The World Bank Economic Update provides an overview of recent economic and social developments and policies in China. Economic activity in China remains resilient, with GDP growing by 6.9 percent in 2017 and 6.8 percent year on year (yoy) in the first quarter of 2018. Consumption continues to drive growth, while net exports, which led the growth acceleration in 2017, were not a source of growth in Q1 2018. From the production perspective, "new economy" sectors are becoming a more prominent source of growth. Despite their small GDP share, software and IT services are rising at double-digit rates and contributed 1.1 percentage points to growth in Q1 2018.