China's economy grew 5.3% in first quarter, beating expectations

China’s economy beat expectations in the first quarter of the year with help from policies and an increase in demand

China Economy (Copyright 2024 The Associated Press. All rights reserved)

China’s economy in the first quarter beat expectations while receiving a boost from policies and an increase in demand, the government said Tuesday.

The world’s second-largest economy expanded at a 5.3% annual pace in January-March, beating analysts’ forecasts of about 4.8%, official data show. Compared to the previous quarter, growth was up 1.6%.

China’s economy has struggled to bounce back from the COVID-19 pandemic, with a slowdown in demand and a property crisis weighing on its growth.

Policymakers have unveiled a raft of fiscal and monetary policy measures as Beijing seeks to boost the economy. China has set an ambitious gross domestic product (GDP) growth target of 5% for 2024.