Preliminary results show that China’s gross domestic product expanded by 6.4% in the first quarter, according to data from the Statistics Ministry.
The level is 0.4% percentage points lower than the same period last year and 0.2% percentage points lower than last year. By sectors, the agriculture industry increased by 2.7% to 876.9 billion yuan, the industrial sector climbed by 6.1% to 8.23 trillion yuan and the services sector grew by 7% to 12.23 trillion yuan.
The services sector reported notable growth with major industries showing a solid rebound in the quarter, it said.
GDP of leasing and business services industry grew by 8.3%, the finance industry grew by 7%, hotel and catering services increased 6% and the wholesale and retail industry climbed by 5.8%. In addition, the information, software and information technology service industry maintained a steady growth pace of 21.2%.
Total consumer sales reached 9.97 trillion yuan, up 8.3% from a year ago, while online retail sales climbed 15.3% year on year to 2.23 trillion yuan.