BEIJING — China reported Tuesday better-than-expected growth in retail sales, fixed asset investment and industrial production to start the year.

Data releases are a combination of the January and February months. This is to prevent distortions caused by the Lunar New Year holiday.

Retail sales grew by 6.7% over the previous year. This beats analysts polled at Reuters’ expectations for growth in the range of 3% to 3%.

Investment in fixed assets rose 12.2% which is much higher than the forecasted 5% growth.

The industrial production also grew by 7.5%, compared to 3.9% expected.

From January, the city unemployment rate increased to 5.5%. However, it was still much lower than that for people aged 16-24.

According to a statistic bureau statement, “The nation’s economy experienced steady recovery. The production demand increased rapidly, employment was stable, and prices were generally stable. New driving forces developed, high-quality development continued its progress, and new driving factors continued to develop.”

China’s central administration was elected last week announced an official GDP target of “around 5.5%”For the entire year.

Many economists believe the target is high-stakes, particularly after considering the impact of a resurgence in Covid casesFactory production was stopped by government orders.

Major cities such as Shenzhen, Shanghai and other major centers were hit by the new restrictions in one of the most severe pandemic waves since the shock two years earlier.