BEIJING - China's gross domestic product grew 5.3 percent year-on-year in the first quarter of 2024, data from the National Bureau of Statistics (NBS) showed Tuesday.

The country's GDP reached 29.63 trillion yuan (about $4.17 trillion) during this period, the NBS data showed.

On a quarterly basis, the economy increased 1.6 percent in the first three months.

"China's high-quality development has made new achievements in the first quarter. The national economy has sustained recovery momentum and got off to a good start," Sheng Laiyun, deputy director of the NBS, told a press conference.

Sheng mentioned positive factors during the period such as rising production demand, stable employment and prices, and growing market confidence.

"These positive factors driving economic recovery are accumulating and strengthening, laying a good foundation for full-year growth," said Sheng.

Sheng attributed the upbeat momentum in the first quarter to the implementation of supportive government policies and intensified macro-control efforts.

China's GDP grew 5.2 percent year-on-year last year and the country has targeted its full-year economic growth at around 5 percent for 2024. 

China's retail sales of consumer goods, a major indicator of the country's consumption strength, climbed 4.7 percent year on year in the first quarter of 2024, according to the NBS 

Value-added industrial output up 6.1%

China's value-added industrial output, an important economic indicator, went up 6.1 percent year-on-year in the first quarter of 2024, the NBS's data showed.

Fixed-asset investment UP 4.5%

The official data also showed that China's fixed-asset investment rose 4.5 percent year-on-year in the first quarter of this year.

The growth accelerated from a rise of 4.2 percent in the January-February period and 3 percent for the whole year of 2023.

Investment in infrastructure construction rose 6.5 percent from a year ago, and manufacturing investment increased 9.9 percent during the period, both quickening from the growth registered in the first two months.

Investment in property development, however, fell 9.5 percent year-on-year in the first quarter, according to the NBS.

Excluding the property development investment, the country's fixed-asset investment climbed 9.3 percent during the first quarter.

Retail sales up 4.7%

China's retail sales of consumer goods, a major indicator of the country's consumption strength, climbed 4.7 percent year-on-year in the first quarter of 2024, according to the NBS.

Retail sales in the country's urban regions rose 4.6 percent year-on-year during the period, while that in rural areas expanded 5.2 percent.

Online retail sales jumped 12.4 percent year-on-year, with online retail sales of physical goods expanding 11.6 percent and accounting for 23.3 percent of the total retail sales of consumer goods.

China vowed to expand domestic demand and promote sound economic flows, while promoting steady growth in consumer spending this year.

Property development investment down 9.5%

According to the official data, China's investment in property development fell 9.5 percent year-on-year in the first quarter of 2024.

Urban unemployment rate at 5.2% 

The surveyed urban unemployment rate on average in China stood at 5.2 percent in the first quarter of 2024, said the NBS.

In March, the surveyed urban unemployment rate in the country came in at 5.2 percent, down 0.1 percentage points from the month before as well as March 2023, indicating a generally stable employment situation.

As of the end of March, the total number of rural migrant workers grew 2.2 percent year-on-year to 185.88 million.

Per capita disposable income up 6.2%

China's per capita disposable income stood at 11,539 yuan (about $1,624.57) in the first quarter of the year, up 6.2 percent year-on-year in nominal terms.