China's economy surpassed expectations in the first quarter with a 5.3% GDP growth, offering relief amid challenges in the property sector and local government debt. However, March indicators revealed fragile domestic demand, hindering overall momentum.
The government aims for around 5% GDP growth in 2024, implementing fiscal and monetary policies to support it. While industrial production remained strong, weak March data and cautious consumer spending raise concerns. Quarter-on-quarter, GDP grew 1.6%, exceeding forecasts. Analysts see the robust first-quarter growth as pivotal for achieving China's annual growth target.
Source: Reuters
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