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According to the National Bureau of Statistics of China, the country's GDP grew 4.5% in the first quarter of 2023 compared to the same period in 2022, higher than the 2.9% in the fourth quarter of 2022. China's GDP growth in the first quarter of 2023 was also higher than analysts' forecasts (4%) and marked the strongest growth in a year.
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| Container port in Qingdao, Shandong province, eastern China. Photo: THX/TTXVN |
China's economic recovery is on track, with a bright spot being rising consumption as household confidence improves, economists say. Strong export growth in March could also help boost China's GDP growth in the first quarter of 2023.
However, experts say China’s economic recovery has been uneven so far as investment-led growth has shifted to consumption-led growth. Consumption, services and infrastructure spending have increased but factory output has fallen amid weak global growth and rising interest rates.
China's exports unexpectedly rose in March, but analysts warned that the improvement was partly due to fulfilling a backlog of orders during the Covid-19 pandemic.
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