China’s first-quarter economy grows by 4.5% as recovery accelerates

China’s gross domestic product (GDP) grew by 4.5 percent year on year in the first quarter of 2023, surpassing analysts’ expectations of 4 percent, according to data from the National Bureau of Statistics. The recovery was driven by accelerating growth in all sectors, particularly in domestic demand, and improved market expectations. However, policymakers and economists caution that policy support and targeted easing are still necessary for sustainable growth amid external uncertainties. In the first quarter, total retail sales of consumer goods rose by 5.8 percent year on recovery pace among different consumption types, with offline and get-together spending picking up, but durable goods consumption lagging. The investment in fixed assets and the total added value of large industrial enterprises also grew, indicating continued economic growth momentum. China has set a GDP growth target of around 5 percent of this year, with local governments implementing measures to support the economy.

Sources: CGTN