Chinese Economy Records Higher-than-Expected Growth!

Official data released today, Tuesday, revealed that "the Chinese economy recorded growth higher than expected in the first quarter, reaching 4.5% year-on-year, supported by policymakers' actions to boost growth after lifting strict COVID-19 restrictions in December." Data from the National Bureau of Statistics showed GDP growth of 2.2% from January to March. The data reflects the economy's recovery after the disruptions caused by the sudden lifting of COVID-19 restrictions in December, supported by consumption, services, and infrastructure. The government has set a modest economic growth target for this year at around 5%, following a significant shortfall from last year's targets.