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
NTAC Hails Tinubu; Volunteers Ready to Positively Impact Nigerians
Joel Ajayi
The Nigerian Technical Aid Corps (NTAC) has commended President Bola Tinubu for funding the Technical Aid Corps (TAC) Scheme.
The Director General (DG) of NTAC , Dr Yusuf Yakub, made the commendation during a ceremony to receive five returning TAC volunteers from Zanzibar, Tanzania on Tuesday in Abuja.
The returning volunteers also expressed readiness to impact knowledge gained from participating in the programme on Nigerians.
TAC is a mechanism for Nigeria’s foreign aid and technical assistance to African, Caribbean and Pacific countries through the use of Nigeria’s abundant trained manpower.
Yakub lauded Tinubu’s visionary leadership and steadfast support for the TAC Scheme.
Welcoming the volunteers who had discharged themselves as worthy ambassadors in Zanzibar, the D-G thanked them for their patriotism, dedication to service and for making Nigeria proud on the international arena.
The NTAC boss highlighted the importance of knowledge-sharing, while announcing that certificates of completion will be presented to the volunteers in line with the noble objectives of the service.
He also emphasised the volunteers’ crucial role in passing on the skills and experiences gained in Zanzibar.
He expressed optimism that their efforts would positively impact the lives of Nigerians across the country and shape the expectations and service-delivery of future prospective volunteers.
Earlier speaking, Amb. Zakari Usman, the Director of Programmes for NTAC, expressed gratitude to the D-G for his unwavering support and provision for the volunteers throughout their service period.
He said that the volunteers had so delivered on the mandate of the agency that citizens of Zanzibar did not want them to leave their country.
Popoola Adegoke, the Team Lead and a Mathematics Instructor for the batch of returning volunteers, was full of gratitude to the Federal Government for providing them the opportunity to participate in the scheme.
Adegoke said that Nigeria, was well blessed and had the abundance of both human and natural resources to contribute meaningfully to the development of many countries of the world.
He said that the need to continue the TAC Scheme was not negotiable, owing to its high impact and results.
Mohammed Salisu, a Physicist, said that the experience had broadened his horizon as his orientation during the last 24 months in Zanzibar, especially on the cultural exchange.
He lauded the government for the scheme, saying that Nigeria is seen and perceived to be higher in all ranking, especially in the standard of living and educational system.
He also appealed to the government to sustain the scheme to close the gaps both the educational and professional systems in the African, Caribbean and the Pacific Countries.
NAN
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