China's Q1 GDP Growth at 18.3% (First Report)

Minus 6.8% in Q1 Last Year... Considering Base Effect
Fixed Asset Investment Up 25.6% Year-on-Year Through March

[Asia Economy Beijing=Special Correspondent Jo Young-shin] The Chinese economy is rapidly recovering from the impact of COVID-19.

China's National Bureau of Statistics announced on the 16th that the GDP growth rate for the first quarter of this year was preliminarily estimated at 18.3% compared to the same period last year. This figure aligns with the market expectation of 18.5%.

China experienced an unprecedented negative growth rate of minus 6.8% in the first quarter of last year due to the outbreak of COVID-19. The Chinese economy achieved a 'V'-shaped rebound with 3.2% growth in the second quarter of last year, followed by 4.9% and 6.5% growth in the third and fourth quarters, respectively. The 18.3% growth in the first quarter of this year is widely regarded as a rapid recovery, even considering the base effect.

Fixed asset investment in the first quarter increased by 25.6% year-on-year, and industrial production in March was preliminarily estimated to have increased by 14.1% compared to the same month last year.

This content was produced with the assistance of AI translation services.