China's March data illustrates that it will be difficult to rely on consumption alone this year to drive growth, according to ING analyst Lynn Song.
‘s economic growth surpassed expectations to reach 5.3 percent, according to data released by the National Bureau of Statistics on Tuesday.
For the months of January to March, the world’s second largest economy’s GDP reached 296.30 billion renminbi, or $40.9 billion, a 1.6 percent increase on a quarter-to-quarter basis, according to the NBS.The growth in the first quarter was largely driven by an uptick in manufacturing and investment, while consumption, a main driver of 2023 growth, has moderated, according to ING’s chief economist Lynn Song.
“The level of economic uncertainty has moderately decreased, yet it remains historically high. Concerns persist regarding the property crisis, which appears to cast a long shadow that is proving challenging to dispel,” Natixis’s chief economist in Asia-Pacific, Alicia Garcia Herrero, wrote in a recent research note.‘s real estate sector continued to show weakness, with real estate investment falling 9.5 percent year-over-year in the first three months.
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