The Chinese economy has risen 4.5 per cent in the first quarter of 2023, a sure sign that factories and consumers are back to normal after a period of retracted commerce and reduced production due to the country’s strict COVID Zero policy.
This economic data is usually seen as a bellwether of global economic health, but unlike other major market, China is not suffering from high inflation or interest rate hikes.
Wall Street forecast a more modest lift of 4 per cent.
Retail sales in the first quarter rose 5.8 per cent year-on-year, following a 2.7 per cent drop during the all-important December quarter.
Fixed asset investment rose 5.1 per cent, while exports jumped 8.4 per cent.
The Chinese government is aiming for annual growth of 5 per cent in 2023, after missing its 5.5. per cent growth target in 2022.
This comes as the Australian and Chinese governments continue to mend their recently fractured relationship.
