China's economy grew at a record pace

China's economy grew at a record pace
Photo by Markus Spiske / Unsplash

China's gross domestic product (GDP) rose 4.5 per cent year-on-year in the first quarter, according to the country's National Bureau of Statistics. This was reported by the country's National Bureau of Statistics.
GDP growth was higher than analysts polled by Reuters at 4 percent and was a record since the first quarter of last year, when it increased by 4.8 percent. At the same time, the figure added 2.2 per cent from the previous quarter. The agency also reported a 10.6 per cent jump in retail sales in March on the back of growth in the online retail sector. At the same time, China's industrial output rose by 3.9 per cent, just below experts' forecast of 4 per cent.
China's economic growth has been in the global spotlight since the lifting of strict restrictions that have been in place for nearly three years due to the COVID-19 pandemic. The economy grew by 3 per cent in 2022, below Beijing's official target of 5.5 per cent. For 2023, the government has set a GDP growth target of 5 per cent.

Goldman Sachs chief economist for China Hui Shan said the current pace of Chinese economic recovery after the lifting of restrictions allows the bank to maintain its annual optimistic growth forecast of 6 percent. Iris Pang, an expert at ING Banking Group, believes China's official GDP target is realistic as the government will use additional incentives to attract investment in infrastructure and increase consumption.

Earlier it was reported that the Moscow Exchange Index broke a one-year record. Experts believe that blue chips on the Russian stock market continue to appreciate on the back of an improving external environment and good statistics on China's GDP growth.