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00:00 China achieved its target growth levels in 2023 and set 2024 economic growth levels at 5%.
00:11 At the beginning of the year, China's economy was strongly active,
00:15 with the total local product growing by 5.3% on an annual basis,
00:21 compared to its expected growth rate of 5.2%, which is higher than expected.
00:27 As for the individual basis, it also grew by 1.6%,
00:33 higher than expected, which indicated a 1.4% growth.
00:38 The most prominent supporters of economic growth were exports and foreign demand,
00:43 at 14% during the first quarter of 2024 on an annual basis.
00:48 Also, fixed-origin investments, which grew by 4.5%.
00:53 Here we are talking about industrial investments, where it grew by 9.9%,
00:58 which compensated for the decline in real estate and housing prices by 9.5%.
01:04 Also, industrial production supported China's economy growth in the first quarter,
01:08 where it grew by 6.1% on an annual basis,
01:13 and sales increased by 4.7% from 5.5% during the first two months of 2024.
01:21 However, despite the strong data in the first quarter,
01:25 the data of March caused concern among politicians and economists in China,
01:30 where the data of March reflected the prices of new houses
01:35 which were the fastest growing for more than eight years.
01:38 Also, the real estate investment was reflected by 17% on an annual basis,
01:44 and the industrial output grew by less than expected, where it grew by 4.5%
01:51 in contrast to expectations of 6% growth during March 2024,
01:58 which we are also talking about on an annual basis.
02:00 The most prominent challenges faced by the Chinese economy and the crisis of the real estate sector,
02:04 where this sector accounts for 25% of the total local output,
02:09 and the fear of debt repayment for the largest Chinese real estate companies such as Evergrande,
02:16 and the US's trade and investment tensions,
02:23 Goldman Sachs raised its expectations of China's economic growth to 5% from 4.8% in 2024.