China's economy showed robust growth in the first quarter of 2023, with a GDP increase of 5.4%, surpassing forecasts of 5.1%. This boost came from strong industrial activity and an uptick in exports, aided by government stimulus policies aimed at enhancing domestic demand. However, the backdrop of escalating U.S. tariffs, reaching as high as 245% on certain imports, is expected to create challenges ahead. Analysts predict that while Beijing is likely to enhance efforts to shift reliance from the U.S. to domestic consumption, this transition will face significant obstacles amid the ongoing trade conflict.
Economic growth in China accelerated to 5.4% in Q1 2023, surpassing the expected 5.1% due to strong industrial output and exports, impacting response to U.S. tariffs.
Despite a resilient GDP growth in early 2023, analysts warn that China must significantly enhance domestic demand to counteract the detrimental impacts of U.S. tariffs.
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