China’s economy grew 5.3% in first quarter, beating expectations

China’s economy in the first quarter beat expectations while receiving a boost from policies and an increase in demand, the government said Tuesday.

The world’s second-largest economy expanded at a 5.3% annual pace in January-March, beating analysts’ forecasts of about 4.8%, official data show. Compared to the previous quarter, growth was up 1.6%.

China’s economy has struggled to bounce back from the COVID-19 pandemic, with a slowdown in demand and a property crisis weighing on its growth.

Policymakers have unveiled a raft of fiscal and monetary policy measures as Beijing seeks to boost the economy. China has set an ambitious gross domestic product (GDP) growth target of 5% for 2024.