[Explanation] On April 18, the National Bureau of Statistics announced the operation of the national economy in the first quarter of 2022.

On the morning of the same day, China News Service held the "National Forum: Economic Situation Analysis Meeting in the First Quarter of 2022". Many experts interpreted the newly released economic data and discussed the characteristics of China's current economic operation.

  [Explanation] Experts at the meeting said that in the first quarter of 2022, China's gross domestic product (GDP) increased by 4.8% year-on-year, and the national fixed asset investment increased by 9.3% year-on-year.

The national economy has a stable start, and the economic development is resilient.

  [Concurrent] Zhao Xijun, Co-Director of China Capital Market Research Institute, Renmin University of China

  In terms of economic growth, the first quarter (GDP year-on-year growth) was 4.8%, a relatively good change from 4.0% in the fourth quarter of last year (2021).

It can be seen that the trend of economic stabilization is still relatively obvious.

  [Concurrent] Bai Jingming, former vice president of the Chinese Academy of Fiscal Sciences

  In particular, we noticed that the fixed investment in the secondary industry increased by 16.1% in the first quarter, which shows that the development of the real economy is very stable.

An important economic feature of our country now is that it has a complete industrial structure and a sound manufacturing system, which means that the completeness of the industrial system will be consolidated, indicating that our resilience is strong.

  [Explanation] Experts said that in the first quarter, the epidemic had a certain impact on economic development, but the proactive fiscal policy was appropriately advanced, and tax rebates and tax reductions supported enterprises, which provided strong support for stabilizing the macroeconomic market.

  [Concurrent] Bai Jingming, former vice president of the Chinese Academy of Fiscal Sciences

  From the perspective of fiscal policy, this forward-looking is still in place.

The tax reduction and tax rebate was the largest this year. The total tax reduction and rebate (about 2.5 trillion yuan for the whole year), especially the (value-added tax) tax refund (about) 1.5 trillion yuan.

Looking at the impact in the first quarter, some enterprises' value-added tax rebates will play a big supporting role.

In addition, there is an increase in transfer payments to local governments. This policy layout is still necessary, and the current situation supports economic growth.

  [Explanation] In the first quarter, the total value of China's import and export of goods trade increased by 10.7% year-on-year. Although the international environment is complex and severe, in the long run, the fundamentals affecting the growth of China's import and export trade have not changed.

  [Concurrent] Gao Lingyun, researcher at the Institute of World Economics and Politics, Chinese Academy of Social Sciences

  In the first quarter, the total value of my country's (China) import and export of goods increased by 10.7% year-on-year, which was the seventh consecutive quarter of positive year-on-year growth.

Not only does the scale maintain its resilience, but also the quality and efficiency improvements are obvious in the process.

The number of foreign trade operators is also growing.

Of course, from the perspective of trading partners, our country has close regional cooperation, and the market structure of diversified trade is also continuously optimized.

  [Explanation] Wei Jianguo, vice chairman of the China Center for International Economic Exchanges and former vice minister of the Ministry of Commerce, said that China's economic growth rate of 4.8% in the first quarter was within expectations.

In the second and third quarters, exports will further reduce the pressure on economic development, and the annual economic growth rate is expected to be between 5.5% and 6%.

China's powerful unified market is the source of confidence in the global economy, and it will also become the most concerned target of the world after the epidemic.

  [Concurrent] Vice Chairman of China Center for International Economic Exchanges Wei Jianguo, Former Vice Minister of Commerce

  In the next five years, China's unified large market will be the "Dinghaishenzhen" for global economic development.

A strong unified market is where the global economic confidence lies. It can be said that a strong unified market will become the most concerned target in the world after the epidemic.

It is imperative to establish an international, law-based and market-oriented market system as soon as possible. The second is to reach a unified (market access) negative list across the country as soon as possible.

The third is to announce an intellectual property protection system as soon as possible, which is the only way for our market to move towards open innovation.

  Reporter Cheng Yu reports from Beijing

Responsible editor: [Luo Pan]

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