China’s economy grows 7.4% in Q1: govt

Agence France-Presse
China’s economy grows 7.4% in Q1: govt
China's economy expands 7.4% year-on-year in the first 3 months of the year
BEIJING, China – China’s economy expanded 7.4% year-on-year in the first 3 months of the year, the government said Wednesday, April 16, marking a further slowdown in the world’s second-largest economy.

The January-March figure announced by the National Bureau of Statistics (NBS) was weaker than the 7.7% expansion in the final 3 months of last year but exceeded the median forecast of 7.3% in a survey of 13 economists by Agence France-Presse (AFP).

In the first 3 months of the year the economy “performed within a proper range, with structural adjustment, economic transformation and upgrading continuing to make progress,” NBS spokesman Sheng Laiyun said in a statement.

“However, we should keep in mind that the external environment remains complicated and volatile, and the national economy still faces downward pressure.”

The NBS also said industrial production, which measures output at factories, workshops and mines, rose 8.8% year-on-year in March.

Retail sales, a key indicator of consumer spending, increased 12.2% in the same month, the NBS said, while fixed asset investment, a measure of government spending on infrastructure, rose 17.6% on-year in the first 3 months. – Rappler.com

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