China's Economy Surges Ahead with 5.3% GDP Growth in Q1 2024, Boosted by High-Tech Manufacturing
China's economy grew faster than anticipated in the first quarter of 2024, with a 5.3% increase in Gross Domestic Product (GDP) compared to the same period last year.
This surpassed the predicted 4.6% growth in a Reuters poll of economists.
The growth was primarily driven by high-tech manufacturing.
Sheng Laiyun, a spokesperson for the National Bureau of Statistics, expressed optimism about the start of the year but acknowledged that the economic foundation for stability and improvement is not yet secure.
In the first quarter of 2023, China's industrial production grew by 6.1% compared to the same period last year, driven by a surge in high-tech manufacturing.
The production of 3D printing equipment, EV charging stations, and electronic components increased by approximately 40% year-over-year.
Additionally, China's manufacturing PMI expanded for the first time in six months, with both the official and privately run surveys reaching their highest readings in over a year due to increased overseas demand.
Despite setting an annual growth target of around 5% for 2024, many analysts find this ambitious due to weak consumer and business confidence and the ongoing downturn in the real estate sector.
The text reports that the authorities have reduced interest rates in 2023 to stimulate bank lending and accelerate government spending on infrastructure projects.
According to Frederic Neumann, the chief Asia economist for HSBC, the economy is projected to achieve the target of approximately 5% GDP growth by 2024.
The growth was primarily driven by high-tech manufacturing.
Sheng Laiyun, a spokesperson for the National Bureau of Statistics, expressed optimism about the start of the year but acknowledged that the economic foundation for stability and improvement is not yet secure.
In the first quarter of 2023, China's industrial production grew by 6.1% compared to the same period last year, driven by a surge in high-tech manufacturing.
The production of 3D printing equipment, EV charging stations, and electronic components increased by approximately 40% year-over-year.
Additionally, China's manufacturing PMI expanded for the first time in six months, with both the official and privately run surveys reaching their highest readings in over a year due to increased overseas demand.
Despite setting an annual growth target of around 5% for 2024, many analysts find this ambitious due to weak consumer and business confidence and the ongoing downturn in the real estate sector.
The text reports that the authorities have reduced interest rates in 2023 to stimulate bank lending and accelerate government spending on infrastructure projects.
According to Frederic Neumann, the chief Asia economist for HSBC, the economy is projected to achieve the target of approximately 5% GDP growth by 2024.
Translation:
Translated by AI
