China's economic growth exceeds forecasts

China's economy grew faster than expected in the first quarter of 2023. (Source: Bloomberg)

Previously, in a Reuters survey, analysts predicted that China's gross domestic product (GDP) would increase by 4% in the first quarter of 2023. In the fourth quarter of 2022, the country's economy would increase by 2.9%.

Recent data shows that China’s economy is recovering from the disruptions caused by the sudden lifting of Covid-19 restrictions in December, led by consumption, the services sector and infrastructure.

However, falling inflation and rising bank savings are raising questions about domestic demand.

Besides, other figures are showing that the recovery is not yet even.

Retail sales in March rose 10.6%, beating the forecast of 7.4%. Industrial output rose 3.9%, slightly below the forecast (up 4%). Fixed asset investment in the first quarter of 2023 increased 5.1% year-on-year, below the forecast of 5.7%.

China's economic growth has been a matter of concern for global investors and economists since the country abandoned its "Zero Covid" policy late last year after nearly three years of implementation.

China's economy is expected to grow by 3% in 2022, well below Beijing's target of 5.5%. This year, the government lowered its growth target to 5%.

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Source: https://baoquocte.vn/tang-truong-kinh-te-trung-quoc-vuot-du-bao-223951.html