China economy grows faster than expected in first quarter - BBC News

Official figures also highlighted the challenges faced by the country's crisis-hit property sector.

11 hours agoShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesImage caption, China's first quarter retail sales growth slippedBy Mariko OiBusiness reporterChina's 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's second largest economy could see growth slow to 4.6% in the first quarter.

Last month, Beijing set an ambitious annual growth target for world's second largest economy of "around 5%".

Data from the National Bureau of Statistics (NBS) also showed first quarter retail sales growth, a key gauge of China's consumer confidence, fell to 3.1%.

https://www.bbc.co.uk/news/business-68823396

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