Chinese economy grows beyond predictions – Report

Bisola David
Bisola David
Chinese economy grows beyond predictions - Report

After the end of the pandemic curbs, recent economic figures indicate that China, the second-largest economy in the world is definitely on a recovery route.

According to Aljazeera, in the first quarter of 2023, China’s economy expanded by 4.5 percent year over year, indicating that the country’s rebound from Beijing’s rigorous “zero-COVID” measures has begun.

The growth rate exceeds market estimates even though it is slightly below Beijing’s aim of 5% growth for 2023, which was announced at the National People’s Congress meeting in March.

Additional official economic data that was provided on Tuesday confirmed indications of an upswing in the economy.

According to data from the National Bureau of Statistics, retail sales increased by 10.6 percent on a yearly basis, but value-added service output rose by 5.4 percent.

In the latter half of 2022, the “zero-COVID” goal of Beijing and its impact on the economy provoked a wave of unusual mass protests across China’s major cities.

After nearly three years of stringent restrictions, Beijing abruptly abandoned its strict pandemic approach in December, and it is thought that the demonstrations had a significant role in that decision.

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