China’s economy reaches new highs after zero-Covid restrictions

A view of Beijing’s CBD area. Picture courtesy of VCG.

Official data released today revealed that China’s economy grew by 4.5% year-on-year in the first quarter, recovering after the conclusion of zero-Covid restrictions in late 2021.

This is the first indication since 2019 of the world’s second-largest economy making progress without the strict health measures that effectively controlled the coronavirus but heavily impacted businesses and supply chains.

Retail figures, which serve as the primary indicator of household spending, increased by 10.6% year-on-year last month, marking the most significant jump since June 2021.

The National Bureau of Statistics (NBS) published data showing industrial production rose by 3.9% year-on-year in March, reported Bangkok Post.

The NBS report released today stated that in the first three months of the year,…