BEIJING - China’s economy grew faster-than-expected in the first quarter, data showed on April 16, offering some relief to officials as they try to shore up growth in the face of protracted weakness in the property sector and mounting local government debt.
“The result is positive for the economy to hit its target. Momentum appears to be stable for now, evidenced by the March data not surprising on the upside,” said Mr Jeff Ng, head of Asia macro strategy at SMBC in Singapore Fitch cut its outlook on China’s sovereign credit rating to negative last week, citing risks to public finances as Beijing channels more spending towards infrastructure and high-tech manufacturing.
Growth of retail sales, a gauge of consumption, rose 3.1 per cent year-on-year in March, against a forecast increase of 4.6 per cent and slowing from a 5.5 per cent increase in the January to February period. Traders said China’s state-owned banks were selling dollars to steady the yuan in the onshore market. China stocks were tracking broader markets lower as geopolitical tensions in the Middle East sapped risk sentiment.The crisis in the property sector has been a major drag on China’s economy as it has rippled across business and consumer confidence, investment plans, hiring decisions and stock prices.
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