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China’s gross domestic product grew 5.3% in the first quarter from a year earlier, beating market expectations as Beijing seeks to drive a manufacturing-led recovery in the world’s second-largest economy.
The strong first-quarter growth rate, which compares with analysts’ forecasts of 4.6% in a Reuters poll and a full-year expansion of 5.2% in 2023, follows mixed economic data in recent weeks.
The government has set a GDP growth target of 5% this year. But in March, inflation fell below analysts’ estimates, indicating that deflationary pressures persist in China as policymakers try to stimulate domestic demand to offset a housing crisis.
Since 2021, China’s economy has been grappling with a wave of defaults by real estate developers that have weighed on construction activity and confidence.
This is a developing story