China’s growth spurs hope

China seems to have successfully spurred a ‘modest’ post-pandemic economic recovery amid a myriad of problems, ranging from slump in the real estate sector, stagnant domestic demand, mounting local government debt, deflation, oversupply in some sectors (due to lower exports), soaring youth unemployment and dwindling foreign investment. That China has defied predictions of economic gloom is good news for the global economy as well as countries like Pakistan that are heavily reliant on Beijing for investments, trade and budgetary support. Beijing’s economic performance after it lifted the Covid Zero restrictions early last year also impressed the International Monetary Fund to revise China’s GDP growth projection from an earlier five per cent to 5.4pc for 2023, and 4.6pc for 2024, which also represents an increase from its previous estimates.