China GDP grows by 5.3% in first quarter, faster than expectation

China's economy exceeded expectations in the first quarter, growing by 5.3% compared to the same period last year, outpacing economist forecasts of 4.6%. Additionally, on a quarter-on-quarter basis, GDP expanded by 1.6%, surpassing both Reuters poll expectations and the previous quarter's growth. The robust growth, driven by factors including external demand and export volume, aligns with Beijing's 2024 growth target of around 5%, likely reinforcing the government's current policy stance.