China's GDP grows 5.3% in the first quarter of 2024

China’s economy surpassed expectations in the first quarter of this year, with a growth rate of 5.3% compared to the previous year. This exceeded the estimated 4.6% growth predicted by economists. The growth rate also accelerated from the previous quarter. The manufacturing sector played a significant role in this growth, with the purchasing manager’s index expanding for the first time in six months. Overseas demand for Chinese goods contributed to this boost. Despite ongoing challenges in consumer and business confidence as well as a downturn in the real estate sector, China has set an ambitious annual growth target of around 5% for 2024. The government has taken measures such as cutting interest rates and increasing infrastructure investment to support economic growth. This is an ongoing story and will be updated.