强劲的内需和创新动力是“十五”计划的坚实开端

May 2026 Economic momentum strengthens in the first quarter (Q1) Key indicators rebound — economic resilience continues to emerge:Supported by recovering external demand and front-loaded policyimplementation, China’s gross domestic product (GDP) grew 5.0% year-on-year (YoY)1in Q1, with productive services contributingsignificantly more to growth. Marginal improvement in the domestic Consumption edges up from a low base — service supply expands andupgrades:In Q1, retail sales of services rose 5.5% YoY, outpacing salesof goods by 3.3 percentage points2and becoming the main driver ofconsumption recovery. Overall, the consumption policies this year shifttoward structural optimization, with the long-term focus moving from Investment stabilizes — transition between old and new drivers picksup pace:Q1 fixed-asset investment (FAI) posted infrastructure-ledgrowth, alongside a manufacturing upturn and narrowing declines inreal estate investment. Broad infrastructure investment reboundedsharply to 8.9%, while investment in high-tech manufacturing and high- Foreign trade records strongest growth in five years — exports andimports strengthened in tandem:Total goods trade grew 15% YoY4inQ1, the fastest pace in nearly five years. High-tech andelectromechanical products remained the backbone of exports, withintegrated circuits and automatic data processing equipment exportssurging 77.5% and 26.7%5, respectively. Imports rose 19.6% alongside Unleashing domestic demand and forging innovation-driven Policy coordination steps up — improving the effectiveness of capitaldeployment:Rather than short-term stimulus, the current economicagenda focuses on building medium- to long-term endogenous growthdrivers. Fiscal policy must remain proactive while strengthening policyreserves. Amid imported inflation pressures, monetary policy will Domestic demand strategy upgrades — services and “six networks” atthe core:Strengthening the full chain of productive services is the key notonly to empowering manufacturing upgrading and moving up the valuechain, but also to stabilizing employment, income and livelihoods. Theservices sector still has an estimated RMB20 trillion growth potential over “AI+” drives new quality productive forces — strengthening autonomyand controllability across industrial chains is imperative:The smarteconomy is poised to become a primary driver of China’s economicgrowth. Building trusted data-sharing platforms in key sectors, developingtiered data annotation innovation zones and accelerating precise “Anti-involution” enters a new institutional phase — guiding industriesup the value chain:As governance shifts from “comprehensiverectification” to deeper structural reform, the “anti-involution” emphasiswill extend from industry-level regulation to government-levelinstitutional changes this year, addressing the root causes of redundant Energy security and “dual carbon” constraints reshape greendevelopment:In the current geopolitical landscape, energy policy isevolving to balance security with low-carbon transition, which implies thatinvestment in new energy infrastructure remains a key priority. The “dualcarbon” goals reinforce energy security and vice versa. The latest Capital markets shift toward innovation — reinforcing stabilityfoundations:Deepening ChiNext reform and optimizing refinancingmechanisms are two key incremental policy priorities this year, guidingcapital toward new quality productive forces. ChiNext reform will breakfinancing bottlenecks through institutional innovation and improve Economic momentum strengthens in Q1 amid structural upgrading and qualityenhancement Key indicators rebound — economic resilience continues to emerge:Supported by recovering external demandand front-loaded policy implementation, China’s GDP reached RMB33.4 trillion in Q1, up 5.0% YoY, at the upperend of the full-year target range. The services sector accounted for 63.2% of economic growth, up 4.0 percentagepoints6compared with the same period last year. Marginal improvement in the domestic supply–demand balance,coupled with imported inflation, pushed CPI growth to above 1%7for two consecutive months, while PPI ended 41 Consumption edges up from a low base — service supply expands and upgrades:In Q1, total retail sales ofconsumer goods approached RMB13 trillion, up 2.4% YoY9. Driven by 12 new policy measures10issued by theState Council and a series of local initiatives to promote services consumption, retail sales of services rose 5.5%YoY, outpacing sales of goods by 3.3 percentage points11and becoming the core driver of consumption recovery.Overall, consumption policies this year shift toward structural optimization, moving from short-term stimulussuch as consumption vouchers to long-term mechanisms development. Product categories such as automobiles Industrial production accelerates — digital andintelligent transformation continues:Driven bystrong export growth, value added of industrialenterprises a