00:00China's first-quarter economic growth beat expectations, even as policymakers brace for
00:06the impact of U.S. tariffs that analysts say pose the biggest risk to the Asian powerhouse in
00:11decades. Data on Wednesday showed GDP grew 5.4 percent from January to March from a year earlier,
00:17beating analysts' expectations in a Reuters poll for a rise of 5.1 percent. Retail sales,
00:23a key gauge of consumption, as well as bank lending topped analysts' forecasts.
00:28Industrial output has also picked up speed as factories rush shipments to beat the latest
00:33tariffs from U.S. President Donald Trump. We have a trillion-dollar trade deficit with China.
00:39Hundreds of billions of dollars a year we lose with China. And unless we solve that problem,
00:44I'm not going to make a deal. However, analysts expect that trend to reverse sharply in the
00:49months ahead as the hefty U.S. levies take effect. Moreover, higher unemployment and persistent
00:54deflationary pressures are fueling concerns over weak demand and point to an uneven economic recovery
01:00following the COVID-19 pandemic. The Reuters poll showed that for 2025, the Chinese economy is
01:06expected to grow at a subdued 4.5 percent pace year on year. That's half a point down from last year
01:12and short of the official target of around 5 percent. Policymakers have repeatedly said the country has
01:18ample room and tools to bolster the economy. Premier Li Qiang this month pledged to roll out more support
01:24measures. Beijing has put boosting consumption as the top priority this year as it tries to cushion
01:30the impact of the Trump tariffs. The ruling Communist Party is expected to hold a meeting later this month
01:36to set its policy agenda for the coming months.
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