China's economy grew 4.5% in the first quarter of 2023 as the nation emerged from three years of strict pandemic restrictions.
China’s economy is off to a solid start in 2023 following its emergence from three years of strict pandemic restrictions. The country’s gross domestic production grew by 4.5% in the first quarter from a year ago, according to the National Bureau of Statistics on Tuesday. Last year, GDP expanded by just 3%, badly missing the official growth target of “around 5.5%,” as Beijing’s approach to stamping out the coronavirus wreaked havoc on supply chains and hammered consumer spending.
Following a brief period of disruptions due to a Covid surge, the economy has started showing signs of recovery. At the meeting last month of the National People’s Congress, the country’s rubber-stamp parliament, the government set a cautious growth plan for this year, with a GDP target of around 5% and a job creation target of 12 million. As the economic recovery gains traction, investment banks and international organizations have upgraded China’s growth forecasts for this year.
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