China's economy grew faster than expected in the first quarter, data showed on Tuesday, offering some relief to officials amid efforts to maintain growth. The government has released its fiscal and monetary policy measures in an effort to meet its 2024 GDP growth target of around 5%, which analysts have described as an ambitious goal, noting that last year's growth rate of 5.2% was likely boosted by a rebound from 2022 – which faced limitations because of COVID-19. GDP grew 5.
think sentiments are still leaning bearish. I'm anticipating some reversal, possibly from the last quarter of 2024," he added. The GDP on a quarter-by-quarter basis grew 1.6% in the first quarter, which is higher than the 1.4% forecast for growth. The Chinese economy, the second largest in the world, has struggled to see a strong and sustainable post-pandemic jump, as it has been hurt by a protracted property downturn, mounting local government debts and weak private-sector spending.
The economy was off to a good start in 2024, but March data on exports, consumer inflation and bank lending showed that momentum could see a drop. Separate data on factory output and retail sales, which was released alongside the GDP report, also showed slowing momentum. Industrial output in March grew 4.5% year over year, compared with a forecast increase of 6% and a gain of 7% for the January-February period. Growth of retail sales increased 3.
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