BEIJING: China's economy grew far more than expected in the first quarter of 2024, data showed Tuesday , even as it continues to be buffeted by a property-sector crisis and flagging consumer activity.
While such a rate would be the envy of most major economies, it would nonetheless be one of China's lowest since 1990, excluding the pandemic years. Growth is particularly hampered by sluggish confidence among households and businesses in the context of this economic uncertainty, which is hammering consumption.
However, both retail sales, the main indicator of household spending, and industrial output slumped last month, officials said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: