May 25th, 2024

China’s economy grew 5.3% in first quarter, beating expectations

By The Associated Press on April 15, 2024.

Workers wait for transport outside a construction site in Beijing, Tuesday, April 9, 2024. China's Finance Ministry has denounced a report by Fitch Ratings that kept its sovereign debt rated at A+ but downgraded its outlook to negative, saying in a statement that China's deficit is at a moderate and reasonable level and risks are under control. (AP Photo/Ng Han Guan)

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.

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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