China’s economy performed better than expected and grew 5.3 percent in the first quarter.
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The world’s second-largest economy grew at an annual rate of 5.3 percent in the January-March quarter, according to official data. This is higher than analysts’ estimates of about 4.8 percent. The growth rate increased by 1.6 percent compared to the previous quarter.
Hong Kong. China’s economy has performed better than expected in the first quarter. The world’s second-largest economy grew at an annual rate of 5.3 percent in the January-March quarter, according to official data. This is higher than analysts’ estimates of about 4.8 percent. The growth rate increased by 1.6 percent compared to the previous quarter. China’s economy continues to struggle to recover from the effects of the COVID-19 global pandemic.
Its growth has been affected due to slowdown in demand and property crisis. Industrial production was up 6.1 percent year-on-year in the first quarter and retail sales grew at an annual rate of 4.7 percent. Policymakers have taken several fiscal and monetary policy measures to boost China’s economy. China has set an ambitious gross domestic product (GDP) growth target of five percent for 2024.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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