China's economy grows faster than expected despite Iran war

China's economy grows faster than expected despite Iran warJust nowShareSaveAdd as preferred on GoogleOsmond ChiaBusiness reporterGetty ImagesChina's economy grew faster than expected in the first three months of the year, even as countries around the world feel the impact of the US-Israel war with Iran.Gross domestic product (GDP) rose by 5% in the period, compared to a year earlier, according to official data. Economists had expected the figure to come it at around 4.8%.That came despite the conflict in the Middle East, which started on 28 February, severely disrupting global energy supplies, with Asian countries hit particularly hard. It also marks the first release of official GDP figures since Beijing cut its annual economic growth target last month to a range of 4.5%-5%, its lowest expansion goal since 1991.Growth in the world's second largest economy was driven by manufacturing, while it continues to be weighed down by falling property investment.China's latest GDP target and economic objectives were announced in March under its latest Five Year Plan. Beijing also pledged to invest heavily in innovation, high-tech industries and efforts to boost domestic spending.The ruling Communist Party is trying to reshape the country's economy, which has been struggling with a number of issues including weak consumption, a shrinking population and a prolonged property crisis.From abroad, China also faces an energy crunch due to the Iran war and global trade tensions, including US President Donald Trump tariffs policies.China currently faces a 10% US tariff for most of its goods. However, US Treasury Secretary Scott Bessent said on Tuesday that the levies may be restored by the beginning of July to the levels in place before the Supreme Court struck down many of the import taxes.Trump and Chinese President Xi Jinping are expected to meet in China in May.'Investing in people': Can China's new push to boost spending revive the economy...