A Strong Start

Recovering from the lows caused by COVID-19 last year, China’s economy grew 18.3 percent year on year to 24.93 trillion yuan ($3.82 trillion) in the first quarter (Q1) of 2021. According to data released by the National Bureau of Statistics (NBS) on April 16, the average yearly growth during Q1 of 2020 and 2021 was 5 percent, when measured against 2019 levels.

Last year, China’s GDP contracted 6.8 percent in Q1. It resumed positive year-on-year growth in the following quarter and has since managed to maintain an uptrend under effective pandemic containment measures. Throughout 2020, the GDP grew 2.3 percent from 2019.

NBS spokesperson Liu Aihua told a press conference that the economy continued steady recovery in Q1, with expanding consumption and investment, improving industrial restructuring and growing vitality of market players. Tax and fee cuts and other preferential policies have improved market expectations, leading to an increase in