{"id":27620,"date":"2024-04-16T07:02:54","date_gmt":"2024-04-16T07:02:54","guid":{"rendered":"https:\/\/chezaspin.com\/blog\/index.php\/2024\/04\/16\/china-economy-grows-faster-than-expected-in-first-quarter\/"},"modified":"2024-04-16T07:02:54","modified_gmt":"2024-04-16T07:02:54","slug":"china-economy-grows-faster-than-expected-in-first-quarter","status":"publish","type":"post","link":"https:\/\/chezaspin.com\/blog\/china-economy-grows-faster-than-expected-in-first-quarter\/","title":{"rendered":"China economy grows faster than expected in first quarter"},"content":{"rendered":"

China\u2019s first quarter retail sales growth slipped<\/strong>
\nChina\u2019s economy made a stronger-than-expected start to the year, even as the crisis in its property sector deepened.<\/strong><\/p>\n

According to official data, gross domestic product (GDP) expanded by 5.3% in the first three months of 2024, compared to a year earlier.<\/p>\n

That beat expectations the world\u2019s second largest economy could see growth slow to 4.6% in the first quarter.<\/p>\n

Last month, Beijing set an ambitious annual growth target for world\u2019s second largest economy of \u201caround 5%\u201d.<\/p>\n

Data from the National Bureau of Statistics (NBS) also showed first quarter retail sales growth, a key gauge of China\u2019s consumer confidence, fell to 3.1%.<\/p>\n

\u201cYou cannot manufacture growth forever so we really need to see households come to the party if China wants to hit that around 5% growth target,\u201d Harry Murphy Cruise from Moody\u2019s Analytics told the BBC.<\/p>\n

In the same period property investment fell 9.5%, highlighting the challenges faced by China\u2019s real estate firms.<\/p>\n

The figures came as China continues to struggle with an ongoing property market crisis. According to the International Monetary Fund (IMF), the sector accounts for around 20% of the economy.<\/p>\n

The latest data also showed new home prices fell at the fastest pace for more than eight years in March.<\/p>\n

The real estate industry crisis has been highlighted in January when property giant Evergrande was ordered to liquidate by a court in Hong Kong.<\/p>\n

Rival developers Country Garden and Shimao have also been hit with a winding-up petitions in the city.<\/p>\n

Last week, credit ratings agency Fitch cut its outlook for China, citing increasing risks to the country\u2019s finances as it faces economic challenges.<\/p>\n

At the annual gathering of China\u2019s leaders in March officials said the economy grew by 5.2% in 2023.<\/p>\n

For decades the Chinese economy expanded at a stellar rate, with official figures putting its GDP growing at an average of close to 10% a year.<\/p>\n

The post China economy grows faster than expected in first quarter<\/a> first appeared on KBC<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

China\u2019s first quarter retail sales growth slipped China\u2019s economy made a stronger-than-expected start to the year, even as the crisis in its property sector deepened. According to official data, gross domestic product (GDP) expanded by 5.3% in the first three months of 2024, compared to a year earlier. That beat expectations the world\u2019s second largest […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-27620","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/27620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/comments?post=27620"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/27620\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=27620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=27620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=27620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}