Chinese economy soars past expectations with strong growth
The Chinese economy exceeded analysts' expectations, recording growth in production and retail sales. Data from the National Bureau of Statistics indicates dynamic development in the defense sector, making it the leader in industrial growth, reports stats.gv.chn. Defense spending is set to reach 245 billion dollars.
As reported by Business Insider, citing the latest data, retail sales increased by 4 percent in the first two months of the year, surpassing expectations of 3.8 percent.
The Chinese economy in good condition
The report describes that the growth in retail sales was driven, among other factors, by spending during the Lunar New Year holidays. During this time, Chinese cinemas recorded record revenues, and sales of household appliances and audiovisual equipment increased by 10.9 percent.
Industrial production also rose by 5.9 percent, exceeding economists' forecasts. Business Insider reports that the largest growth in the industry, at 20.8 percent year-on-year, was recorded in the sectors of railway, shipbuilding, aerospace, and other transportation equipment production.
"Defense is in full swing," asserts the industry service.
Here are Beijing's goals
The Chinese economy officially grew by 5 percent in 2024, reaching the level set at last year's NPC session. This followed the implementation of extensive stimulus measures aimed at addressing the issue of declining domestic consumption and significant concerns in the real estate market.
Chinese Premier Li Qiang confirmed at the beginning of March the economic growth target for 2025 at around 5 percent GDP, despite growing trade tensions.
The PRC defense budget will increase by 7.2 percent to around 245 billion dollars, the same rate as last year.
