China reported stronger-than-expected first-quarter economic growth as consumers spent on retail, movies, dining and travel after three years of strict Covid restrictions. But China’s consumer comeback may not be strong enough to revive the world’s second largest economy longer term.
On Tuesday, China posted GDP growth of 4.5%, beating consensus forecasts, and up from the previous quarter’s 2.9% as retail sales surged at the fastest pace in two years and home sales in major cities rose as consumers spent more.
China’s Consumers Aren’t Strong Enough to Keep the Economy Growing
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