Hi everyone. I’m Stephanie LI.

Coming up on today’s program

  • China’s economy got off to a strong start in Q1 of 2025;
  • E-commerce platforms from China top US' shopping apps download chart.

Here’s what you need to know about China in the past 24 hours

China's gross domestic product expanded by 5.4 percent year-on-year in the first quarter, the same pace as the previous quarter, official data showed on Wednesday, posting a steady recovery despite headwinds and mounting uncertainties.

The country's GDP grew to 31.88 trillion yuan in the first quarter, according to the National Bureau of Statistics.

During the period, China’s value-added industrial output grew by 6.5 percent compared to the same period last year, while retail sales, a key measurement of consumer spending, rose by 4.6 percent in the quarter compared to the same period last year. Fixed-asset investment - a gauge of expenditures on items including infrastructure, property, machinery and equipment – rose by 4.2 percent in the first three months.

The steady growth of Chinese economy in the first quarter, amid looming tariff war launched by the US and expected impacts on world trade in the second quarter, injected stability and positive momentum to the global economic growth, analysts noted.

Despite the improvement in key economic indicators, the NBS warned of pressures from a more complicated and grimmer external environment and lackluster domestic demand, saying the foundation for sustained recovery is yet to be consolidated.

In the next step, the NBS said the country should implement more proactive and effective macro policies. More efforts should also be made to stimulate the vitality of market entities of all types and actively respond to uncertainties from the external environment.

In response to the question regarding the impact of the US' "reciprocal tariffs" on China's GDP, Sheng Laiyun, a deputy head of the bureau, told a press conference on Wednesday that high tariffs imposed by the US cannot change the long-term positive trend of the Chinese economy.

Meanwhile, China on Wednesday unveiled a work plan to boost service consumption in 2025, part of the country's efforts to unleash new drivers of domestic demand and spur economic growth. The plan, jointly issued by the Ministry of Commerce and eight other government departments, aims to expand the supply of consumer services, improve service quality and unlock the growth potential of the sector.

The plan proposes 48 specific measures across a broad spectrum of industries, covering both main service sectors as well as new forms of business and new consumption scenarios. The measures outlined focus mainly on six areas, including policy support, promotional activities, opening up and the consumption environment. It calls for increasing the supply of quality consumer services by expanding opening up and reducing restrictions for domestic market players.

Notably, the plan has also formulated special policy measures for elderly care, childcare, housekeeping and other services concerning people's livelihood.

Canton Fair Global Share

  • Guangzhou has put in place trade-in subsidies for compatriots from Taiwan and the Hong Kong and Macao special administrative regions as well as foreign nationals, in order to further spur and expand consumption. The subsidies will reach up to 20,000 yuan if the consumers trade in their old vehicle for a new energy car, and 2,000 yuan, or 20 percent of the prices, for a household appliance, according to the guidelines. Each person can utilize the trade-in subsidies to purchase a maximum of three air conditioners. The move also aims to help the large number of merchants and business representatives from outside the mainland who attend the Canton Fair, enhance their shopping experiences as well as fully sense the charm of the southern metropolis, which is an international consumption center.
  • Foreign exhibitors and business representatives attending the Canton Fair can now go through customs clearance procedures for their exhibits and related exhibition business via a single website, according to Guangzhou Customs. It has introduced 12 specific facilitation measures to help ensure smooth and efficient customs clearance of personnel, exhibits, and related materials entering and exiting the fair, as well as provided a one-stop service to help foreign Canton Fair participants go through customs procedures to facilitate offshore exhibitors' participation in the fair and implement the tax incentives for imported exhibits.
  • A dedicated Service Robot Zone in the Canton Fair officially debuted yesterday, featuring 46 companies showcasing 184 booths with a variety of service robots designed for personal, household, and professional use, reflecting China's latest advancements in AI and smart manufacturing. A considerable part of the service robots displayed at this Canton Fair are embodied intelligent robots represented by humanoid and quadruped robots, said Zhou Nan, secretary general of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products' home appliance branch.

GBA express

  • Amid rising trade tensions between China and the US, Hong Kong is stepping up efforts to attract high-quality issuers from around the world. Hong Kong Financial Secretary Paul Chan Mo-po said on Sunday that he has instructed Hong Kong Exchanges and Clearing Ltd and the Securities and Futures Commission to prepare and ensure that "Hong Kong must be the preferred listing destination" of overseas-listed Chinese mainland firms seeking to return. He added that Hong Kong has now established a regulatory framework to facilitate dual listings or secondary listings of companies listed overseas in Hong Kong.
  • Hongkong Post said today that it will suspend postal service for items containing goods addressed to the US, with surface mail stopping today and air one on April 27, after the US said earlier that it would eliminate the duty-free treatment for postal items despatched from Hong Kong and increase the tariffs for postal items to the US starting from May 2.
  • Nansha District of Guangzhou has introduced a new policy package to promote high-quality foreign trade development, offering rewards of up to 10 million yuan for enterprises. The focus is on four key areas: strengthening enterprises, fostering new trade formats, enhancing platform functions, and improving services, providing comprehensive support for foreign trade enterprises.
  • Macao Chief Executive Sam Hou-fai on Monday highlighted closer integration with Hengqin's development, expanded tourism offerings and a more efficient government, during his maiden policy address. Speaking at the Legislative Assembly, Sam emphasized Macao's commitment to the strategy of "one center, one platform and one base "under the "one country, two systems" framework. He vowed to deepen the development of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, calling it a critical platform for the city's integration into national development.

Industry and company news

  • Chinese e-commerce platforms DHgate, Taobao, and Shein have topped the free shopping apps download ranking on Apple's App Store in the US, with consumers paying more attention to Chinese goods amid trade frictions between the world's two largest economies. DHgate, which only recently became very popular in the US, topped the relevant chart yesterday, followed by Alibaba Group Holding's Taobao in second and online budget fashion retailer Shein in third. Taobao also climbed to the top of France's app store and secured the second spot in the shopping category in both the UK and Canada, according to Sensor Tower's data.
  • Zhejiang China Commodities City Group yesterday signed a three-year deal with Alibaba Cloud to establish an innovative ecological system integrating global digital trade with the real economy, the operator of the world’s largest small commodities market in Yiwu said today.
  • Flying cars may account for 20 percent of the total commercial vehicles over the next two decades, Xpeng's CEO He Xiaoping said yesterday. The Chinese NEV startup is building a flying car plant in Guangzhou with an annual production capacity of 10,000 units, expecting to achieve mass production and deliveries of its Land Aircraft Carrier models next year, he added.
  • Some 3,499 Teslas, including 3,015 revamped Model Ys, were shipped from the Shanghai Nangang port to Australia's Port Kembla yesterday, marking the first international delivery of the new China-made Model Ys in batches.
  • Legoland Shanghai Resort will run a trial operation in June and officially open in July, said Wang Zhen, director of the Shanghai Housing Administration Bureau. Located in Jinshan district, the theme park has eight themed lands featuring over 75 interactive rides, shows, and attractions.

Asia-Pacific highlights

  • This year marks the 75th anniversary of China-Vietnam diplomatic ties, a milestone in the two nations' profound traditional friendship featuring "camaraderie plus brotherhood.” China and Vietnam pledged joint efforts to accelerate the building of a community with a shared future that carries strategic significance. The two countries also signed 45 bilateral cooperation agreements on Monday, including memoranda on railway projects, trade certification, and enhanced production ties.

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI

Sound Editor: Stephanie LI

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

Presented by SFC

更多内容请下载21财经APP