The world's second largest economy grew by 5.3 percent in the first quarter compared to the first three months of the previous year. The Chinese government is aiming for economic growth of around five percent this year.
Foreign trade figures only showed on Friday that the recovery of the export-driven economy is on shaky ground. The growth can also be attributed to the expansion of new industries into which a lot of money is flowing, according to the German Chamber of Commerce in East China. The chamber drew attention to the problems faced by German companies in the People's Republic. In a survey, around two thirds of the German companies operating there complained about unfair competition. Almost all respondents also saw the increased competition with Chinese companies as having an impact on their business and cited increased cost pressure, reduced profits and lower market shares as the main consequences. The German Chancellor Olaf Scholz's current visit to China is expected to focus on the economy and the economy of the country as a whole, as well as on the state of the economy.