China’s economy returns to strong growth after pandemic
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China’s economy in the first quarter grew by 4.5% compared to the same period in 2022, according to the State Bureau of Statistics of the PRC. This is the highest growth rate in the past year, and it significantly exceeds the forecasts of analysts polled by the agency. Reuters.
The main factor that influenced the economic recovery was the lifting of the severe anti-COVID restrictions that had been in place in the country for almost three years. In 2022, China’s GDP grew at the slowest pace since the mid-1970s, not least because of the limited capacity of Chinese consumers. Now, consumers have begun to catch up on the years of the pandemic.
Retail sales rose by 10.6% in March alone. This is the most significant growth in the last two years, more than double the analysts’ forecasts. Industrial production is recovering more slowly: in March, its volume increased by 3.9% compared to March 2022. Nevertheless, this is the highest figure in the last five months.
Volume growth in the first quarter
- agricultural production amounted to 3.6%,
- service industry – 5.4%,
- retail sales – 5.8%,
- investments in the high-tech industry – 16%,
- export and import of goods – 4.8%.
As noted in the newspaper The Guardian Julian Evans-Pritchard, an expert on the Chinese economy at Capital Economics, “the speed of recovery exceeded even our relatively optimistic forecasts.” In his opinion, for the whole year, China’s GDP growth may well be 6%, while the Chinese government has set the goal of achieving a 5% growth by the end of the year.
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