Harry Murphy Cruise, an Economist at Moody's Analytics, discusses China's economic performance in the first quarter with an SFC reporter. Despite a turbulent start to the year, China's GDP growth of 5.3% surpassed expectations and demonstrated resilience. According to Harry, a notable driver of this growth is the manufacturing sector, particularly in high-tech industries like electric vehicles, solar panels, and batteries. However, Harry noted there are concerns about over-reliance on manufacturing. To sustain growth and diversify sources of economic expansion, there is a need for increased household spending and consumer confidence.
Source | SFC
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