Mumbai, 16 Apr (Commoditiescontrol): China's economic growth rebounded in the first quarter of 2024, surpassing expectations with a 5.3% GDP expansion. This offers relief to policymakers facing weaknesses in the property sector and rising local government debt.
The government's focus on fiscal and monetary stimulus measures is set to achieve an ambitious 5% GDP growth target for 2024, a testament to China's economic aspirations. However, analysts note that a post-COVID recovery likely aided last year's 5.2% growth.
Despite the strong start, recent data on exports, inflation, and bank lending signal a potential economic slowdown. Additionally, Fitch's downgrade of China's sovereign credit rating highlights risks to public finances as spending shifts away from property towards infrastructure development.
Key figures:
Q1 GDP growth: 5.3% (year-on-year)
Q1 GDP growth: 1.6% (quarter-by-quarter)
March industrial output growth: 4.5%
March retail sales growth: 3.1%
China's economy continues its post-COVID recovery trajectory, but challenges remain within the property sector and local government finances.
(By Commoditiescontrol Bureau; +91-9820130172)
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