China’s economy grew 5.3% in the first quarter, beating expectations
World
China’s National Bureau of Statistics reported that the GDP growth rate for January to March reached 5.3%.
According to the report, disclosed at a press conference, China's GDP over the three months amounted to 29.63 trillion yuan ($4.17 trillion at the current exchange rate). The performance in the agricultural sector achieved 3.3% (1.15 trillion yuan, or about $162 billion), while the industrial and services sectors grew by 6% (10.98 trillion yuan, or $1.54 trillion) and 5% (17.49 trillion yuan, or $2.46 trillion) respectively.
Chinese authorities periodically remind that China plays a crucial role as a major driver in the development of the global economy. According to Premier Li Qiang of the State Council, the country contributes approximately 30% to the growth rate of the global GDP.
According to China’s National Bureau of Statistics, China's GDP growth rate reached 3% in 2022 and 5.2% in 2023 (126.05 trillion yuan, or about $17.7 trillion). The official target for 2024 has been set at 5%.
Chinese authorities periodically remind that China plays a crucial role as a major driver in the development of the global economy. According to Premier Li Qiang of the State Council, the country contributes approximately 30% to the growth rate of the global GDP.
According to China’s National Bureau of Statistics, China's GDP growth rate reached 3% in 2022 and 5.2% in 2023 (126.05 trillion yuan, or about $17.7 trillion). The official target for 2024 has been set at 5%.
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