China’s economy grew more than expected in the first quarter, defying expectations amidst a real estate crisis and sluggish domestic spending. The National Bureau of Statistics reported a 1.6 percent growth in the first quarter, projecting an annual growth rate of about 6.6 percent for the year. This growth was fueled by heavy investments in manufacturing, leading to increased sales of products like solar panels and electric cars worldwide.
However, concerns have been raised about the impact of China’s surge in exports on other countries’ manufacturing industries and potential job losses. Chinese households, burdened by heavy debt from investments in apartments, are cutting back on spending in response to falling home prices.
Meanwhile, German Chancellor Olaf Scholz raised concerns about Beijing’s exports to Europe and its support for Russia during a recent trip to China. The U.S. is also planning new sanctions on Iran in response to recent attacks on Israel, with a focus on restricting Iranian oil exports and military components.
In other news, the jury selection process for the criminal trial of former U.S. President Donald Trump in New York has begun, with six jurors already selected. The difficulty of picking a jury in a city where the defendant is unpopular has been highlighted, with dozens of potential jurors dismissed in the initial stages.
On a lighter note, pop stars Beyoncé and Taylor Swift have managed to avoid a chart collision with their recent album releases, showcasing a supportive rather than competitive relationship between the two music icons.
