Peking University Professor: China's 5% GDP growth in Q1 is healthy, of high quality

China's gross domestic product expanded by 5 percent to reach 33.4193 trillion yuan in the first quarter of 2026, according to data from China's National Bureau of Statistics.

Peking University professor Su Jian noted that judging from the driving factors, the 5.0% growth is both healthy and of high quality.

According to Su, the first-quarter growth was driven by a combination of proactive fiscal policy, a recovery in external demand, and the accelerated development of new quality productive forces. He explained: "First, fiscal policy is exerting its strength. Local governments have issued over 1.1 trillion yuan in new special-purpose bonds, nearly 200 billion yuan more than the same period last year. Meanwhile, monetary policy, through reserve requirement ratio cuts and interest rate reductions, has pushed rates to historic lows, improving profitability in manufacturing investment. Second, total exports in the first quarter reached 6.85 trillion yuan, up 11.9% year-on-year, with structural exports playing a significant driving role. Most importantly, new quality productive forces are accelerating, with rapid growth in high-end manufacturing, the digital economy, and the service sector. These are all key factors behind the economic recovery.'

Regarding the significance of the quarter growth for the full-year economic outlook, Su Jian stated, "A 5% growth rate in the first quarter represents a strong start and has reached the upper bound of the 2026 annual growth target. While, judging from its driving forces, the growth is healthy and of high quality."