates; other indicators, unless otherwise specified, are calculated at current prices, representing nominal growth rates.
(2) Based on the results of automatic adjustments from the seasonal adjustment model, the quarter-on-quarter growth rates of gross domestic product, industrial added value above designated size, fixed asset investment (excluding households), and total retail sales of consumer goods for the past year have been revised. The revised results and the quarter-on-quarter data for GDP in the first quarter of 2026, as well as other indicators for March 2026, are as follows:
The quarter-on-quarter GDP growth rates for each quarter of 2025 and the first quarter of 2026 are 1.1%, 1.1%, 1.1%, 1.2%, and 1.3%, respectively

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In the first quarter, the gross domestic product (GDP) grew by 5.0% year-on-year, achieving a good start. The market carries risks, and investments should be made with caution. This article does not constitute personal investment advice, and users should invest cautiously based on their own circumstances

- In the first quarter, China's economy experienced a stable and positive start, with a GDP of 33.42 trillion yuan, marking a 5.0% year-on-year growth.  
- Key sectors showed consistent growth, with agriculture up by 3.7%, industry by 6.1%, and services by 5.2%.  
- While external challenges remain, the government plans to implement proactive policies to sustain and enhance economic momentum.

Achieving a good start! In the first quarter, the gross domestic product grew by 5.0% year-on-year