Internal demand and state interference. How to read China’s +4.5

The Chinese economy in the first quarter of this year grew, compared to the first quarter of last year, by 4.5 percent. Against a market expectation of 4 percent and the government’s annual target of 5 percent. The growth shown in the quarterly premium is not something unexpected, something that can arouse wonder, because, in the end, it is close to what the many “forks” estimate. Beyond the final number of GDP growth, what matters is the contribution of the items that make it up. This year’s growth was mainly driven by investment in infrastructure and exports, the two engines of the Chinese economy in recent decades. As China emerges from the rigors of Covid, and with the recovery of world demand, also post-Covid, some investments that had stopped have been resumed, as well as a recovery in exports.