China Posts Forecast-beating 5.3% Growth in 1Q24

China's GDP grew by 5.3 percent in the first quarter of 2024, well above market expectations as the world's second largest economy has gotten off to a robust start and laid a solid foundation for the economy to achieve the pre-set goal of growing by around 5 percent for the whole year. 

 

The growth rate, underpinned by solid growth in export and robust growth in high-tech industrial output, means China's economy remains the healthiest among major economies, and continue to play a leading role to drive global economic recovery, Chinese analysts said.

 

The data, significantly higher than the average forecast of 4.6 percent by economists polled by Reuters, reflected the resilience of the Chinese economy and the attractiveness of its vast consumer market and manufacturing goods, which also offers a strong rebuttal of some Western media's narrative of Chinese economy reaching its peak, they said. 

 

Retail sales grew 4.7 percent year-on-year to 12.03 trillion yuan ($1.66 trillion) in the first quarter, while industrial added-value was up 6.1 percent, and fixed-asset investment rose by 4.5 percent to 10 trillion yuan, according to data released by the National Bureau of Statistics on Tuesday.

 

Goldman Sachs and Citi have released separate reports stating that China's economy is off to a good start in 2024. It is expected that the GDP growth target of "around 5 percent" set by the Chinese government can be achieved, and the forecast for China's GDP growth rate for the full year has been raised, according to Xinhua News Agency.

 

See pic below 👇. This is so true!