Strong GDP rebound instills confidence in commercial property recovery
China’s GDP grew by 18.3 percent year-over-year in first quarter 2021 — the strongest growth since quarterly figures began in 1992 — as the economy posted robust gains from the low base set at the onset of the COVID-19 pandemic. While quarter-over-quarter growth slowed to 0.6 percent, CBRE expects momentum to pick up in the coming quarters, with rising domestic consumption and improving global demand set to propel full-year growth to 8.6 percent.
China’s manufacturing and exports continue to benefit from the resilience of domestic production and gradual resumption of economic activity elsewhere around the world, respectively. Rapid growth in the advanced manufacturing and information technology sectors witnessed this quarter aligns with the government’s long-term objective of transforming China into an innovation-driven economy. On the trade front, the Association of Southeast Asian Nations was China’s largest trading partner during the quarter, edging out the Eur