China's gross domestic product (GDP) grew 5.3 percent year on year in the first quarter of 2024, data from the National Bureau of Statistics (NBS) showed Tuesday.

"China's high-quality development has made new achievements in the first quarter. The national economy has sustained recovery momentum and got off to a good start," Sheng Laiyun, deputy director of the NBS, told a press conference.

China’s economy grew stronger than expected at the start of this year, mainly thanks to robust growth in high-tech manufacturing, according to CNN. 

Industrial production jumped 6.1% in the first quarter from a year ago, mainly thanks to strong growth in high-tech manufacturing.

In particular, the production of 3D printing equipment, charging stations for electric vehicles and electronic components all surged about 40% compared to a year earlier.

Last month, an official survey showed China’s manufacturing purchasing managers’ index (PMI) expanded for the first time in six months. The Caixin/S&P manufacturing PMI, a privately run survey, also hit its strongest reading in more than a year, as overseas demand picked up.

The strong growth in January-March was supported by “broad manufacturing outperformance,” festivities-boosted household spending due to the Lunar New Year holidays and policies that helped boost investments, according to China economist Louise Loo of Oxford Economics.

Associated Press noted that China's Industrial output for the first quarter was up 6.1% compared to the same time last year, and retail sales grew at an annual pace of 4.7%. Fixed investment grew 4.5% compared to the same period a year earlier.

"The result is positive for the economy to hit its target," said Jeff Ng, head of Asia macro strategy at SMBC.