Uncategorized
Chinese economy grows 4.5 percent year on year in Q1
By Liu Zhiqiang, People’s Daily
China’s GDP reached 28.5 trillion yuan (about $4.14 trillion) in the first three months this year, up 4.5 percent year-on-year or an increase of 2.2 percent compared with the fourth quarter of 2022, according to data released by the China’s National Bureau of Statistics (NBS) on Tuesday,April 18.
China’s national economy made a good start this year, said NBS Spokesperson Fu Linghui at a press conference.
Fu, also the director general of the Department of Comprehensive Statistics of the NBS, explained that as the country has achieved a smooth transition in COVID-19 response and front-loaded the policies to stabilize growth, employment and commodity price, it has accumulated more positive factors.
The Chinese economy enjoyed strong impetus for development in terms of consumption, investment and export.
Since this year, the country’s policies to promote consumption have produced continuous effects, and the market saw a prominent rebound, Fu noted, adding that consumption has played a more important role in driving economic growth.
According to him, final consumption contributed 66.6 percent to the country’s economic growth in the first quarter, higher than the whole-year figure in 2022 and the largest driver of economic growth.
As the diminishing impacts from COVID-19 expand consumption scenarios, transport, catering, entertainment and tourism consumption saw rapid growth. In the first three months of this year, the revenue of China’s catering industry saw a year-on-year uplift of 13.9 percent.
In the first quarter, China’s fixed-asset investment went up 5.1 percent year-on-year, playing a positive role in driving economic growth. Manufacturing investment saw a 7 percent expansion, maintaining a sound momentum for growth and obviously higher than the growth of overall investment. In particular, investment into high-tech manufacturing sectors expanded by 15.2 percent.
Since this year, regions across the country have worked actively to advance infrastructure construction. In the January-March period, infrastructure investment increased by 8.8 percent year-on-year, laying a solid foundation for future development.
“Investment has been on a steady trajectory of growth this year, with a continuously optimized structure, which is conducive to promoting economic growth and long-term development,” Fu said. According to him, China will focus more on improving the quality of investment and further stabilize non-state investment.
China has vigorously pursued more stable and higher-quality foreign trade and actively expanded trade with emerging markets and developing countries along the Belt and Road.
In the first quarter, the country’s total foreign trade increased 4.8 percent year-on-year. In particular, exports went up 8.4 percent upon a high aggregate last year. Its trade with Belt and Road Initiative (BRI) partners grew 16.8 percent, and that with other members of the Regional Comprehensive Economic Partnership (RCEP) grew 7.3 percent, with an 20.2 percent rise in exports.
Fu said China’s growth was a hard-won result given the slowing economic growth of the world and external uncertainties. China’s foreign trade has maintained its strong resilience and vitality despite pressure and challenges, and it is possible for the country to achieve its goal of stabilizing foreign trade and improving its quality this year with stabilizing policies, he remarked.
China’s economy has maintained a sound momentum for growth this year, which lays a solid foundation for the country to reach its annual development goals, Fu told the press conference.
The country is witnessing a gradually increasing endogenous momentum for development, and is expected to embrace better economic recovery this year, he said.
Responding to the so-called deflation worries, Fu noted that deflation refers to a continuous fall in the general price level, often accompanied by reduced money supply and economic recession.
“Generally speaking, deflation is not occurring in China,” Fu said, citing a mild uptick in the consumer price index, rapid growth in the money supply and a fast economic rebound.
The spokesperson attributed the eased CPI growth rate in Q1 to a drop in food and energy prices, and a decline in automobile prices, among others.
“Market supply and demand remained generally stable. For the next stage, the prices will recover steadily and there will be no deflation concerns in China,” he said.
At present, the international environment remains complicated and the global growth is slow, Fu said, adding that there are many unstable and uncertain factors. China is seeing sound economic recovery, but is still restricted by insufficient demand and prominent structural problems. It still needs to consolidate the foundation for economic recovery.
Fu noted that China will keep acting on the general principle of pursuing progress while ensuring stability, promote a full economic recovery, and effectively pursue higher-quality growth and appropriately increase economic output, so as to set the stage for building a modern socialist country in all respects.
By Fabian Apechihin
The 2026 Constitution Amendment Bill has moved to the state level following its consideration by the National Assembly, paving the way for state legislatures to consider the proposed amendments.
The development comes amid renewed attention on constitutional reform and ongoing discussions over proposed changes to Nigeria’s governing framework.
Meanwhile, the House of Representatives has defended FCT Minister Nyesom Wike over allegations surrounding borrowing by the Federal Capital Territory Administration.
House spokesperson Akin Rotimi Agbese, speaking in an interview with Channels Television, rejected claims that Wike had undertaken borrowing without the knowledge or approval of the National Assembly.
Agbese said the FCT minister could not independently create a sovereign borrowing obligation, stressing that public borrowing is subject to constitutional, statutory and administrative procedures.
