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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

China Economy Grows 4.8% in 1st Quarter as Virus Bites

Containers are seen at the Yangshan Deep-Water Port in Shanghai, China October 19, 2020. REUTERS/Aly Song

China's economy grew 4.8 percent in the first quarter, the National Bureau of Statistics said Monday, warning of "significant challenges" ahead as a resurgence of the coronavirus threatens Beijing's ambitious annual target.

The world's second-biggest economy was already losing steam in the latter half of last year with a property slump and regulatory crackdowns.

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