The National Bureau of Statistics (NBS) reported that in March 2023, China’s industrial output increased by 3.9% year over year (YoY). Although the figures show that the nation’s post-COVID economic recovery is progressing, it fell short of projections. In the first quarter (Q1) of 2023, the value-added industrial output increased by 3%, up 0.3 percentage points from the prior quarter.
Business expectations have generally improved, and the first quarter of 2023 saw a steady recovery in China’s industrial production.
Industrial output measurement is the yardstick for evaluating the performance of large businesses with annual primary business turnover of at least 20 million yuan, or roughly $2.91 million.
China’s retail sales far above estimates, showing a gain of 10.6%, which is higher than the 3.5% growth seen from January to February. The YoY growth of fixed asset investment from January to March slowed to 5.1%, which is lower than the anticipated increase of 5.7%. It has increased by 5.5% between January and February.
After easing COVID-19 limitations in December, Chinese leaders promised to help the second-largest economy in the world this year. Industrial output and retail sales have improved as the economy has recovered, but officials will need to strictly oversee fixed asset investment to maintain economic stability, according to local media reports.
