China’s economy roars on
CHINA’S economy grew a forecast-beating 6.8 per cent in the first quarter, official data showed yesterday, overcoming Beijing’s battle on financial risk and pollution and trade tensions with the US.
The world’s No.2 economy exceeded the 6.7 per cent growth forecast by analysts and equalled the fourth quarter performance.
“The national economy maintained the momentum of steady and sound development,” said Xing Zhihong, a spokesman for the National Statistics Bureau.
“The economic performance continued to improve and the economy was off to a good start.”
China’s sustained growth shows the economy has remained resilient even as Beijing kicked its war on pollution into a high gear during the winter months by cutting production for many steel smelters, mills and factories.
Fears of a trade war with the US have also roiled markets in recent weeks, with Washington and Beijing exchanging warnings of tit-for-tat tariffs on a significant portion of their bilateral trade.
The tensions have yet to cause real harm to the economy, analysts say, but that may change in coming months when tariffs threatened by US President Donald Trump are expected to be implemented.
Mr Trump said on Friday his administration was proposing tariffs to “save our industries for the future”.
The threatened tariffs on a $150 billion worth of Chinese goods, and $50 billion of US goods, would dent economic growth on both sides of the Pacific, analysts say.
GROWING FAST: China's economy grew a forecast-beating 6.8 per cent in the first quarter, official data shows.