1、1May EconomicMonitorIssue:2024 Q22 2024 KPMG Huazhen LLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Chinese Mainland,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independe

2、nt member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2024 KPMG Huazhen LLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Chinese Mainland,KPMG,a Macau(SAR)partnership,and KPM

3、G,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Key takeawaysChinas GDP grew 5.3%year-on-year(YoY)in Q1 2024,up from 5.2%in Q4 2023

4、 and higher than market expectations.Driven by theimplementation of equipment renewal policies and the recovery of external demand,the rebound in industrial production,manufacturinginvestment and exports were the main contributors to the growth of Chinas economy.Consumption recovered with divergency

5、.Service consumption continued to strengthen,with a growth rate of 10%in Q1 2024,while thegrowth of consumer goods consumption lagged behind its pre-pandemic level.It remains necessary to enhance residents income growth andboost their confidence to spend.Manufacturing and infrastructure investments

6、maintained their strong upward momentum,growing 9.9%and 8.8%in Q1 2024,respectively.Looking ahead,the push for equipment renewal is expected to sustain robust growth of manufacturing investment,and infrastructureinvestment will benefit from accelerated issuance of government bonds.The property marke