Many experts had predicted that China's GDP growth would slow down to around 4.8 percent in the first quarter of 2023 from 5.2 percent at the end of 2022. Contrary to these expectations, the Chinese statistical office reported that the economy actually grew faster during this time, with GDP increasing by 5.3 percent compared to the first quarter of 2023.

The recovery from the Covid crisis continues to extend, marking the seventh consecutive quarter of higher GDP compared to the preceding three months. The growth rate from January to March this year was 1.6 percent, compared to October to December last year.

The Chinese government estimates that the country's economy could grow by 5 percent this year.