Employees work on a battery production line at Jiangsu Yongda Power Supply Co. on March 26, 2024 in Suqian, Jiangsu province of China.<\/p>\n
Vcg | Visual China Group | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
BEIJING \u2014 China’s economy is ending the first quarter on a “strong” note, according to a business survey published by the China Beige Book on Thursday.<\/p>\n
“The economy clearly improved in March, thanks to better industrial activity and stronger retail spending,” said Shehzad H. Qazi, chief operating officer at the China Beige Book, a U.S.-based research firm.<\/p>\n
China’s official data on retail sales, industrial production and fixed asset investment for January and February beat expectations<\/a> across the board. Figures for the first two months of the year are typically reported together to account for the week-long Lunar New Year holiday, which follows the agrarian calendar.<\/p>\n The China Beige Book said it surveyed 1,436 businesses between March 1 and 23, split roughly between state-owned and non-state-owned firms.<\/p>\n “China Beige Book’s March data show the economy poised for a strong end to Q1,” the report said. “Revenue growth accelerated atop last month while pricing gains boosted margins.”<\/p>\n<\/div>\n <\/img><\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n The National Bureau of Statistics is scheduled to release first quarter data on April 16.<\/p>\n China earlier this month announced the country would target growth of around 5%<\/a> for the year. Some analysts said it was an ambitious target given the current level of announced government stimulus.<\/p>\n The China Beige Book found that businesses have pulled back their borrowing due to higher interest rates, but also observed signs of a pause on the lending side.<\/p>\n “Market observers have largely missed the substantial policy easing we’ve tracked over the past year, and now some lenders may be hitting the brakes,” the report said.<\/p>\n<\/div>\n “Hiring recorded its longest stretch of improvement since late 2020,” the report said, noting every sector except for services saw job growth pick up.<\/p>\n Retail spending increased in all sub-sectors, except for luxury goods, the report said.<\/p>\n In real estate, the report said that while the residential sector still showed a decline in sales, commercial sales and construction improved significantly.<\/p>\n Manufacturing saw growth in production and domestic orders from February, but export orders fell, the report said.<\/p>\n<\/a>Employment improves<\/h2>\n