China delivers 5% Q1 growth on export strength, despite tepid domestic demand

China’s economy grew 5% in the first quarter, beating economists’ expectations as robust exports offset weak domestic demand. Industrial output rose 5.7% and retail sales gained 1.7% in March, while fixed-asset investment climbed 1.7% and property investment fell 11.2%. Unemployment stood at 5.4%. Beijing kept a 4.5–5% annual target, but the outlook faces pressure from higher energy costs linked to the Iran conflict and a softer global demand environment.