China’s First-Quarter Growth Lays Base For Hitting 2019’s Target

FIRST-QUARTER GROWTH came in slightly better than expected at 6.4% (consensus estimates were for 6.3%), and unchanged from the final quarter of 2018, confirming that the targeted stimulus applied since the second half of last year is taking effect.

The combination of fiscal and monetary measures helped boost industrial production in March by 5% year-on-year and retail sales by 8.7%. Fixed asset investment increased by 6.3%.

Beijing is targeting growth for the year at between 6% and 6.5%.

The challenges remain balancing growth with deleveraging and the prospect of a slowing global economy. The outcome of the trade talks with the United States is the wildcard.

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