China's economy grew 5.3% in first quarter, beating expectations

China Q1 GDP: China's economy in the first quarter beat expectations while receiving a boost from policies and an increase in demand, the government said Tuesday.

The world's second-largest economy expanded at a 5.3 per cent annual pace in January-March, beating analysts' forecasts of about 4.8 per cent, official data show. Compared to the previous quarter, growth was up 1.6 per cent.

China's economy has struggled to bounce back from the COVID-19 pandemic, with a slowdown in demand and a property crisis weighing on its growth.

The better-than-expected economy data came days after China reported a decline in import and export figures for March as well as a slowdown in inflation following months of deflationary pressures.

Industrial output for the first quarter was up 6.1 per cent compared to the same time last year, and retail sales grew at an annual pace of 4.7 per cent.

Policymakers have unveiled a raft of fiscal and monetary policy measures as Beijing seeks to boost the economy. China has set an ambitious gross domestic product (GDP) growth target of 5 per cent for 2024.