China's economy grew 5.3% in the first quarter, beating expectations [CNBC]
Morgan Stanley (MS)
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Source: CNBC
Data from China's National Bureau of Statistics showed that gross domestic product in the January to March period was higher compared to the 5.2% seen in the fourth quarter of 2023. On a quarter-on-quarter basis, China's GDP grew 1.6%, compared to the Reuters poll expectations of 1.4% and the fourth quarter's expansion of 1%. Beijing has set a 2024 growth target of around 5% Last week, Morgan Stanley raised its 2024 real GDP forecast for China to 4.8%, from its previous expectation of 4.2%. The world's second largest economy saw weak export and inflation data earlier this month, with both sets of data coming in below expectations. This is a breaking news story. Please check back for updates.
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