ALBAWABA - China's economy beat expectations, growing at a rate of 4.5 percent on a yearly basis in the first quarter of 2023, according to official data released on Tuesday.
The data was supported by policymakers' efforts to boost growth after strict COVID-19 restrictions were lifted in December.
China economy grows at faster than expected pace following end of COVID curbs https://t.co/DWY4ra8BJk
— Sky News (@SkyNews) April 18, 2023
The rebound in retail sales was the main driver of the impressive reading, with retail sales rising 10.6 percent on a yearly basis in March, the largest increase since June 2021.
However, industrial output rose only 3.9 percent in March, below analysts' expectations.
China's service sector is clearly recovering, hotel and catering industry grows 13.6% in the first quarter, fastest in service sector. #China #economy #service #consume pic.twitter.com/P1YKU3nkp4
— Vince Ye (@VinceYe6) April 18, 2023
The Chinese government has set a modest economic growth target of around 5 percent for this year, after falling far behind last year's targets. Experts caution that broader global trends could still impact China's recovery.
