The strong economic growth in China in the first quarter exceeded expectations, despite challenges from the property crisis in the country. The 5.3% expansion was boosted by government efforts to increase economic demand. This growth surpassed a forecast by analysts and sets a positive foundation for the rest of the year, as stated by China's National Bureau of Statistics. However, the agency also noted that economic stability still faces uncertainties. China has been facing a slowdown in demand and a prolonged property crisis since the Covid-19 pandemic, with real estate companies like Evergrande and Country Garden defaulting on debts. Although property investment showed a decline, industrial output and retail sales saw growth. The Lunar New Year celebrations also contributed to an increase in household spending. While there were decreases in imports and exports in March, China has set a modest GDP growth target of 5% for the year. This update coincides with a visit by Germany's Chancellor to hold discussions with China's President.
