China’s economy expands by a surprisingly strong pace in the first quarter of 2024
CNN
China’s economy grew stronger than expected at the start of this year, mainly partly thanks to robust growth in high-tech manufacturing.
China’s economy grew stronger than expected at the start of this year, mainly thanks to robust growth in high-tech manufacturing. Gross domestic product grew by 5.3% in the first quarter from a year ago, according to the National Bureau of Statistics on Tuesday. That beat the estimate of 4.6% growth from a Reuters poll of economists. It also marked an acceleration from the 5.2% growth in the previous three months. “The Chinese economy got off to a good start in the first quarter … laying a good foundation for achieving the goals for the whole year,” said Sheng Laiyun, a spokesperson for the NBS, at a press conference in Beijing accompanying the data release. But he acknowledged that “the foundation for economic stability and improvement is not yet solid.” Industrial production jumped 6.1% in the first quarter from a year ago, mainly thanks to strong growth in high-tech manufacturing. In particular, the production of 3D printing equipment, charging stations for electric vehicles and electronic components all surged about 40% compared to a year earlier.
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