While America Flounders, China Exceeds Projections
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While America Flounders, China Exceeds Projections
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The projected U.S. GDP growth has been downgraded several times amid inflations. Meanwhile, China surpasses expectations.
From CNBC. China’s first-quarter GDP grew faster than expected despite the impact of Covid lockdowns in parts of the country in March, according to data released by the National Bureau of Statistics Monday.
First-quarter GDP rose by 4.8%, topping expectations of a 4.4% increase from a year ago.
Fixed asset investment for the first quarter rose by 9.3% from a year ago, topping expectations for 8.5% growth. Investment in manufacturing rose by 15.6% in the first quarter from a year ago, and infrastructure saw an 8.5% increase over the same period.
Industrial production in March rose by 5%, beating the forecast for 4.5% growth.
However, retail sales in March fell by a more-than-expected 3.5% from a year earlier. Analysts polled by Reuters anticipated a 1.6% decline.
Beginning in March, the country has struggled to contain its worst Covid outbreak since the initial phase of the pandemic in 2020. Back then, lockdowns across more than half the country resulted in a 6.8% contraction in first quarter growth from a year earlier.…
Rising unemployment
The unemployment rate across 31 major Chinese cities rose from 5.4% in February to 6% in March — the highest on record according to official data going back to 2018.
“This indicates the unemployment problem in the large cities has become more severe than when the Covid Pandemic started in 2020,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management….
In March, the unemployment rate for those from 16 to 24 years old remained far higher at 16% — the highest since August 2020.
Overall, the national urban unemployment rate ticked higher in March to 5.8%, up from 5.5% in February….
Real estate’s role
“To achieve this year’s 5.5% economic growth target, consumption must not be dragged down by the pandemic, real estate investment must stop falling and stabilize as soon as possible, fiscal spending must be strong enough and imports and exports cannot contribute negatively,” Bruce Pang, head of macro and strategy research at China Renaissance, said in Chinese, translated by CNBC….
Real estate, which has struggled since Beijing’s crackdown on developers’ high use of debt, saw investment rise by 0.7% in the first quarter from a year ago. That’s despite double-digit declines in the floor space and total sales of commercial buildings sold….
Exports, a major driver of China’s growth, rose by a more-than-expected 14.7% in March, but imports unexpectedly fell, down by 0.1% from a year ago, according to data released last week….
What are your thoughts about our economy as China’s continues to improve? Share this article to encourage others to pray.
(Excerpt from CNBC. Photo Credit: Yan Ke on Unsplash)
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