Beijing: The first three months of this year saw China’s GDP climb 4.5% on a year-over-year basis to 28.50 trillion yuan ($4.15 trillion), the strongest growth since the second quarter of last year, indicating that the country is off to a strong start towards a full-year recovery.
According to analysts, since the world’s second-largest economy declared a major and decisive victory in its response to the COVID-19 epidemic, the country’s economic recovery has pressed the acceleration button, continuing to serve as the world’s economic stabilizer and engine for the world’s economic recovery amid headwinds ranging from US reckless interest rate hikes to global financial turbulence.
They pointed out that the figures, which were better than predicted, indicated that China’s economy was on pace to experience a full recovery, which will probably lead the International Monetary Fund (IMF) to increase its prediction of China’s economic growth in the next release of its World Economic Outlook.
IMF projects China’s economy to grow 5.2pc
Data from the National Bureau of Statistics (NBS) revealed that from January to March, the total value added of industrial businesses larger than the prescribed size increased by 3.0% YoY, showing the industry’s rapid recovery and improved business expectations.
According to analysts cited by Global Times, China’s economy will expand by more than 6% in the second quarter with the continued execution of policies to encourage consumption and stabilise the real estate market.
With additional input from Global Times.
