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| China's economic growth was better than expected in the first two months of the year, boding well for the steady recovery of the world's second-largest economy in the first quarter, officials and experts said on Tuesday. |
| The country stands a good chance of keeping its economic operations within a reasonable range in 2022, the experts added. |
| However, they warned that the economy also faces downward pressures and challenges due to the complicated external environment and domestic COVID-19 cases. Further easing of fiscal and monetary policies is expected in order to meet the annual GDP growth target of around 5.5 percent. |
| Fu Linghui, a spokesman for the National Bureau of Statistics, said at a news conference that China has the conditions to meet the annual growth target, and the strong January-February economic indicators have boosted confidence for recovery over the entire year. |
| Value-added industrial output rose by 7.5 percent year-on-year in the January-February period, 3.2 percentage points higher than in December, and 1.4 percentage points higher than average growth over the past two years, the bureau said on Tuesday. Retail sales grew by 6.7 percent in the first two months on a yearly basis, while fixed-asset investment rose by 12.2 percent year-on-year in the January-February period, the bureau said. |
| During the first two months, the added value of high-tech manufacturing grew by 14.4 percent year-on-year. Investment in high-tech manufacturing jumped by 42.7 percent, during the January-February period, according to the bureau. |
| Despite the promising economic data, experts said policymakers still need to step up fiscal and monetary support to prepare the economy for headwinds like the COVID-19 surge as well as a spike in commodity prices amid geopolitical tensions in the coming months. |
| The A-share market seems to have reflected the lingering downward pressures. The benchmark Shanghai Composite Index slumped by 4.95 percent to 3,063.97 points on Tuesday, its lowest level in more than a year and a half, market tracker Wind Info said. |
| Lu Ting, Nomura's chief China economist, said economic activity could weaken in March amid restrictions to combat the outbreak and a still weak property market, necessitating possible measures. These could include an interest rate cut in April and a reduction in the reserve requirement ratio in the upcoming months. |
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