China's economy grew 5.3 percent in the first quarter year-on-year, official data showed on Tuesday, comfortably beating analysts' expectations, a welcome sign for policymakers as they try to shore up demand and confidence. Analysts polled by Reuters news agency had expected first-quarter gross domestic product to expand 4.6 percent from a year earlier, compared to 5.2 percent in the previous three months. Sheng Laiyun, National Bureau of Statistics deputy commissioner, said the nation had made solid progress over the period. "Generally, in the first quarter, the national economy made a good start, accumulating positive factors and laying a solid foundation for achieving the annual goal," Sheng said. "However, we should say that there are rising complexities and uncertainties in the external environment," he said, adding that authorities will boost economic vitality, prevent and diffuse risks, as well as enhance the momentum for economic recovery and growth. Mainland officials are aiming for economic growth of around five percent for 2024, a target that many analysts believe is ambitious and may require more stimulus. Meanwhile, retail sales and industrial production in China slowed in March. Retail sales growth slowed to 3.1 percent year-on-year in March, down 5.5 percent from the first two months of 2024, while industrial production rose 4.5 percent, down from seven percent in the first two months, official data showed. (Reuters/AFP) _____________________________Last updated: 2024-04-16 HKT 11:08
