Beijing, China:
China said on Wednesday that its economy gained 5.4 percent in the first quarter, as exporters ran to remove goods from the factory gate before swinging the new American tariff.
Beijing and Washington are a rapidly growing, locked in high-day games, as US President Donald Trump has launched a global tariff attack that has specifically targeted Chinese imports.
Tight-for-tat exchanges have increased the levy on China by 145 percent, and Beijing has set an anti-retaliation 125 percent toll on US imports.
Official figures on Wednesday presented a first glimpse of how the fears of those trade war are affecting the delicate recovery of the Asian veteran, which was already feeling constant low consumption and a property market debt crisis pressure.
Beijing’s National Bureau of Statistics (NBS) stated that “as per preliminary estimates, gross domestic product in the first quarter … (up to 5.4 percent of the year at frequent prices).
The data was above the estimated 5.1 percent by the AFP analysts before the release.
Industrial production also increased by 6.5 percent in the first quarter of more than 5.7 percent in the last three months of 2024.
The NBS said that a major gauge of retail sales, consumer demand climbed 4.6 percent from year to year.
But Beijing warned that the global economic environment was getting more “complex and serious” and more needed to promote development and consumption.
The NBS said, “The foundation of continuous economic reform and development has not yet been integrated,” NBS said, “more active and effective macro policies” were required.
(Except for the headline, the story has not been edited by NDTV employees and is published by a syndicated feed.)