China's Gdp Rose 5.3% In The First Quarter, But It Doesn't Mean The Economic Pain Is Over

Chinese President Xi Jinping at the fourth plenary session of the National People's Congress on March 11, 2023 in Beijing, China.Lintao Zhang/Getty ImagesChina's economy grew 5.3% in the first quarter of 2024, surpassing analyst expectations.Despite this, March retail sales and industrial output fell short of forecasts.China's property market struggles persist, with 1Q new home sales falling nearly 31% from a year ago.China reported robust economic growth for the first quarter of 2024.The world's second-largest economy grew 5.3% in the first quarter of this year from a year ago, according to the National Bureau of Statistics — beating a 4.8% growth analysts polled by Bloomberg had forecast and the 5.2% growth it chalked up in the fourth quarter of 2023."We have got off to a solid start," Sheng Laiyun, the NBS' deputy director, said at a press briefing in Beijing, per Bloomberg.