China's GDP grows 4.5 pct in Q1

TOKYO, April 18 (KUNA) -- China's economy grew 4.5 percent year-on-year in the first quarter, official data showed Tuesday.

Gross domestic product (GDP) growth of the world's No. 2 economy in the January-March period was up from the 2.9 percent growth in the fourth quarter last year, but missed the government-set 2023 growth target of around 5.0 percent, according to the Chinese National Bureau of Statistics.
On a quarterly basis, GDP increased 2.2 percent in the first three months of this year. Other figures released by the bureau showed that value-added industrial output, an important economic indicator, expanded 3.0 percent, and fixed-asset investment rose 5.1 percent from a year ago in the first quarter.
"China's national economy made a good start this year, and market expectation saw significant improvement," bureau spokesman Fu Linghui told a press conference in Beijing, according to state-run Xinhua News Agency.
Fu also attributed the steady growth of the industrial sector to effective pro-growth policies, warming market demand and the recovery of industrial and supply chains in the country. (end) mk.gta