World - Asia
Updated: April 18, 2023

China’s Economy Sees 4.5 Per Cent Growth Amid COVID-19 Bounce Off

By Quadri Adejumo
April 18, 2023
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A mart in China

China’s economy grew by 4.5 per cent year-on-year in the first quarter of 2023.

This signals that the country's economy is firmly on the path to recovery after the end of the strict “zero-COVID” policies.

Other official economic data released on Tuesday reinforced signs of an upward trend in the economy.

Retail sales grew by 10.6 per cent year-on-year, according to data from the National Bureau of Statistics, while value-added service output rose by 5.4 per cent.

Value-added industrial production also rose by 3 per cent year-on-year, although the Purchasing Manager’s Index, a measure of China’s manufacturing trends, dropped slightly to 51.9 from 52.6 in February.

Any reading above 50 is considered an expansion.

China’s economy grew by just 3 per cent last year, the second lowest rate since 1976.

This came amid strict pandemic measures, including border closures, mass testing and lockdowns.