BEIJING – The Chinese economy grew by 5.3 percent on an annual basis during the first quarter of 2024, a number that exceeded market expectations that predicted growth of no more than 5 percent during the same period.
Data issued by the Chinese National Bureau of Statistics on Tuesday stated that the country’s gross domestic product grew by 5.3 percent, reaching 29.63 trillion yuan ($4.17 trillion).
On a quarterly basis, the Chinese economy grew by 1.6 percent, compared to analysts’ expectations on the Hong Kong Stock Exchange of 1.3 percent.
The Xinhua News Agency quoted Sheng Liyun, deputy director of the authority, during a press conference, saying, “China’s development achieved new achievements during the first quarter.” The national economy maintained its recovery momentum.”
Sheng stated that there are several positive factors witnessed by the Chinese economy in the first quarter of 2024, such as rising demand for production, stable employment and prices, and growing market confidence.
During 2023, China’s gross domestic product grew by 5.2 percent on an annual basis, and the country set its economic growth target for the current year at 5 percent.
In a related context, data from the National Authority for Statistics showed that industrial output, which is an important economic indicator, increased by 6.1 percent on an annual basis in the first quarter of 2024.
The output of the manufacturing sector grew by 6.7 percent, while the high-tech manufacturing sector recorded a growth of 7.5 percent.
Anatolia
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2024-04-16 15:43:41