China’s economy is showing strong signs of recovery, with new data highlighting positive trends in consumption, investment, and industrial production since April. According to indicators released by the State Information Centre (SIC), coordinated macro policies are fueling this upward momentum.
One significant indicator is the surge in excavator sales, which rose 17.6% year on year in April. Domestic sales increased by 16.4%, reflecting a continued rebound in heavy machinery demand—a key measure of infrastructure activity. Shen Chunfeng from Rootcloud’s Excavator Index noted that road construction is accelerating due to seasonal factors and policy stimulus, showcasing China’s growing economic vitality.
Financial figures also point to robust growth. Local government bond issuance soared 84% year on year to reach 3.54 trillion yuan (approximately $50.6 billion) from January to April, hitting record highs in both volume and growth rate. Project contract awards increased by 10% year on year in April, as per SIC tender data. Wei Ying, deputy director of the Big Data Development Department at the SIC, commented that the synchronized growth in funding and project launches is bolstering overall growth and boosting domestic demand.
Innovation and entrepreneurship are on the rise as well. China’s startup vitality index jumped 36.8% year on year in April, while the tech-innovator index climbed 28.9%. Liu Fang, a researcher at the Chinese Academy of Macroeconomic Research, stated that China’s supportive innovation ecosystem—including laws, financial policies, and research and development incentives—has empowered businesses to invest and innovate boldly.
The consumption sector is also experiencing growth. The offline consumption activity index grew 25.4% year on year, and online service demand increased by 14.2% over the same period. Despite external challenges, Wei Ying highlighted that the high-frequency data in April underscores China’s economic resilience. She added that with new and existing policies taking full effect in the second quarter, the steady growth momentum is expected to strengthen further.
