China"sGDPgrowthreboundedtoastronger-than-expected4.5percentyear-on-yeartargetinthefirstquarterofthisyearafterreaching2.9percentinthelastquarterof2022,pointingtoasteadyreboundamidthegradualnormalizationofproduction,datafromtheNationalBureauofStatisticsshowedonTuesday.

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GivenChina"sstrongrecoverymomentumandlowcomparisonbaseinthepreviousyear,officialsandeconomistsestimatedthatChina"sgrowthcouldpickupnotablyinthesecondquarter,andthecountryiswellontracktoachievingitsGDPgrowthtargetofaround5percentin2023.

Meanwhile,theywarnedthatthefoundationsofrecoveryarenotsolidenough,sayingthattheeconomycouldbedraggeddownbypressuresfromacloudyglobaloutlook,thefadingofconsumptionmomentumandchallengesanduncertaintiesrelatedtoChina"sexportsandthepropertysector.Moreeffortsshouldbemadetofurtherspurdomesticdemandandstabilizemarketexpectations.

NBSspokesmanFuLinghuisaidChina"seconomyisstabilizingandpickingupinthefirstquarterwiththerecoveryofkeyindicators,layingasolidfoundationforachievingthecountry"sannualgrowthtarget.

FutoldanewsconferenceinBeijingonTuesdaythatChina"sgrowthwouldpickupnotablyinthesecondquartergiventhelowcomparisonbaseamidtheCOVID-19pandemicinthepastyear,whilegrowthmayslowdowninthethirdandfourthquartersduetoariseinthecomparisonbaseslastyear.

Onthebackofthestronger-than-expectedfirstquarterGDPreport,ZhuHaibin,JPMorgan"schiefChinaeconomist,saidhisteamraiseditsfull-yearGDPgrowthforecastforChinafrom6percentyear-on-yearto6.4percentyear-on-year.

Chinaiswellontracktoachievingthegovernment"sGDPgrowthtargetof"around5percent"forthisyear,saidLuTing,chiefChinaeconomistatNomura.

"WemaintainourGDPgrowthforecastsof7.6percentyear-on-yearforthesecondquarterand5.3percentfor2023,"hesaid.

Despitetheimprovementsinthefirstquarter,LusaidhisteamstillconsidersitmorelikelythatthePeople"sBankofChina,thenation"scentralbank,willslightlylowertheinterestrateofthemedium-termlendingfacilityoperation—akeypolicybenchmark—inthenextcoupleofmonths.

IrisPang,chiefChinaeconomistatDutchbankING,saidthereisnoimmediateneedforthegovernmenttoputmassivestimulusintotheeconomy,butitwillprobablykeepitsplanforinfrastructureinvestmentasasupplementarygrowthengineasherteamexpectstheexternalmarkettodeterioratefurtherthisyear.

Citingthefirstquarterfigures,LouiseLoo,ChinaleadeconomistatBritishthinktankOxfordEconomics,saidthecombinationofasteadyuptickinconsumerconfidenceaswellasthestill-incompletereleaseofpent-updemandsuggeststhattheconsumer-ledrecoverystillhasroomtorun.

NBSdatashowedthatChina"sretailsalesroseby5.8percentinthefirstthreemonths,comparedtothe2.7percentdeclineinthefourthquarteroflastyear.

Thecountry"svalue-addedindustrialoutputgrewby3percentyear-on-yearinthefirstquarter,whilefixed-assetinvestmentroseby5.1percentyear-on-yearinthefirstquarter,accordingtotheNBS.

Giventhelowbaseeffectinthepreviousyear,LoosaidherteamexpectsChina"sGDPtoaccelerateonayear-on-yearbasis,whilefadingconsumptionmomentum,thewindingdownoffiscalstimulusandweakerexternaldemandwouldputdownwardpressureondomesticgrowthinthesecondhalfoftheyear.

Loo"sviewswereechoedbyBenSimpfendorfer,apartneratconsultancyOliverWyman,whoestimatedthatChina"srecoverywouldstrengthenoverthecomingquarters.

Lookingahead,hesaidthefocusshouldbelessonthegrowthrateandmoreontheopportunitytoreformandrebalancetheeconomy,toraisetheshareofconsumptionversusinvestmentandtofocusonupgradingmanufacturingandencouraginginnovation.

"Chinaremainstheworld"ssecond-largesteconomy.Andclearly,it"sgrowingatafasterratethanmanyotherlargeeconomiesthisyear,soitscontribution(toglobaleconomicgrowth)willbeimportant,"headded.

ErikBerglof,chiefeconomistoftheAsianInfrastructureInvestmentBank,saidthatChinaisexpectedtoseereasonablegrowthofaround5percentthisyear,contributingtoaroundone-thirdofglobaleconomicgrowth.

SamsonKhaou,executivevice-presidentofDassaultSystemesAsia-Pacific,saidtheFrenchindustrialsoftwarecompanyishighlyconfidentaboutChina"seconomicgrowththisyear,andthecompanywillcontinuetoinvestmoreintheChinamarket.

KhaousaidhebelievesthatChina"sgrowthwillbesourcedbybothdomesticandglobaldemand,andthemanufacturingsectorwillbeoneofthekeygrowthfactorsforChina.