China's economy showed signs of resilience in the first two months of 2024, with retail sales and industrial production exceeding expectations, according to data released Monday by the National Bureau of Statistics.
The figures come after Beijing reiterated its commitment to stimulating domestic consumption over the weekend.
Retail sales grew 4.0% year-on-year in the January-February period, up from December's 3.7% and in line with market expectations.
Industrial production expanded by 5.9% over the same period, a slowdown from December's 6.2% but above the 5.3% increase predicted by economists.
Fixed asset investment also outperformed expectations, rising 4.1% on a year-to-date basis, compared to the 3.6% forecast and a notable increase from last year's 3.2%.
The data follows the Chinese government's announcement of a broad plan to boost domestic consumption, including efforts to stabilise financial markets, introduce childcare subsidies, and enhance tourism.
While details on implementation remain unclear, analysts view the policy direction as a step toward addressing structural economic challenges.
Despite the positive indicators, China faces economic headwinds, including ongoing trade tensions with the United States and persistent deflationary pressures.
