China's gross domestic product grew 4.5% year-on-year in the first three months of 2023, faster than the 2.9% in the previous quarter and beating analyst forecasts for a 4% expansion.
end of strict COVID curbs
Investors have been closely watching first quarter data for clues on the strength of the recovery after Beijing lifted COVID curbs in December and eased a three-year crackdown on tech firms and property. China’s recovery has so far remained uneven, with consumption, services and infrastructure spending perking up but slowing prices and surging bank savings raising doubts about demand.
The nation’s central bank said last week it will maintain ample liquidity, stabilize growth and jobs and focus on expanding demand. The central bank cut lenders’ reserve requirements for the first time this year in March and the government has unveiled more fiscal stimulus.
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