Bank of China "Q1 GDP Growth Rate 4.8%, Q2 Forecast 5.1%"

China Bank, a state-owned bank in China, estimated that the Chinese economy grew by about 4.8% in the first quarter of this year compared to the same period last year.

[Image source=EPA Yonhap News]

According to a report by the state-run Xinhua News Agency on the 1st, China Bank stated in its report, "In terms of the external environment, the warming of global demand and the improvement of international trade sentiment are contributing to the rebound in China's export growth."

It also explained, "Domestically, consumption is performing better than expected, manufacturing investment is accelerating, production is steadily recovering, and industrial upgrading and structural transformation are becoming more apparent, strengthening the intrinsic growth momentum."

With the potential of service consumption being realized, the GDP growth rate for the second quarter of this year is also expected to reach about 5.1%. The People's Bank of China is expected to significantly increase fiscal policy support that mobilizes a comprehensive range of policy tools to help maintain a high growth rate of infrastructure investment.

China set its economic growth target at around 5% for this year at the National People's Congress and the Chinese People's Political Consultative Conference (the "Two Sessions") held last month.