China’s industry is slowly picking up steam again in 2023

China container port

At the end of 2022, the government in Beijing lifted the strict mobility restrictions that had increasingly slowed production and consumption.

(Photo: dpa)

Beijing The Chinese economy is slowly getting back on track after the virus restrictions were lifted in the first two months of the year. China’s industrial production rose 2.4 percent year on year in January and February, accelerating from December’s annual increase of 1.3 percent, official data showed on Wednesday. The data slightly missed the 2.6 percent rebound forecast by a Reuters poll of analysts.

Retail sales rose 3.5 percent year-on-year in January and February, reversing a 1.8 percent decline in December. Analysts had expected an increase of 3.5 percent for the first two months.

At the end of 2022, the government in Beijing lifted the strict mobility restrictions that had increasingly slowed production and consumption. However, China’s economic recovery faces challenges such as sluggish export demand and geopolitical uncertainties.

source site-12