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China's GDP recovery likely picked up in Q1 on end to COVID curbs

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China's gross domestic product likely gathered pace in the first quarter, data is expected to show on Tuesday, as the end of strict COVID curbs lifted the world's second-largest economy out of a crippling pandemic slump, although some headwinds persist.

GDP is tipped to have risen 4.0% in January-March from a year earlier, a Reuters poll showed, quickening from 2.9% in the fourth quarter.

Recent data shows the recovery remains uneven, with consumption, services and infrastructure spending perking up but slowing inflation and surging bank savings raising doubts about demand. On Monday, the central bank extended liquidity support to banks through its medium-term lending facility but kept the rate on such loans unchanged, an indication authorities are not overly concerned about the immediate growth outlook.

The government has set a modest target for economic growth of around 5% for this year, after badly missing the 2022 goal.

 

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