BEIJING (AP) — China’s economic growth edged up to a still-weak 4.8% over a year earlier in the first three months of 2022 as spreading coronavirus outbreaks prompted shutdowns of major industrial cities.
Growth crept up from the previous quarter’s 4%, when the economy was slammed by tighter government controls on use of debt by China’s vast real estate industry, official data showed Monday. Compared with the previous quarter, as other major economies are, growth slipped to 1.3% in January-March from 1.4% in the previous quarter.
First quarter growth was below the ruling Communist Party's official target of 5.5% for the year, which forecasters have said will be hard to hit without heavy government spending on stimulus.
Retail spending, factory output and investment in factories, real estate and other fixed assets rose.
“The national economic recovery was sustained and the operation of the economy was generally stable,” said a government statement.
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