China Economic Update - June 2023

 Economic activity bounced back in Q1 2023 with the removal of mobility restrictions and a surge  in spending on services, but growth momentum has slowed since April. GDP expanded by 4.5  percent y/y in the first quarter of 2023, up from 3 percent y/y in 2022. The recovery in the first  quarter was spurred by the release of pent-up consumer demand, some improvement in housing  sector activity, and policy support. However, growth momentum has slowed since April, indicating that China’s recovery remains fragile and dependent on policy support.









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