China's GDP Shows Modest Growth

(MENAFN- AzerNews) In the first quarter of this year, China's economy grew by 5 percent compared to the same period last year, reaching 33.4 trillion yuan (approximately 4.87 trillion US dollars), AzerNEWS report.

The National Bureau of Statistics of China released a statement confirming the data. It noted that production and supply growth accelerated during the first quarter, domestic demand continued to improve, employment remained generally stable, and consumer prices rose at a moderate pace.

Experts suggest that despite the negative impact of ongoing geopolitical tensions in the Middle East on the global economy, China's 5 percent GDP growth indicates that the country remains on track to meet its annual development targets. Ding Xuan, chief economist at Standard Chartered Bank, stated that while external uncertainties may increase and place additional pressure on the Chinese economy in the second quarter, policymakers are expected to maintain a flexible and adaptive approach.

The Chinese government has set a GDP growth target of 4.5 to 5 percent for 2026. However, some foreign analysts believe that achieving this goal could be challenging due to global economic headwinds, particularly rising energy costs and slowing demand in key export markets.

According to the General Administration of Customs of China, the country's foreign trade increased by 15 percent in the first quarter, reaching 11.84 trillion yuan (about 1.73 trillion US dollars). Exports rose by 11.9 percent, while imports grew even faster at 19.6 percent, reflecting stronger domestic consumption and industrial demand.

Interestingly, analysts also point out that China's continued export strength is increasingly driven by high-tech sectors such as electric vehicles, renewable energy equipment, and advanced manufacturing. This shift is gradually reducing the country's dependence on traditional low-cost exports and reshaping its role in global supply chains.

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