The Chinese economy grew at a faster-than-expected rate during the first quarter of this year, after US President Donald Trump last month backed down from a threat to escalate his trade war with Beijing and government stimulus measures began to take hold.
On Wednesday the National Bureau of Statistics estimated that the world’s second-largest economy expanded 6.4 per cent in the first quarter, compared to the same period last year. The figure matched the 6.4 per cent growth posted in the final quarter of 2018.
“Q1 is expected to mark the low point of China’s growth cycle,” said Tai Hui, chief Asia Pacific market strategist for JPMorgan Asset Management. “Recent data indicate that government policy to stabilise the economy is taking effect.”