China’s economy grew at a faster-than-expected pace in the first quarter as the end of strict COVID curbs lifted businesses and consumers out of crippling pandemic disruptions, although headwinds from a global slowdown point to a bumpy ride ahead.
More than a year-long sweeping streak of global monetary policy tightening to rein in inflation has dented world economic growth, leaving many countries including China reliant on domestic demand to spur momentum and raising the challenge for policymakers looking for post-COVID stability.
China’s GDP grew 4.5% year-on-year in January-March, data from the National Bureau of Statistics showed. This is up from 2.9% in the previous quarter. It also beat analyst forecasts for a 4.0% expansion and marked the strongest growth in a year.
A Chinese economic rebound is still seen as key to global growth this year as developed nations are hobbled by persistently high inflation, rising interest rates and sluggish expansion post-pandemic, and Russia’s invasion of Ukraine.
Source: www.weforum.org
