China's economy grew at a faster-than-expected clip in the first quarter, official data showed on Tuesday, expanding 4.5% year-on-year, as policymakers move to bolster growth following the end of strict COVID-19 curbs in December.
People walk on a street at the Beijing's Central Business District during morning rush hour, in Beijing, China April 18, 2023. REUTERS/Tingshu Wangat a faster-than-expected clip in the first quarter, official data showed on Tuesday, expanding 4.5% year-on-year, as policymakers move to bolster growth following the end of strict COVID-19 curbs in December.
"Strong Retail sales trend would continue in the second quarter due to low base effect last year when China was still under COVID-19 restrictions, so consumption led growth in first half especially growth in services would sustain," "CPI is very low, which doesn't really match the surge in retail sales, especially services. Service CPI growth has been very low, and I think there is a lot of prices that are being administered.
"There is also some expectation for an upturn in the electronics sector and global demand, which could also help the economy to grow. The retail sales number has been improving... and accelerated in March. It shows that the momentum of the reopening has continued into March, which is something positive. Private consumption will drive China's growth this year.
"It has helped lift sentiment to a degree in Asia... but the slightly lacklustre response suggests there are some lingering concerns that Q1 data is the initial thrust thanks to the reopening, and that its momentum could fade in Q2 or Q3.""On balance quite an encouraging report, with retail sales, GDP and property sales coming in higher than expected...reinforces the story that recovery momentum post-pandemic remains intact.
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