AI Data Insight
In the first quarter of 2026, the contribution of China's final consumption expenditure to GDP dropped to 46.7%, a significant decline from 52.0% in the previous quarter, indicating continued weakness in domestic demand momentum. Although the overall Q1 economy delivered a 5.0% year-on-year growth rate benefiting from high-end manufacturing and export expansion, the asymmetric structure of "hot production, cold consumption" suggests that officials still need to step up policy stimulus for domestic demand to prevent external risks.