China says its economy is accelerating despite Iran war turmoil – for now
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China's economy grew 5.0% in the first quarter, exceeding expectations despite turmoil caused by the Iran war. However, officials warned of 'volatile' external conditions ahead, citing weakened global demand and threats to China's export-reliant economy.
China's economy accelerated in the first quarter, with a 5.0% increase in GDP, surpassing analyst expectations. Strong exports of electrical and mechanical products drove growth, despite the Iran war's impact on global trade and energy markets. Officials cautioned against domestic and international headwinds, including weakened global demand and inflation due to skyrocketing energy prices. Exports grew 14.7% in the quarter, with green technologies rising significantly. However, consumption disappointed economists, with retail sales growth declining to 1.7% in March. China's export reliance remains a vulnerability, but analysts suggest its manufacturing strengths and dominance in green technologies will keep exports solid.
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