The Chinese economy grew 6.7% in the first quarter over the same period, slightly lower than in the fourth quarter (6.8%), but in line with analysts’ expectations.
GDP growth was the lowest since the first quarter of 2009 (6.2%), but also lies comfortably in the range set by the Chinese government, which provides for the economy to grow between 6.5% and 7% this year.
in 2015 the Chinese economy grew at the slowest pace in 25 years (6.9%) and many analysts feared a sharper braking the start of this year, which is not for already happening.
in addition to the GDP data, the Chinese statistics office released other economic indicators, which were favorable. Industrial production in March rose 6.8%, above the estimate of 5.9%. And retail sales rose 10.5%, in line with economists’ forecasts (10.4%).
Economists believe that the worst period for the second largest economy in the world might have fallen back. In the first quarter investment soared 10.7%, which is above the expected (10.3%) and gives positive signs par the rest of the year.
In the first quarter, the economy experienced a “balanced development”, said the National Bureau of Statistics (GNE) in a statement, adding that the figures showed “positive signs in the main indicators”.
“we must be aware that going through a critical moment in the transformation and improvement [industrial structure], as well as the replacement of old growth engines for new,” he added, quoted by Lusa.
Beijing is to initiate a transition in the economic model of the country, aiming at a greater preponderance of the services sector and the closure of heavy industry units seen as “unproductive”. Despite the positive signs, the GNE warned that “the difficulties of structural adjustment persist and the downward pressure on the economy can not be ignored.”
“The economy has stabilized due to the injection of liquidity and improved market sentiment real estate, “said Bloomberg economist at Credit Suisse. The financing of Chinese banks almost doubled to 1,370,000 million yuan.
The best conditions offered by banks have caused an increase of 71% in sales of homes in March, while investment in real estate has advanced 6.2 %.
the economic data from China analyzed in detail
(updated news at 8:00 with more information)
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