China's economy grew at a faster-than-expected pace in the first quarter, as the end of strict Covid curbs lifted businesses and consumers out of crippling pandemic disruptions, although headwinds from a global slowdown point to a bumpy ride ahead.
Gross domestic product grew 4.5 per cent year-on-year in the first three months of the year, data from the National Bureau of Statistics showed on Tuesday, faster than the 2.9 per cent in the previous quarter and beating analyst forecasts for a 4.0 per cent expansion.
Investors have been closely watching first-quarter data for clues on the strength of the recovery after Beijing lifted Covid curbs in December and eased a three-year regulatory scrutiny of tech firms and property.
"On net, that's a decent set of figures out from China in the first quarter, which keeps them on track for their growth target of around 5 per cent this year," said Matt Simpson, senior market analyst at City Index.
"It has helped lift sentiment to a degree in Asia ... but the slightly lacklustre response suggests there are some lingering concerns that Q1 data is the initial thrust thanks to the reopening, and that its momentum could fade in the second or third quarters."
China's recovery has so far remained uneven, with consumption, services and infrastructure spending perking up but slowing prices and surging bank savings raising doubts about demand.
On a quarter-on-quarter basis, GDP grew 2.2 per cent in January-March, in line with analyst expectations and up from a revised 0.6 per cent rise in the previous quarter.
Chinese policymakers have pledged to step up support for the $18 trillion economy this year to keep a lid on unemployment, but they face limited room to manoeuvre amid worries over debt risks and structural woes.
GDP growth last year slumped to one of its worst in nearly half a century due to Covid curbs.
The nation's central bank said last week it will maintain ample liquidity, stabilise growth and jobs and focus on expanding demand.
On Monday, the central bank extended liquidity support to banks through its medium-term lending facility but kept the rate on such loans unchanged, an indication authorities are not overly concerned about the immediate growth outlook.
Uneven recovery
Analysts polled by Reuters expect China's growth this year to speed up to 5.4 per cent, from 3.0 per cent last year.
The government has set a modest target for economic growth of around 5 per cent for this year, after badly missing last year's goal.
The central bank cut lenders' reserve requirements for the first time this year in March and the government has unveiled more fiscal stimulus.
Separate data on March activity also released on Tuesday showed retail sales growth quickened to 10.6 per cent, beating expectations and hitting a near two-year high, while factory output growth also sped up but was just below expectations.
Fixed asset investment in January-March slowed to 5.1 per cent growth year-on-year, versus expectations for a 5.7 per cent increase. It grew 5.5 per cent in the January-February period.
"The current market concerns about deflation largely reflect concerns about the strength and sustainability of the economic recovery," Wen Bin, chief economist at China Minsheng Bank, said in a research note.
"After the optimisation of epidemic prevention and control, the production side has basically returned to the pre-epidemic level, but the demand side momentum is still weak."
THE SPECS
Engine: 3.6-litre V6
Transmission: eight-speed automatic
Power: 285bhp
Torque: 353Nm
Price: TBA
On sale: Q2, 2020
Schedule:
Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles
The biog
Favourite Emirati dish: Fish machboos
Favourite spice: Cumin
Family: mother, three sisters, three brothers and a two-year-old daughter
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Neymar's bio
Total club appearances 411
Total goals scored 241
Appearances for Barca 186
Goals scored for Barca 105
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20PlanRadar%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2013%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EIbrahim%20Imam%2C%20Sander%20van%20de%20Rijdt%2C%20Constantin%20K%C3%B6ck%2C%20Clemens%20Hammerl%2C%20Domagoj%20Dolinsek%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EVienna%2C%20Austria%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EConstruction%20and%20real%20estate%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E400%2B%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20B%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Headline%2C%20Berliner%20Volksbank%20Ventures%2C%20aws%20Gr%C3%BCnderfonds%2C%20Cavalry%20Ventures%2C%20Proptech1%2C%20Russmedia%2C%20GR%20Capital%3C%2Fp%3E%0A
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Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
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Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
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Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
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