The International Trade Council is pleased to announce that China's industrial output and retail sales have shown significant growth in March 2023, signaling a steady economic recovery following the easing of COVID-19 restrictions.
Official data released on Tuesday reveals that China's industrial output rose by 3.9% year-on-year in March, accelerating from a 2.4% increase in the first two months. While slightly below expectations, this figure reflects the positive trend in China's post-pandemic economic recovery.
Retail sales in China increased by an impressive 10.6%, surpassing forecasts of a 7.4% increase and outpacing the 3.5% growth observed in January-February. This robust performance underscores the resilience of China's domestic consumer market.
However, fixed asset investment growth in January-March slowed to 5.1% year-on-year, falling short of the anticipated 5.7% increase and marking a slight deceleration from the 5.5% growth in January-February.
In response to these developments, Chinese policymakers have committed to bolstering support for the world's second-largest economy throughout 2023, following the successful dismantling of COVID-19 curbs in December.
The International Trade Council will continue to monitor China's economic progress and keep members and stakeholders apprised of any significant updates or changes.