China's GDP grew by 4.5% year-on-year in the first quarter of 2023.
The data, announced on Tuesday, surpassed analysts' expectations but fell short of Beijing's full-year growth target of 5% for 2023.
- China's economic expansion was primarily driven by the growth of retail consumption, exports, and infrastructure investment.
- A rise in property prices also contributed to China's economic rebound.
- Growth is expected to accelerate further after being held back by a COVID-19 outbreak that began at the end of 2022.
- China’s National Bureau of Statistics warned that the country's economic situation remains “complex and volatile."
- The agency said "inadequate domestic demand," indicates that "the foundation for economic recovery is not solid yet."
- China's economy was boosted by Beijing's sudden decision to lift its strict zero-covid policy at the end of last year.
- The country's industrial production increased by 2.4% in January and February, while the construction of new homes, offices, and stores fell by 5.8% year-over-year in the first quarter.
