China’s economy outpaces expectations in first Quarter

News Snapshot:

The country’s second-largest economy exceeded forecasts, reaching 4.6% in Q1. Beijing set an ambitious annual growth target of “around 5%.” Retail sales growth declined to 3.1%, indicating a decline in consumer confidence. Advertisement Even as the crisis in its property sector deepened, China’s economy surged stronger than expected at the start of the year. Official data reveals a 5.3% expansion in gross domestic product (GDP) in the first three months of 2024 compared to the previous year. Surpassing forecasts, the world’s second-largest economy, China, exceeded expectations of a growth slowdown to 4.6% in the first quarter. Beijing, last month, established...