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China's gross domestic product fell 6.8% year-on-year in the first quarter of 2020, more than the Reuters median estimate of - 6.5%, the first time since China began to release quarterly GDP data in 1992, the National Bureau of Statistics said Friday. In March, the added value of industries above designated size decreased by 1.1% year-on-year, the total retail sales of consumer goods decreased by 15.8% year-on-year, and the median values predicted by Reuters were - 7.3% and - 10%, respectively.
According to the data released by the Bureau of statistics, fixed asset investment fell 16.1% year on year from January to March, which was larger than the median of - 15.1% predicted by Reuters survey. Among them, private investment decreased by 18.8%, infrastructure investment by 19.7%, manufacturing investment by 25.2% and real estate development investment by 7.7%. In the first quarter, 2.29 million new jobs were created in cities and towns across the country. In March, the unemployment rate in cities and towns across the country was 5.9% and 5.7% respectively.
Mao Shengyong, a spokesman for the Bureau of statistics, said at the press conference of the new China Development Office that China will launch a stronger policy in the next stage according to the changing situation. China's economy in the second quarter will be significantly better than that in the first quarter. If the global epidemic control is better, it will be significantly better in the second half than that in the first half.
First quarter GDP and detailed data of March:
--GDP in the first quarter fell 6.8% year-on-year (Reuters median - 6.5%), down 9.8% month on month
--The added value of industries above designated size decreased by 1.1% year on year in March (median value in Reuters survey was - 7.3%)
--Total retail sales of consumer goods fell 15.8% year on year in March (Reuters median was - 10%)
--From January to March, fixed asset investment decreased by 16.1% (median value in Reuters survey was - 15.1%), and private investment decreased by 18.8% year on year
--From January to March, infrastructure investment decreased by 19.7% year on year, and manufacturing investment decreased by 25.2%
--From January to March, the investment in real estate development decreased by 7.7% year on year, and the newly started area decreased by 27.2% year on year


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