China economic focus April 2024: what does a strong Q1 mean?

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The Chinese economy grew by 5.3% year-on-year in Q1 2024, a surprise to the upside. Better-than-expected industrial activity was the main reason for the outperformance in Q1, but we do not think the momentum will last through the whole year. The green economy led growth in Q1. Renewable installations beat expectations, while electric vehicle (EV) production remained strong. The construction sector remained a drag. Infrastructure construction slowed due to project suspension in 12 provinces, and the property sector remained unresponsive to policy support.

Table of contents

  • Executive summary
  • Q1 GDP beat expectations
  • The green economy has become China’s biggest growth driver
  • Construction continues to drag
  • Appendix

Tables and charts

This report includes 12 images and tables including:

  • GDP indicators by value add and expenditure
  • Highway mobility in China
  • New credit issued in Q1
  • Wood Mackenzie's proprietary China data
  • Manufacturing PMI
  • Industrial production and retail sales
  • Trade
  • Inflation
  • Property
  • Investment
  • Money supply (M2)
  • Required reserve ratio

What's included

This report contains:

  • Document

    China economic focus April 2024: what does a strong Q1 mean?

    PDF 1.02 MB