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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BYD Dolphin (2023) first drive: new compact EV due in 2023BYD : Like its namesake, the BYD Dolphin is a pretty clever little mammal
Read more »
2023 Boston Marathon: World record holder Eliud Kipchoge aims for more history | CNNThe two-time Olympic gold medalist and marathon world record holder has won titles in Berlin, London, Tokyo and Chicago -- four of the world’s six marathon majors -- and is the favorite in the elite men’s race in Boston today.
Read more »
This CNN Hero offers judgment-free veterinary care for the pets of those experiencing homelessness | CNNIn California and beyond, Dr. Kwane Stewart and his nonprofit, Project Street Vet, have helped thousands of pet owners experiencing homelessness care for their four-legged family members.
Read more »
What to know ahead of the Fox News and Dominion trial | CNN BusinessA trial in a defamation suit brought against Fox News by Dominion Voting Systems is set to begin this week. It could have significant ramifications for the right-wing cable channel.
Read more »
Fox News and Dominion trial delayed until Tuesday: What to know | CNN BusinessA trial in a defamation suit brought against Fox News by Dominion Voting Systems is set to begin this week. It could have significant ramifications for the right-wing cable channel.
Read more »
'Love is Blind' live reunion delayed as Netflix pleads for patience | CNN BusinessNetflix's highly anticipated live reunion Sunday for the season 4 cast of its reality dating show 'Love is Blind' has been delayed, leaving fans waiting for over an hour.
Read more »