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China’s gross domestic product grew 5.3 per cent in the first quarter against a year earlier, exceeding market expectations as Beijing tries to steer a manufacturing-led revival of the world’s second-largest economy.
The strong first-quarter growth rate, which compares with analyst forecasts of 4.6 per cent in a Reuters poll and an expansion of 5.2 per cent for the full year in 2023, follows mixed economic data in recent weeks.
The government has set a GDP growth target of 5 per cent this year. But in March, inflation fell below analysts’ estimates, indicating that deflationary pressures persist in China as policymakers try to stimulate domestic demand to offset a property crisis.
Since 2021, the Chinese economy has grappled with a wave of real estate developer defaults that have weighed on construction activity and confidence.
This is a developing story
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