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Fu Linghui introduced that since the beginning of this year, the international situation has become more complex and severe, and the domestic epidemic has also shown the characteristics of being numerous, widespread and frequent, which has increased the impact on economic operations. Faced with the complex situation, all regions and departments have thoroughly implemented the decisions and arrangements of the CPC Central Committee and the State Council, insisted on putting stability first and seeking progress within stability, focused on stabilizing the overall macro-economy, effectively responded to risks and challenges, and the national economy continued to recover, with an overall stable start. It is mainly manifested in the following aspects:

First, major macroeconomic indicators remained within a reasonable range. In terms of growth, the economy continued to maintain its expansionary trend. In the first quarter, GDP grew by 4.8% year-on-year, 0.8 percentage points higher than the fourth quarter of last year, and increased by 1.3% month-on-month. From the perspective of employment, although the national urban surveyed unemployment rate increased in March due to the impact of the epidemic, overall, the overall stable employment pattern has not changed. In the first quarter, the national urban surveyed unemployment rate averaged 5.5%, basically the same as the same period last year. From the perspective of prices, the market supply of goods and services is generally sufficient, and consumer prices have risen moderately. In the first quarter, consumer prices rose 1.1% year-on-year. From the perspective of the balance of payments, the surplus in goods trade expanded, the deficit in services trade narrowed, foreign exchange reserves stabilized at around US$3.2 trillion, and the balance of payments remained stable.

Second, industrial and agricultural production is generally stable. Spring ploughing and preparation are progressing in an orderly manner, and livestock production is growing steadily. The agricultural situation remained stable. In the first quarter, the added value of agriculture, forestry, animal husbandry and fishery increased by 6.1% year-on-year, the output of pork, beef, mutton and poultry increased by 8.8%, and industrial production grew rapidly. In the first quarter, the added value of industrial enterprises above designated size increased by 6.5% year-on-year, of which the equipment manufacturing industry increased by 8.1%.

Third, the trend of innovative development continues. New industries continue to grow. In the first quarter, the added value of high-tech manufacturing increased by 14.2% year-on-year, and the added value of information transmission, software and information technology services increased by 10.8%, both maintaining rapid growth. New models and new business formats continue to grow. In the first quarter, online retail sales of physical goods increased by 8.8% year-on-year, continuing to grow on the basis of a high base, accounting for 23.2% of the total retail sales of consumer goods.

Fourth, the economic structure is adjusted and optimized. The proportion of manufacturing continued to increase. In the first quarter, the added value of manufacturing increased by 6.1% year-on-year, accounting for 28.9% of GDP, an increase of 1.3 percentage points over the same period last year. The dominant role of consumption is obvious. In the first quarter, final consumption expenditure contributed 69.4% to economic growth, up 18.7 percentage points from the same period last year and higher than the contribution of total capital formation. The income ratio between urban and rural residents has declined. In the first quarter, the ratio of per capita disposable income of urban and rural residents was 2.39, which was 0.04 smaller than the same period last year.

Fifth, green transformation is progressing steadily. Green and low-carbon products are growing rapidly. In the first quarter, the output of new energy vehicles and solar cells increased by 140.8% and 24.3% respectively. The proportion of clean energy consumption continues to increase. In the first quarter, the proportion of clean energy consumption such as natural gas, hydropower, nuclear power, wind power and solar power increased by 0.8 percentage points compared with the same period last year. Energy consumption per unit of GDP continued to decline. In the first quarter, energy consumption per 10,000 yuan of GDP decreased by 2.3% year-on-year.

Sixth, improvements in people’s livelihood continued to strengthen and residents’ income continued to grow. In the first quarter, the national per capita disposable income of residents increased by 5.1% year-on-year in real terms. Among them, the per capita disposable income of rural residents increased by 6.3% in real terms, and the per capita disposable income of urban residents increased by 4.2% in real terms. The income growth of rural residents continued to be faster than that of urban residents. Residents' basic living consumption is guaranteed. In the first quarter, the added value of consumer goods manufacturing industry increased by 8.1% year-on-year, maintaining a relatively fast growth; the retail sales of grain, oil, food and beverage products of units above the designated size increased by 9.3% and 11.8% respectively. Investment in people's livelihood continues to increase. In the first quarter, investment in education and health increased by 17.2% and 23.8% respectively.

Fu Linghui also said that in the next stage, we must fully implement the spirit of the Central Economic Work Conference and the arrangements of the Government Work Report, scientifically coordinate epidemic prevention and control with economic and social development, adhere to the principle of stability first and seek progress in stability, place stable growth in a more prominent position, increase the implementation of macroeconomic policies, and strictly implement policies, strive to implement them as soon as possible and achieve results, effectively respond to prominent contradictions, stabilize the basic economic situation, safeguard basic people's livelihood, keep the economy running within a reasonable range, and promote high-quality economic development to continuously achieve new results.