China’s economy has kicked off 2024 with a robust start, as industrial output surged by 7 percent during January and February, according to data released by the National Bureau of Statistics (NBS) on Monday.
This industrial output, a key economic indicator measuring the activity of major industrial enterprises, exceeded analyst expectations surveyed by Reuters. The significant growth suggests that the world’s second-largest economy is sustaining its recovery and maintaining growth momentum, setting a stable foundation for the rest of the year.
Bruce Pang, chief economist at JLL Greater China, noted that the strong performance of major economic indicators signifies that China’s economic stabilization and recovery in the first two months go beyond a simple rebound. He highlighted that the data reflects ongoing improvements, comprehensive enhancements, and a positive shift towards balancing supply and demand.
The positive data from the NBS also indicated that several other main economic indicators for the period have surpassed expectations. Economists believe these figures are a testament to the effectiveness of policy measures implemented to bolster economic activity and confidence.
As China continues to navigate post-pandemic challenges, the strong start to 2024 offers optimism for businesses and investors both domestically and internationally. The sustained growth could have significant implications for global markets, given China’s pivotal role in international trade and supply chains.
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China's economic data in first two months beats expectations
cgtn.com
