China's economy expands at faster-than-expected 5.3% in Q1

from Daily Sabah

China's economy expanded at a quicker pace than anticipated in the first three months of the year, thanks to policies aimed at spurring growth and stronger demand, official data showed on Tuesday.

The world's second-largest economy expanded at a 5.3% annual pace in January-March, according to the National Bureau of Statistics, beating analysts' forecasts of about 4.8%. Compared to the previous quarter, the economy grew by 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.

The better-than-expected data Tuesday came days after China reported its exports sank 7.5% in March compared to the year before, while imports also weakened. Inflation cooled, reflecting deflationary pressures resulting from slack demand amid a crisis in the property sector.

Industrial output for the first quarter was up 6.1% compared to the same time last year, and retail sales grew at an annual pace of 4.7%. Fixed investment in factories and equipment grew 4.5% compared to the same period a year earlier...

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