Wednesday, May 29, 2024
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China’s economy experienced a significant boost in the first quarter of the year as a result of increased consumption and retail sales, following the sudden abandonment of the strict “zero-COVID” strategy by authorities. According to recent government data released on Tuesday, the growth in the country’s gross domestic product (GDP) during this period was the fastest seen in the past year, rising by 4.5% compared to the same period in 2022 and outpacing the previous quarter’s 2.9% growth. The lifting of harsh COVID-19 restrictions has led to a resurgence in consumption, with individuals flocking to shopping malls and restaurants. In March, total retail sales of consumer goods saw a year-on-year increase of 10.6% and a 7.1 percentage point rise compared to the first two months of the year.

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