Chinese economy defies odds with robust growth in key sectors
The Chinese economy has surpassed analysts' expectations, showing growth in production and retail sales. Data from the National Bureau of Statistics highlights rapid development in the defence sector, positioning it as the leader in industrial growth, reports Business Insider Poland. Defence spending is projected to reach approximately £200 billion.
According to Business Insider Poland, citing the latest data, retail sales increased by 4 percent in the first two months of the year, surpassing the anticipated 3.8 percent.
The Chinese economy in good condition
The report explains that the rise in retail sales was partly due to spending during the Lunar New Year holidays. During this period, Chinese cinemas posted record revenues, while sales of household appliances and audiovisual equipment increased by 10.9 per cent.
Industrial production also grew by 5.9 percent, exceeding economists' forecasts. Business Insider Poland notes that the industry's highest growth, at 20.8 percent year-on-year, was recorded in the production of railway, shipbuilding, aerospace, and other transportation equipment.
The industry service reports that defense operations are progressing at full speed.
Here are Beijing's goals
The Chinese economy officially grew by 5 per cent in 2024, reaching the target set at last year's NPC session. This was achieved following the implementation of extensive stimulus measures aimed at counteracting declining domestic consumption and significant concerns in the real estate market.
Chinese Premier Li Qiang confirmed at the beginning of March the economic growth target for 2025 at around 5 per cent GDP, in spite of increasing trade tensions.
The PRC defence budget will rise by 7.2 per cent to approximately £200 billion, maintaining the same growth rate as last year.
