英文【安永】驾驭波动，勇往直前，以高质量发展稳定中国经济

Navigating volatilityand forging ahead:Stabilizing China’seconomy with high-quality developmentMay 2025China’s economy kicked off the first quarter (Q1)with steady growth, progressing towards high-quality development Under a series of incremental policies, China’seconomy maintained steady progress in Q1,with gross domestic product (GDP) growing by5.4%1 year-on-year (YoY). Consumer spendinghas emerged as a key driver for demandrecovery, while investment and exports havestayed relatively stable. The untapped potential of the domesticmarket remains evident. During Q1, finalconsumption expenditure spurred a 2.8%increase in GDP, accounting for over half of theeconomic growth2 and witnessing a rapid rise intrade-in related consumption. The increasedadoption of big data and artificial intelligence (AI)has further broadened and transformedconsumption scenarios. Overall investment sustained a stablerecovery, with manufacturing and infrastructuresegments taking the lead due to policyenhancements, growing by 9.1% and 5.8% YoY3respectively. Local governments persist inenhancing policy and market coordination, whiledirecting private capital towards sectors such asnew infrastructure and green and low-carboninitiatives. The resilience of foreign trade remains notable,with export momentum still being upheld. InQ1, goods exports saw a 6.9%4 YoY increase,showcasing China’s robust manufacturingcapabilities and diverse trade landscape.Influenced by prior tariff disruptions, Aprilwitnessed a 4.2% decline in export growth (inRMB) compared to the previous year. The JointStatement on China-US Economic and TradeMeeting in Geneva5 issued on 12 May hassignaled a preliminary relaxation. Over the next90-day reprieve, the exemption list andtechnological constraints are likely to be centraltopics for further negotiations between the twoparties.21.National Bureau of Statistics (NBS),https://www.stats.gov.cn/sj/sjjd/202504/t20250417_1959353.html2.NBS,https://www.stats.gov.cn/sj/sjjd/202504/t20250417_1959353.html3.NBS,https://www.stats.gov.cn/sj/zxfb/202504/t20250416_1959318.html4.General Administration of Customs (GAC),http://www.customs.gov.cn/customs/302249/zfxxgk/2799825/302274/302275/6462486/index.html5.Gov.cn,https://www.gov.cn/yaowen/liebiao/202505/content_7023399.htmGiven the intricate internal and externalcircumstances, the second quarter (Q2) willfocus on “strengthening unconventional counter-cyclical adjustments” and thoroughly preparingsufficient contingency plans Intensifying the execution of proactive andpromising macro-policies to bolsteremployment and businesses. Regardingmonetary policy, the central bank introducedmeasures in early May to decrease the reserverequirement ratio and interest rates, alongsideadjustments and additional structural policyquotas6 to stabilize market sentiments.Subsequently, fiscal policy will align efforts andpersist in prioritizing people’s livelihoodconsumption. Anticipated support policies forexport enterprises aim to maintain ov