China economy grows faster than expected in first quarter
China’s economy has grown faster in the first quarter than expected, even as the property sector crisis deepens.
Official data show that GDP expanded by 5.3% in the first three months of 2024, compared to a year earlier.
That beat expectations the world’s second-largest economy could see growth slow to 4.6% in the next first quarter.
In March Beijing set an ambitious annual growth target for the world’s second-largest economy of “around 5%.”
Data from the National Bureau of Statistics (NBS) also showed first-quarter retail sales growth, a key gauge of China’s consumer confidence, fell to 3.1%.
In the same period property investment fell 9.5%, highlighting the challenges faced by China’s real estate firms.
The figures came as China continues to struggle with an ongoing property market crisis.
According to the International Monetary Fund (IMF), the sector accounts for around 20% of the economy.
The latest data also showed new home prices fell at the fastest pace for more than eight years in March.