China’s National Bureau of Statistics has published key economic activity for March and the first quarter of 2024. The highlight was China's 1Q24 GDP coming in stronger than expected at 5.3% YoY, well above the market consensus and our forecasts for 4.8% and 4.7% growth respectively. This positive start to the year bodes well for the economy managing to achieve its 5% growth target for 2024. In the past few months, we have discussed shifting growth drivers in China, and this month’s data further illustrated this development. Investment was the key to 1Q24 GDP's outperformance, while last year's main growth driver of ... (full story)