[Tee tiong huat]

China’s economy rebounded faster than expected, surpassing growth estimates for the first quarter of the year, after the country relaxed its onerous Covid-19 restrictions and consumer spending surged.

World’s second largest economy grew at a rate of 4.5% compared with the same quarter a year earlier, according to the National Bureau of Statistics. The pace of increase was the fastest in a year and beat the 4% rise forecast by analysts polled by Reuters.

China’s consumer economy showed signs of resurgence, with retail sales rising 10.6% in March, representing the biggest jump in almost two years and more than double the forecast rate. During the same month, industrial production also rose 3.9% compared with a year earlier, a five-month high.

China sets modest economic targets as it seeks to bounce back from Covid woes.

“The speed of the recovery has exceeded even our relatively upbeat expectations,” said Julian Evans-Pritchard, head of China economics at Capital Economics, adding that full-year growth could reach 6%, exceeding the government’s official target of about 5%.

5 trade moves by China in 2023 in Latin America – traditional backyard of US. China recently bolstered its relations with, likes of Ecuador, El Salvador, Brazil, Argentina and Nicaragua. Latin America traditionally looks to US as its top source of business. She eager to build up trade network while ties to US languish, has step up efforts to bolster economic relations in Latin America this year. Due to geographic proximity and long-standing political alliances, Latin America has traditionally looked to the US market as its top source of business. 

As deals in the region improve China’s ability to break down trade barriers, call for joint development and advance international use of the yuan...😄😃😀