| China’s economy rose 4.5 per cent in the first quarter after Xi Jinping lifted COVID-19 restrictions, triggering a rebound in factory and consumer activity, but economists are concerned the momentum cannot be sustained.
Unlike other major economies, China is not experiencing high inflation or resulting interest rate rises.GDP rose 4.5 per cent year-on-year in the first quarter from January to March. This compared to polling of economists by Reuters which predicted growth of 4 per cent and a 2.9 per cent rise in the fourth quarter. Quarter on quarter growth was 2.2 per cent.
Economic data released over the past month has been mixed despite the Chinese government’s focus on supporting economic growth after three years of restrictions and lockdowns which crippled segments of the economy.Unlike other major economies, China is not experiencing high inflation or resulting interest rate rises. China’s central bank on Monday kept key lending rates steady and promised to extend bank liquidity.
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