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24 July


China's economy is growing despite US sanctions

GDP this quarter increased by 6.4%

Photo: Reuters

/NOVOSTIVL/ China’s economy is off to a robust start this year, defying fears of a sharp slowdown, with Beijing’s pro-growth efforts successfully offsetting the effects of the trade war with the United States. This article appeared in the South China Morning Post.

China’s gross domestic product (GDP) expanded 6.4 per cent in the first quarter compared to a year earlier, the National Bureau of Statistics reported on Wednesday, beating analysts’ expectations of 6.3 per cent growth and remaining at the top end of Beijing’s target growth range of 6.0 to 6.5 per cent for this year.

All major indicators released Wednesday – industrial production, fixed-asset investment, retail sales and the urban jobless rate – showed improved performance from previous months, with the latter two coming in stronger than expected.

Industrial production, for instance, expanded 8.5 per cent in March from a year earlier, the strongest growth since July 2014, against expectations of a 5.9 per cent gain.

The upbeat data comes as Beijing and Washington appear to be entering the final stages of their negotiations to end the trade war and offers fresh evidence that the Chinese economy may have already reached its low point and started to rebound.