China reported a 5.3% increase in GDP for the first quarter beating analyst expectations of 4.6% according to a Reuters poll. The increase is driven by Beijing's push to increase manufacturing.
The government's official target is 5% growth for this year compared to 5.2% in 2023. China's economy last year saw one of it's weakest growth rates in decades (excluding the pandemic era).
Exports rose 1.5% in the first quarter compared to a year ago. Industrial production increase by 4.5% but had a slowdown from the 7.0% jump in the first two months of the year. Retail sales also rose 3.1% but showed signs of slowing growth.
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