China’s Economy

       Faster Than Expected Growth A Struggling Pension System Surging Exports Xi Sticks to His Vision Solar Energy Domination

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       China’s Economy, Propelled by Its Factories, Grew More Than Expected

       China’s big bet on manufacturing helped to counteract its housing slowdown in the first three months of the year, but other countries are worried about a flood of Chinese goods.

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       An electric car factory in Ningbo, China, that belongs to Zeekr, a new Chinese brand that is part of the Geely Group.Credit...Gilles Sabrié for The New York Times

       By Keith Bradsher and Alexandra Stevenson

       Reporting from Beijing

       Published April 15, 2024Updated April 16, 2024, 1:49 p.m. ET

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       The Chinese economy grew more than expected in the first three months of the year, new data shows, as China built more factories and exported huge amounts of goods to counter a severe real estate crisis and sluggish spending at home.

       To stimulate growth, China, the world’s second-largest economy, turned to a familiar tactic: investing heavily in its manufacturing sector, including a binge of new factories that have helped to propel sales around the world of solar panels, electric cars and other products.

       But China’s bet on exports has worried many foreign countries and companies. They fear that a flood of Chinese shipments to distant markets may undermine their manufacturing industries and lead to layoffs.

       On Tuesday, China’s National Bureau of Statistics said the economy grew 1.6 percent in the first quarter over the previous three months. When projected out for the entire year, the first-quarter data indicates that China’s economy was growing at an annual rate of about 6.6 percent.

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       “The national economy made a good start,” said Sheng Laiyun, deputy director of the statistics bureau, while cautioning that “the foundation for stable and sound economic growth is not solid yet.”

       Retail sales increased at a modest pace of 4.7 percent compared with the first three months of last year, and were particularly weak in March.

       Year-over-year change in consumer prices in China

       Source: China National Bureau of Statistics

       By The New York Times

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       Keith Bradsher is the Beijing bureau chief for The Times. He previously served as bureau chief in Shanghai, Hong Kong and Detroit and as a Washington correspondent. He has lived and reported in mainland China through the pandemic. More about Keith Bradsher

       Alexandra Stevenson is the Shanghai bureau chief for The Times, reporting on China’s economy and society. More about Alexandra Stevenson

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