China Reports 5% GDP Growth for Q1 2024
China's economy expanded by 5% in the first quarter of 2024, according to data released by the Chinese government. This growth coincides with the ongoing Iran war, which began in late February 2024, and follows a 4.5% growth in the previous quarter.
Abc NewsChina's economy expanded by 5% in the first quarter of 2024 compared to the same period last year, as reported by the Chinese government on April 16, 2026. 5% increase in the October-December 2023 quarter. The January-March 2024 period coincided with the beginning of the Iran war, which started on February 28, 2024.
As of the data release, the conflict is in its seventh week. The war involves military actions by the United States and Israel against Iran. 5% to 5% for 2024 last month, marking the slowest target since 1991.
4% for 2026. 5% in March 2024 compared to the same month in the previous year, while imports surged by nearly 28%. The monthly trade surplus was reported at just over $50 billion in March 2024. , which currently stand at 10% for most goods.
U.S. Treasury Secretary Scott Bessent indicated that these tariffs may be restored to previous levels by July 2024.
Story Timeline
5 events- 2024-04-16
China's economy expanded by 5% in the first quarter of 2024.
1 sourceChinese government - 2024-03
China's exports grew by 2.5% in March 2024.
1 sourceGeneral Administration of Customs - 2024-02-28
The Iran war began.
1 sourceunattributed - 2024-03
China's imports surged by nearly 28%.
1 sourceGeneral Administration of Customs - 2024-03
Chinese leaders set an economic growth target of 4.5% to 5% for 2024.
1 sourceChinese leaders
Potential Impact
- 01
China's economic growth target reflects a cautious approach amid global uncertainties.
- 02
Restoration of higher U.S. tariffs could impact China's export growth.
- 03
The ongoing Iran war may affect China's trade dynamics and economic stability.
Transparency Panel
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