Chinese economy grows 5.3% in first quarter, hits $4T

The country’s gross domestic product (GDP) reached 29.6 trillion yuan ($4 trillion) from January through March. Additionally, the economy saw a quarter-on-quarter increase of 1.6%.

Industrial enterprises contributed significantly, with a 6.1% year-on-year increase in added value during the three-month period. The services sector also showed robust growth, with a 5% rise compared to the first quarter of the previous year.

The total value of imports and exports reached 10.16 trillion yuan ($1.4 trillion), marking a 5% increase year-on-year.