Bloomberg:

You just mentioned that China's GDP grew 5.3% year-on-year in the first quarter of 2024, and the figure was thought to be higher than expected. Does this mean that the economy is relatively stable and does not require strong policy support? Or do you think there are still some weaknesses in the current economic situation, such as imbalanced recovery? The second question is related to industrial output in March, which seems to be relatively weak compared to expectations. Does this indicate any slowdown in the manufacturing sector? Thank you.

Sheng Laiyun:

Thank you for your question. I actually indirectly addressed this question earlier. First, regarding fluctuations in industrial output in March, it reflects some changes in the domestic and international environment, indicating the need for further enhancement of industrial development momentum. On the other hand, the decline in industrial output in March is partially influenced by the comparison base, and we maintain an optimistic outlook for the future. Furthermore, concerning the foundation for economic recovery, the 5.3% GDP growth rate indicates the national economy has sustained recovery momentum and got off to a good start. However, as I explained earlier, there are indeed imbalances evident in the process of economic recovery and the performance of various industries. The growth momentum of the consumer goods manufacturing sector is still lower than the average growth rate of industrial companies above designated size, and disparities exist among different regions. Traditional industries recovered at a slower pace due to the drag from real estate adjustments. However, the value added of high-tech manufacturing grew 7.5% year-on-year, 1.4 percentage points higher than the average level of industrial companies above designated size. They became an important driving force behind the relatively good performance of the industrial sector within the first quarter. Therefore, the economic recovery is indeed uneven and exhibits some differentiation. However, I think this is normal. As I mentioned earlier, the Chinese economy is currently in a new stage of transformation and development. From the perspective of transformation, some traditional industries do require adjustments, while emerging industries are performing well. Looking ahead, our policies will continue to increase support for the development of the real economy. In addition to overall support, we will pay more attention to addressing imbalances in economic development, accelerate the cultivation of new industries, particularly emphasizing technological innovation, and coordinate the technological transformation of traditional industries with the development of new industries and the cultivation of future industries. Thank you.

China Profiles:

The fifth national economic census is an important investigation to take stock of the country’s conditions and strengths. Could you share with us the progress of the census? And how to ensure the quality of its statistics? Thank you.

Sheng Laiyun:

Thank you for your questions as well as your interest toward our statistical work and the economic census. The fifth national economic census is a large-scale investigation of the national conditions and strengths as our country enters a new era. Under the firm leadership of the Party committees and government departments at all levels, and with the concerted efforts of census workers and statisticians, the progress of the fifth economic census has been very smooth. We have nearly completed the on-site registration phase with a data submission rate already exceeding 90%. Currently, we are transitioning from on-site registration to reviewing the data. After this review, we will conduct quality checks and then compile the data. The results of the fifth economic census will be released to the public in the third quarter, providing a clearer and more comprehensive understanding of our economic landscape.

Regarding data quality, the NBS places high importance on this aspect, treating it as the lifeline of our work. Striving for high-quality census results is both a goal and a requirement of the fifth economic census. From the outset, we established a comprehensive system for data quality control that is based on Statistics Law and regulations regarding census, and have implemented corresponding quality control measures. Throughout the census process, we have strictly adhered to these protocols, including enhancing training for census workers to ensure accurate data collection. We also have robust monitoring mechanisms in place to ensure data is accurately recorded and reviewed on an ongoing basis. As I just mentioned, we have moved into the data verification stage, where we will further examine the submitted data, including logical consistency checks. If issues arise, we will return to the businesses for verification. Additionally, we will conduct a nationwide sampling survey to assess the quality of reported data, with dedicated survey teams from the NBS performing on-site verifications. We have a comprehensive set of procedures in place to control the quality of census data. I also want to reassure everyone that all personal and business information is strictly confidential, so there should be no room for concerns when providing accurate information. We welcome public oversight and particularly encourage continued support and monitoring from the media. Thank you.