JPMorgan Econ FI-China Solid 1Q GDP growth at 5.3oya; yet activity slowed no...-107627203

JPMORGANAsiaPacificEconomicResearch16April2024ChinaEmergingMarketsAsia,EconomicandPolicyResearchSolid1QGDPgrowthat5.3%oya;yetactivityslowednotablyinMarchHaibinZhu•China’s1Q24GDPcameinaboveexpectations,growing5.3%oya.Our(852)2800-7039haibin.zhu@jpmorgan.comseasonaladjustmentprocesssuggeststheeconomyexpandedatasolidpaceof7.4%q/qsaarin1Q24,comparedtothegrowthrateat5.8%q/qsaarin4Q23.GraceNg•Followingthestronger-than-expectedJan-Febactivitydata,economic(852)2800-7002grace.h.ng@jpmorgan.commomentumseemstohavemoderatednotablyinMarch.TingtingGe•Onindustrialproduction,MarchIPcameinbelowexpectations,rising(852)2800-01434.5%oya,orcontracting0.8%m/msabyourestimate,followingthesolidtingting.ge@jpmorgan.comaverageincreaseof1.6%m/msainJan-Feb.JiYan•Regardingdomesticdemand,retailsalesgrowthcameinbelowexpectations(852)2800-7673at3.1%oyainMarch,orfalling1.5%m/msa.Serviceproductioncameinatji.yan@jpmorgan.com5.0%oyainMarch(vs5.8%oyainJan-Feb).JPMorganChaseBank,N.A.,HongKongBranch•Fixedinvestmentcameinaboveexpectations,rising4.5%oyainJan-Mar.Despitecontinuousweaknessinrealestateinvestment(whichfell10.0%oyainMarch),policysupporthashelpedtoboostmanufacturinginvestment(+10.3%oya)andsteadyinfrastructureinvestment(+6.6%oya).•Regardinglabormarketconditions,thenationwideurbansurvey-basedunemploymentratefellmarginallyto5.2%inMarch...