China’s economy grew a record 18.3% in the first quarter

In the first three months of 2021, China’s economy expanded 18.3 percent, the fastest year-on-year rate in any quarter on record, reflecting the country’s return from the coronavirus epidemic.

GDP growth, which was slightly lower than expected, was unusually high because it was compared to a time when the economy was hurting. Of compression For the first time in decades.

It has, however, longed for a faster recovery in China, where industrial activity is booming and the rate of low-covid-19 infections is growing. Above the pre-epidemic level Towards the end of last year and beyond the performance of other major economies.

“Generally speaking, the national economy in the first quarter presented a steady pace of stable recovery,” China’s National Bureau of Statistics said in a statement.

“However, we must be aware that the Kovid-19 epidemic is still spreading worldwide and the international landscape is complicated by high uncertainty and instability.”

Since the start of the quarterly report in the early 1990s, the sharp jump in the first quarter, which was much higher than at any time, was supported again. Industrial production. The metric added 24.5 per cent to the first quarter and helped boost exports as well as bright exports, although it missed expectations in March and grew only 14.1 per cent year-on-year.

The expansion was also supported by family use, which had lagged behind earlier massive recovery but was expected Play a larger role Driving increased this year. Retail sales lost expectations to add 34.2 percent in March, returning from a time of lockdown a year ago.

Despite persistent lows, China’s economy has shown signs of overheating in various parts of the economy. Consumer price inflation. The government is trying to reduce leverage across its property sector, as well as maintain restraint Record rate of steel production Following a construction roar

In recent months, many high-ranking officials have warned of the risk of higher asset prices. Guo Shuking, China’s top banking regulator Said in March That country became a “bubble” in the international market and in its own real estate sector.

The Chinese stock market hit High all the time In February, but has since declined 15 percent. The country’s CSI 300 Shanghai- and Shenzhen-listed stocks rose 0.1 percent after the data was released on Friday morning.

The Chinese recovery from the epidemic has helped it dominate global trade Exports are increasing Every month since June last month. Exports in March added 30 percent in dollar terms to a month earlier.

Fixed assets investment rose 25.6 percent in the first quarter. The urban unemployment rate was .3.3 percent.

Additional report from Jining Liu in Beijing

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