Despite facing challenges such as the COVID-19 pandemic and a property crisis, China’s economy has shown remarkable resilience in the first quarter of the year. According to government officials, the country’s economy grew at an annual rate of 5.3%, exceeding analyst forecasts of 4.8% and representing a 1.6% increase compared to the previous quarter. The growth was driven by policies aimed at increasing demand and industrial output, which rose by 6.1% and 4.7%, respectively, during the first quarter.
To further support economic growth, policymakers in Beijing have introduced a range of fiscal and monetary measures, including setting an ambitious GDP growth target of 5% for the year 2024. Despite recent reports of declining import and export figures for March and a slowdown in inflation, positive economic data suggests that the government’s efforts to stimulate the economy are yielding results. The upward trend in growth is expected to continue as policymakers remain focused on sustaining and enhancing China’s economic resilience both domestically and globally.
