New stats suggest China's economy is turning the corner as the government's ultra-strict coronavirus measures fade from view. GDP growth for the January-to-March period was 4.5 percent up on the same period last year.
The National Bureau of Statistics made the announcement on Tuesday. The figure beats market expectations of about 4 percent, adjusted for inflation.
Consumer spending surged in the service sector, including tourism and dining. Infrastructure investments also bolstered the economy.
But exports grew only half a percent year-on-year amid concerns about an economic slowdown in the United States and Europe.
Sales of new cars in China dropped after the government ended a stimulus package.
Government officials want about 5 percent growth for the year. Analysts are watching to see if the economy can maintain momentum.
The National Bureau of Statistics made the announcement on Tuesday. The figure beats market expectations of about 4 percent, adjusted for inflation.
Consumer spending surged in the service sector, including tourism and dining. Infrastructure investments also bolstered the economy.
But exports grew only half a percent year-on-year amid concerns about an economic slowdown in the United States and Europe.
Sales of new cars in China dropped after the government ended a stimulus package.
Government officials want about 5 percent growth for the year. Analysts are watching to see if the economy can maintain momentum.
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Summary
China's GDP grew by 4.5% in Q1 2021 compared to the same period last year, exceeding expectations. This recovery is attributed to increased consumer spending, particularly in services like tourism and dining, as well as infrastructure investments. However, exports saw only a 0.5% increase due to
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ID: 44c64228-3620-4ccc-bff7-bfb30e0a8b06
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20230418_24/
Date: April 18, 2023
Created: 2023/04/18 18:56
Updated: 2025/12/09 04:54
Last Read: 2023/04/18 18:58