2023-04-18 03:15:39
China announced on Tuesday a marked acceleration in its economic growth in the first quarter (+4.5% over one year), thanks to the recovery of activity in the country since the lifting of anti-Covid health restrictions. These draconian measures, which included mandatory quarantines, repeated confinements, PCR tests and travel restrictions, ended in December.
Since their introduction in 2020, they have dealt a severe blow to the economy due to the climate of uncertainty generated and the inconvenience caused in the daily lives of Chinese people and businesses. While they have now been lifted, activity was able to pick up once more in the first quarter despite a “difficult and complex international environment”, announced the National Bureau of Statistics (BNS).
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Analysts polled by AFP anticipated a more moderate rebound (3.8%). This is the first time since 2019 that a full term has been assessed without the impact of health restrictions. From one quarter to another, the growth of the Asian giant is up 2.2%, following stagnating over the October-December period.
Objective 5% in 2023
The official figure for growth in China, eminently political and subject to caution, is nevertheless still closely scrutinized given the weight of the second largest economy in the world. China is aiming for 5% growth this year, a goal that might be difficult to achieve, Chinese Premier Li Qiang has warned.
Retail sales, the main indicator of household consumption, confirmed their recovery in March (10.6% over one year). They had experienced four months of contraction at the end of 2022, before rebounding in January-February combined (3.5%). In recent weeks, the Chinese have returned to restaurants, resumed taking the train or plane, helping to revive services.
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For its part, industrial production rose last month by 3.9% over one year, once morest 2.4% in January-February. The unemployment rate stood at 5.3% in March once morest 5.6% a month earlier. Last year, the Asian giant’s GDP grew by 3%, far from the official target of 5.5%, and one of the weakest rates for four decades.
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