China’s economy beat expectations by growing 5% year-on-year in the first quarter, but analysts cautioned that the Iran war may cool expansion in the coming months.
While Beijing — which holds vast crude reserves and is the world’s leading renewables producer — has weathered the worst of the energy shock, its export-oriented economy has softened over dropping global demand. A high-stakes meeting next month between the Chinese and US leaders could affect its growth prospects; US officials have cooled once-heightened rhetoric, suggesting a deal is in the offing.
“There are things we need to import from China; there are things China should be buying from us,” the US trade representative said at Semafor World Economy. “And China agrees with us on that.”