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HONG KONG (AP) — China’s economy in the first quarter beat expectations while receiving a boost from policies and an increase in demand, the government said Tuesday.
The world’s second-largest economy expanded at a 5.3% annual pace in January-March, beating analysts’ forecasts of about 4.8%, official data show. Compared to the previous quarter, growth was up 1.6%.
China’s economy has struggled to bounce back from the COVID-19 pandemic, with a slowdown in demand and a property crisis weighing on its growth.
The better-than-expected economy data came days after China reported a decline in import and export figures for March as well as a slowdown in inflation following months of deflationary pressures.
Industrial output for the first quarter was up 6.1% compared to the same time last year, and retail sales grew at an annual pace of 4.7%.
Policymakers have unveiled a raft of fiscal and monetary policy measures as Beijing seeks to boost the economy. China has set an ambitious gross domestic product (GDP) growth target of 5% for 2024.
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