China Sets The Pace ... Growth up 18% in Q1 ...
China's economy surged by 18.3% in the first quarter of the year. The growth rate was the highest recorded since records began. The year on year comparison was impacted by the near 7% drop in output in the first quarter of 2020, as Beijing reacted to the Covid pandemic with a shut down of large parts of the economy.
For the year as a whole, most analysts, including the IMF, are forecasting growth in China of 8.5%, compared to 6.5% in the US and perhaps 6% in the UK.
Chinese consumers have emerged from the pandemic even stronger than they were before. In the first quarter of the year, retail sales were up by 34% compared to a year earlier.
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