China's Economy Exceeds Expectations with 5.3% Growth in Q1 Despite Headwinds

China's economy grew 5.3% year-over-year in Q1 2023, exceeding analysts' expectations of 4.6% growth
Industrial output and retail sales showed slowing momentum in March 2023 compared to January-February
Infrastructure spending is expected to help boost economic growth as consumer and business confidence falters
The property sector downturn has been a major drag on the economy, impacting investment and confidence
China may face weak export growth as developed economies maintain interest rates while PBOC vows more policy support