Energy News
TRADE WARS
China posts forecast-beating 5.3% growth in first quarter
China posts forecast-beating 5.3% growth in first quarter
by AFP Staff Writers
Beijing (AFP) April 16, 2024

China's economy grew far more than expected in the first quarter of 2024, data showed Tuesday, even as it continues to be buffeted by a property-sector crisis and flagging consumer activity.

For January-March, gross domestic product (GDP) reached 29.6 trillion yuan ($4 trillion) -- an increase of 5.3 percent, compared with 5.2 in the previous quarter, the National Bureau of Statistics said.

"The national economy continued the good momentum of a rebound," the NBS said, calling it a "good start".

Beijing last month set a target of around five percent growth for the year, a goal it admitted would "not be easy" and which analysts said was ambitious given the headwinds the country is confronting.

While such a rate would be the envy of most major economies, it would nonetheless be one of China's lowest since 1990, excluding the pandemic years.

The GDP data remains a key insight into the health of the world's second-largest economy, despite being eminently political.

Ratings agency Fitch last month downgraded the country's sovereign credit outlook to negative, warning of "increasing risks to China's public finance outlook" as it contends with more "uncertain economic prospects".

Growth is particularly hampered by sluggish confidence among households and businesses in the context of this economic uncertainty, which is hammering consumption.

But some sectors are doing well, notably services, driven by customers returning to restaurants, transport and tourist places.

However, both retail sales, the main indicator of household spending, and industrial output slumped last month, officials said.

Retail sales growth slowed to 3.1 percent year-on-year in March, down from 5.5 percent in the first two months of 2024.

Industrial production rose 4.5 percent, down from seven percent in January-February, official data showed.

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
Stocks hit by Iran-Israel fears, containment hopes stem losses
Hong Kong (AFP) April 15, 2024
Equities retreated Monday after Iran ramped up Middle East tensions by launching a barrage of missiles and drones at Israel over the weekend, fuelling fears of a wider conflict in the volatile region. However, while Israel called the attack - which Tehran said was in response to a strike on its Syrian embassy - an escalation of hostilities, analysts said there was hope among traders that the crisis could be contained. That sliver of optimism helped drag oil prices lower. Saturday's bombard ... read more

TRADE WARS
SkyFi and Enabled Intelligence unite to advance geospatial intelligence with AI-driven satellite imagery

SpaceX launches new weather satellite to boost environmental monitoring

EarthCARE satellite to launch with advanced climate instruments

Space Systems Command launches next-gen WSF-M weather satellite with SpaceX

TRADE WARS
TrustPoint Secures AFWERX Phase II Contract for Advanced Navigation Solutions

GMV Spearheads ESA's Mission to Revolutionize Satellite Navigation with LEO Technology

Aerospacelab and Xona Unite to Transform Satellite Navigation

Genesis will measure Earth in millimetric detail from space

TRADE WARS
Despite gains in Brazil, forest destruction still 'stubbornly' high: report

Europe's overlooked Aspen forests: key to enhancing biodiversity and climate resilience

Presidents of Brazil, France announce green investment plan on Amazon visit

Planting trees in wrong places heats the planet: study

TRADE WARS
Transforming CO2 into green fuel with innovative sunlight-powered catalyst

Turning CO2 into Methanol at Room Temperature

Tripling the US Bioeconomy: The Billion-Ton Report's Blueprint for Sustainable Biomass

Greenhouse gas repurposed in University of Auckland experiments

TRADE WARS
Project receives funding for advanced solar-thermal research

Quantum material achieves up to 190% efficiency in solar cells

Improving Solar and Wind Power Integration in the U.S. Grid

New four-terminal tandem organic solar cell achieves 16,94% power conversion efficiency

TRADE WARS
China says 'highly concerned' over EU probe into wind turbine suppliers

EU probes Chinese wind turbine suppliers over subsidies

Swedish-Belgian group wins Norway's first offshore wind license

Wind-powered Dutch ship sets sail for greener future

TRADE WARS
New US climate envoy wants China to speed up coal transition

Indonesia vastly under-reports methane emissions from coal: report

Biden admin. dedicates $74M to abandoned Kentucky coal mine cleanup

Polluted paradise: Chile town waits for cleanup as coal shuts off

TRADE WARS
Beijing says US, Japan 'smeared and attacked' China at summit

Hong Kong court jails first dual-national for secession

Chinese factory shreds wedding photos for fuel

Media watchdog RSF says representative denied entry to Hong Kong

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.