China’s Economic News: Economy Continues Recovery

China Q1 GDP up 4.8%, economy continues recovery

China’s gross domestic product (GDP) grew 4.8% on year to Yuan 27.02 trillion ($4.24 trillion) for the first quarter of this year, with the growth rate up 0.8 percentage point from Q4 last year, indicating that the country’s economy continued to recover, according to the latest release from the country’s National Bureau of Statistics on April 18.

China’s Q1 FAI up 9.3%, property up 0.7%

Over January-March, China’s fixed asset investment (FAI) grew 9.3% on year to some Yuan 10.5 trillion ($1.6 trillion), among which, that in the property market increased 0.7% on year to Yuan 2.8 trillion, Mysteel Global noted from data released by the country’s National Bureau of Statistics (NBS) on April 18. The on-year growth in both was slower than the levels of 12.2% and 3.7% respectively over January-February.

Global steel demand is forecast to grow 0.4% in 2022

Global steel demand is forecast to grow by 0.4% in 2022 to reach 1.84 trillion tonnes after increasing by 2.7% in 2021, and in 2023 steel demand will see further growth of 2.2% to 1.88 trillion tonnes, according to the latest short-range outlook for 2022 and 2023 released by the World Steel Association (WSA) on late April 14 Beijing time

China Q1 Foreign trade value gains 10.7%

In the first quarter of 2022, China’s foreign trade value totalled Yuan 9.42 trillion ($1.48 trillion), having increased by 10.7% on year, the latest statistics released by the General Administration of Customs (GACC) on April 13 showed. Within the total, the country’s export value grew by 13.4% on year to Yuan 5.23 trillion, while that of imports rose by 7.5% on year to Yuan 4.19 trillion.

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