China economy grew 5.3% in the first quarter, beating expectations

Gross domestic product in the January to March period grew 5.3% compared to a year ago — faster than the 5.2% expansion in the fourth quarter of 2023 and 4.6% growth expected by economists polled by Reuters. On a quarter-on-quarter basis, China’s GDP grew 1.6% in the first quarter, compared to a Reuters poll expectations of 1.4% and a revised fourth quarter expansion of 1.2%. Beijing has set a 2024 growth target of around 5%. Growth was driven in part by external