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Why China's economy is performing 'better than expected'

  • source:hunelock
  • Date:05/17/2019

Economy data for the first quarter has been released one after another. Despite the complicated domestic and international economic situation, the economic performance of China has been stable and progressing overall. A good start to the first quarter will also inject certainty into the sluggish recovery of the world economy.

2019 First Quarter Data

  • GDP reached 2.1 trillion yuan, up by 6.4%, better than market expectations.
  • CPI rose 1.8% from a year earlier. In March, the CPI rose 2.3% from a year earlier. Prices continued a moderate upward trend.
  • The growth of industries increased by 6.5% year-on-year. Growth accelerated by 1.2% from January to February.
  • The total value of China's imports and exports of goods in the first quarter was 7.01 trillion yuan, increased 3.7 % year-on-year.
  • RMB loans increased by 5.81 trillion yuan in the first quarter, up 952.6 billion yuan year-on-year.
  • The country's outstanding foreign exchange reserves stood at $3.1 trillion at the end of March, up to $8.6 billion from the end of February.
  • Value-added in the services sector accounted for 57.3% of GDP in the first quarter, up 0.6% from a year earlier.
  • High-tech industries and strategic emerging industries grew by 7.8 percent and 6.7 percent respectively, higher than the overall growth rate of industries above designated size.
  • The contribution of final consumption expenditure to economic growth was 65.1%, and service consumption accounted for 47.7% of the total.
  • Village and township market home appliance consumption grow 10 times above.
  • The growth rate of VAT, personal income tax, tariff and other types of tax revenue dropped significantly, reflecting the effect of tax cuts. The increase of tax revenue dropped by 11.9%, and the effect of reducing tax continued to emerge. The special additional deduction policy started on January 1st, about 84 million taxpayers will no longer be required to pay personal income tax.

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According to the report, the data was driven mostly by the development of high technology niche in China. And as the saying of government, this is the direction of development of China future. A smart lock is the most popular smart home appliance in this few years. Compare with world CAGR over 20% of smart home, the smart lock has a higher CAGR of over 40% in many main markets, such as the USA, Europe, South East Asia, and China.

The trend is here, then how to choose the right partner to grow together in business? Hereby, we want to tell you something about HUNE merit.

HUNE is a global leading brand in smart lock since 1993. HUNE is Guangdong smart lock research center. As one of the top3 smart lock manufacturers in China, HUNE own developed lock software, program, hardware and circuit system for low maintenance cost and quick update. Strong R&D team to meet the needs of new product development and product technology upgrades. Responsible and quick response after-sales service, people-oriented, based on the customer perspective, more than 20 full-time sales staff with 100% satisfaction from clients.

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