China’s manufacturing activity expanded 3.9% over the past year in March, official data showed on Tuesday, outpacing the 2.4% gain seen in January and February but falling slightly short of market forecasts as the country’s economy continued to recover from the COVID crisis.
Retail sales grew 10.6%, much above expectations of a 7.4% increase. It was a quicker rate of growth than the 3.5% saw in January-February.
After removing COVID-19 restrictions in December, Chinese leaders have promised to increase their support for the world’s second-largest economy this year.
The economic growth in China grew 4.5% in the first quarter of 2023 from a year earlier, according to the official announcement on Tuesday.
The growth in 1Q23 of the world’s second largest economy beat forecasts of a 4% expansion estimated by economists after the country abruptly exited the stringent zero-Covid policy in early January.
Gross domestic product also picked up from a 2.9% growth in the final quarter of last year.