2024-04-16 17:46:26
The growth data from the statistics office in Beijing are surprisingly good. Nevertheless, the situation in the second largest economy remains tense, as other figures from the authority show.
According to official information, China’s economy started the new year with stronger growth than expected. As the statistics office in Beijing announced, the world’s second largest economy grew by 5.3 percent in the first quarter compared to the first three months of the previous year. Analysts on average had expected lower growth. In a statement, the statistics office spoke of a “good start” to the year.
In contrast, other important economic data, which was also published on Tuesday, fell short of expectations. According to the statistics office, industrial production rose by 4.5 percent year-on-year in March, slower than some analysts had hoped. Retail sales were also below forecasts, with an increase of 3.1 percent.
The Chinese government is aiming for economic growth of around five percent this year – an ambitious goal given the economic situation in the People’s Republic, which continues to be influenced by the real estate crisis and weak consumption data.