China's National Bureau of Statistics (NBS) press conference following the data earlier:
- China Q1 2024 GDP growth 5.3% y/y (expected +5.0%)
- China: March Industrial output +4.5%y/y (expected +5.4%) Retail sales +3.1% (4.5% exp)
Comments from deputy head of NBS Sheng Laiyun:
- Consumer inflation will show a mild recovery
- China’s economy made a good start to the year with positive factors standing out
- laying a strong foundation for achieving the annual development targets
- China will actively cultivate and develop new quality productive forces and strengthen the implementation of macro policies
- Will continue to effectively pursue high-quality economic growth and appropriately increase economic output
- it is necessary to further enhance market confidence and the economic dynamic amid a complicated external environment and critical stage in Chinese economic adjustment and transition