“Wike has committed no infraction in borrowings. There is no basis for the allegation that he has been borrowing money behind the back of the National Assembly,” Agbese said.
He explained that borrowing to finance infrastructure was not unlawful where the required approvals and procedures had been followed.
“Borrowing for infrastructure development is not unlawful in itself, provided the prescribed approvals and procedures are followed,” he added.
The House spokesperson further argued that an increase in the FCT’s debt profile should not automatically be interpreted as evidence of illegal borrowing, citing the scale of infrastructure projects being undertaken in Abuja under Wike.
According to Agbese, the key issue is whether the appropriate approvals were obtained for specific borrowing transactions, rather than simply whether the FCT’s overall debt profile has increased.
The comments come as scrutiny continues over public borrowing, infrastructure financing and the legal procedures governing government debt at both the federal and sub-national levels.
By Fabian Apechihin
The 2026 Constitution Amendment Bill has moved to the state level following its consideration by the National Assembly, paving the way for state legislatures to consider the proposed amendments.
The development comes amid renewed attention on constitutional reform and ongoing discussions over proposed changes to Nigeria’s governing framework.
Meanwhile, the House of Representatives has defended FCT Minister Nyesom Wike over allegations surrounding borrowing by the Federal Capital Territory Administration.
House spokesperson Akin Rotimi Agbese, speaking in an interview with Channels Television, rejected claims that Wike had undertaken borrowing without the knowledge or approval of the National Assembly.
Agbese said the FCT minister could not independently create a sovereign borrowing obligation, stressing that public borrowing is subject to constitutional, statutory and administrative procedures.
“Wike has committed no infraction in borrowings. There is no basis for the allegation that he has been borrowing money behind the back of the National Assembly,” Agbese said.
He explained that borrowing to finance infrastructure was not unlawful where the required approvals and procedures had been followed.
“Borrowing for infrastructure development is not unlawful in itself, provided the prescribed approvals and procedures are followed,” he added.
The House spokesperson further argued that an increase in the FCT’s debt profile should not automatically be interpreted as evidence of illegal borrowing, citing the scale of infrastructure projects being undertaken in Abuja under Wike.
According to Agbese, the key issue is whether the appropriate approvals were obtained for specific borrowing transactions, rather than simply whether the FCT’s overall debt profile has increased.
The comments come as scrutiny continues over public borrowing, infrastructure financing and the legal procedures governing government debt at both the federal and sub-national levels.
By Fabian Apechihin
The Peoples Democratic Party (PDP) has reaffirmed its intention to contest the 2027 presidential election despite the decision of Federal Capital Territory Minister, Nyesom Wike, to support President Bola Ahmed Tinubu’s re-election bid.
The party said Wike’s decision was personal and did not alter its position to participate in the presidential election with its candidate, Senator Sandy Onor. PDP National Publicity Secretary, Jungudo Haruna Mohammed, made the clarification on Wednesday.
According to the party, a recent conversation between Wike and Onor should not be interpreted as a political negotiation between the minister and the PDP.
“He told Nigerians that Sandy is his friend. And they only had a friendly discussion within the umbrella of friendship. So, that is just a personal discussion between him and his friend,” Mohammed said.
He added that Wike’s support for Tinubu did not prevent the PDP from fielding candidates for the presidential, governorship and legislative elections.
Wike had earlier clarified that his support in 2027 was specifically for Tinubu’s presidential re-election and did not amount to an agreement that the PDP would withdraw from other electoral contests. He also said he never promised that the PDP would abandon its candidates for governorship, National Assembly and State House of Assembly elections.
“I said I will support the President from day one. I never told Mr President I will join APC,” Wike said.
The minister also maintained that his proposed Rainbow Coalition was not an arrangement with the All Progressives Congress (APC), but rather a platform through which politicians from different parties could mobilise support for Tinubu’s re-election.
The issue has generated disagreement with some APC governors, who have expressed concern about a political arrangement that could affect the party’s candidates at other levels.
APC Progressive Governors’ Forum Chairman, Hope Uzodinma, said the governors would not support any alliance or arrangement that could weaken the APC or adversely affect its candidates.
Meanwhile, APC presidential campaign council spokesperson Ima Niboro has urged Wike and APC governors to end their public exchanges and concentrate on political mobilisation.
“When I said tone down the rhetoric, I do not mean stop working. Stop talking, go and work,” Niboro said.
He urged political leaders to strengthen their grassroots structures and engage directly with voters rather than continue exchanging statements in the media.
“All this shouting is not taking anybody anywhere. Go and work. Go and establish your authority on your political base,” he said.
2026 Constitution Amendment Bill Moves to States
2026 Constitution Amendment Bill Moves to States
2027: PDP Insists on Presidential Contest Despite Wike’s Support for Tinubu
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