Foreign news
China’s first-quarter economy grows by 4.5% as recovery accelerates
China’s gross domestic product (GDP) expanded 4.5 percent year on year in the first quarter of 2023 as economic activities gain traction, data from the National Bureau of Statistics (NBS) showed on Tuesday.
“We are seeing an accelerating recovery in all sectors with stronger momentum, including the improving domestic demand,” said Pang Ming, chief economist and director of Research at JLL Greater China.
The growth rate was higher than analysts’ expectation of 4 percent in a Reuters poll.
The market expectation has significantly improved since the start of the year, said Fu Linghui, spokesperson of the NBS. He added that the economy’s growth rate in the second quarter is expected to accelerate significantly compared to the first quarter because of the low comparison base in the same period last year.
Going forward, Pang cautioned that policy support and targeted easing are still needed to secure sustainable growth amid external uncertainties.
China’s macroeconomic policies should keep domestic demand expansion as a priority in light of generally weak external demand, said Cheng Shi, chief economist at ICBC International.
In the first quarter, the total retail sales of consumer goods rose 5.8 percent year on year. Notably in March, consumer spending surged 10.6 percent year on year, 7.1 percentage points higher than that in the first two months.
There is divergence in the recovery pace among different consumption types, said Wen Bin, chief analyst at China Minsheng Bank. Offline and get-together spending continued to pick up, while the durable goods consumption was lacking, reflecting people’s income and willingness to shop require a further boost, he added.
A recent central bank survey of depositors showed that “tourism” tops the list of the expected increase in expenditure in the second quarter.
The investment in fixed assets grew by 5.1 percent year on year in the first quarter while the total added value of large industrial enterprises grew by 3.0 percent in the same period.
China has set a GDP growth target of around 5 percent for this year. Local governments around the country are gearing up support for the economy including optimizing the business environment, stabilizing employment and promoting consumption.
Foreign news
Pakistan Moves to Deepen Diplomatic, Economic Relations With Nigeria
The Government of the Islamic Republic of Pakistan has called for deeper diplomatic and economic ties with the Nigerian government to foster development for both countries.
Mr Rana Ihsaan, the Coordinator to the Prime Minister of Pakistan made the call in an interview with the News Agency of Nigeria (NAN) during his working vist to Nigeria on Wednesday in Abuja.
NAN reports that the visiting Coordinator held a closed-door meeting with Yusuf Tuggar, the Minister of Foreign Affairs.
After the meeting, he said that both both sides had agreed on deepening relations in the areas of trade and commerce, among others.
Ihsaan said that both countries must see the need to accelerate efforts towards a Bilateral Trade Agreement (BTA).
He said that Pakistan had already submitted a draft BTA and was awaiting Nigeria’s response.
According to him, discussions centered on easing visa processes, expanding educational exchanges, and strengthening Cooperation in sectors such as Minerals, Youth training, and Defence were highlighted.
Ihsaan said that Pakistan had already implemented visa-on-arrival for Nigerians at no cost, and urged Nigeria to reciprocate to enhance people-to-people ties.
He stressed the importance of high-level engagements between both nations, describing Nigeria and Pakistan as very similar countries with large populations, youthful demographics, and vast economic potentials.
“Deeper collaboration will unlock opportunities in trade, education and investment, while further solidifying long-standing diplomatic relations,” he said.
He said that aside from visiting the foriegn Minister and other top government officials in Nigeria, he was also in the country to attend the on-going West Africa Beauty Exhibition holding in Lagos.
He described the exhibition as one of the continent’s largest cosmetic fairs, adding that he led a delegation of 19 Pakistani business people exploring Nigeria’s estimated 10 million dollar beauty and cosmetics market.
Ihsaan said that Nigeria was a gateway to Africa, adding that Pakistani products, like cosmetics, Textiles, Pharmaceuticals, Food items and Sports goods were already gaining traction in the country.
He encouraged Pakistani exhibitors to establish offices, Warehouses and logistics partnerships to strengthen their foothold in the Nigerian market.
Ihsaan further addressed concerns from Nigerian businesses on the ease of doing business in Pakistan.
He said that the Trade Development Authority of Pakistan had been supporting Nigerian participants at major exhibitions to achieve the ease of doing business.
“The Special Investment Facilitation Council (SIFC) serves as a one-stop platform for Nigerians interested in investing in Pakistan,” he said
Culled from NAN
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