China’s Q1 GDP beats expectations but COVID-19 lockdowns cloud outlook

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The world’s second-biggest economy and largest manufacturing hub is facing mounting risks. Economists are expecting more pain ahead for China, even as its Q1 GDP growth of 4.8% beat estimates. Beijing has warned of significant challenges ahead as it battles its worst COVID-19 outbreak in two years. Lockdowns continue in parts of the country, including Shanghai. The statistics bureau said Beijing will make every effort to stabilise the economy, reiterating that the economic recovery has a solid foundation.

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