KURE - China Q4 GDP growth rate rises to 4.5% amid Beijing's all-out recovery measures

2023-04-18 00:35:17 ET

• The Chinese economy advanced 4.5% Y/Y in Q1 of 2023, accelerating from a 2.9% growth in Q4 and topping market estimates of 4%.
• This was the strongest pace of expansion since Q1 of 2022, amid efforts from Beijing to spur the post-pandemic recovery.
• China’s growth has been under the spotlight as it reopens after ending most of its strict Covid restrictions that were in place for nearly three years.
• Retail sales growth was at a near 2-year high in March, industrial output rose the most in 5 months, and surveyed jobless rate fell to its lowest in 7 months.
• Retail sales rose by 10.6 per cent last month from a year earlier, rising from the 3.5 per cent growth in combined figures for January and February.
• Industrial production, a gauge of activity in the manufacturing, mining and utilities sectors, rose by 3.9 per cent in March, year on year, up from an increase of 2.4 per cent in January and February.
• Year-to-date fixed asset investment was weaker than expected and rose 5.1% compared with a year ago, as growth slowed in infrastructure and manufacturing investment. Real estate investment meanwhile continued to decline.
• Data released earlier showed that exports from China unexpectedly rebounded last month due to efforts to grow trade further with developed countries and explore new possibilities with emerging economies, bringing a larger-than-expected trade surplus .
• However, the statistics agency mentioned in a statement that a complex global environment and insufficient domestic demand mean the foundation for the economy’s rebound is “not yet solid.”
• China set a modest growth target at around 5% for 2023. Last year, the economy grew by 3%, missing the government's target of around 5.5%.
• ETFs: ( FXI ), ( KWEB ), ( CQQQ ), ( MCHI ), ( ASHR ), ( YINN ), ( TDF ), ( CHIQ ), ( GXC ), ( EWH ), ( KBA ), ( YANG ), ( CXSE ), ( CAF ), ( CWEB ), ( PGJ ), ( KURE ), ( CHIX ), ( CYB ).

For further details see: