China’s economy doing well in first quarter

HONG KONG: China’s ginormous economy could be showing renewed signs of life this year.
The world’s second-biggest economy grew by slightly more than expected in the first quarter of this year, Chinese government figures showed yesterday.
It expanded by 6.4 per cent compared to a year ago, beating economists’ forecasts of 6.3 per cent.
The prospect of a deeper slowdown in China has been one of the biggest concerns for the global economy this year.
The economy has been hit by a trade war with the United States and government efforts to rein in a huge amount of debt in China’s financial system.
“This confirms that China’s economic growth is bottoming out and this momentum is likely to continue going into months ahead,” said Tai Hui, chief market strategist for Asia-Pacific at investment firm JPMorgan Asset Management.
Chinese government statistics showed that growth in the first three months of the year was supported by strong spending by Chinese consumers and manufacturing production.
While China’s current economic growth rate is still its slowest in decades, there have been signs of positivity in recent weeks, with indicators including property prices and bank lending suggesting a more bullish hue. -CNN