(NBS) China’s economy grew by 4.8% in the first quarter from the prior year, surpassing estimates of 4.4% gain despite Covid-19 slowdowns.
Most economic parameters beat estimates in the first quarter, with the industrial production ticking higher by 5%, compared to estimates of 4.5%.
Fixed asset investments improved by 9.3% in the first quarter, higher than forecasts of 8.5% expansion. Manufacturing investments improved by 15.6%, while infrastructure expanded by 8.5%.
On the retail front, sales increased by 3.5% in March, defying expectations of a 1.6% fall. The retail sales were up by 3.3% in the first quarter from the prior year.
Elsewhere, the unemployment rate remained a problem in China’s main 31 cities after increasing from 5.4% in February to a record 6% in March. The overall national urban unemployment rose from 5.5% in February to 5.8% in March.
China’s National Bureau of Statistics warned that the domestic and international environment is still uncertain and complicated, posing a challenge to the economy.
The robust growth and rising unemployment happen even as Covid-19 outbreaks hurt job creations in China. Covid-19 stretches are expected to be headwinds in job creation going forward.
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