Chinese Economy Surged 18% in 2021Q1
Last Friday, China reported that its economy surged 18.3% in the first quarter compared to a year earlier, the fastest in three decades, since the data was released. This record-high figure reflected the recovery from a deep coronavirus-induced trough in early 2020 and the continued momentum of the world’s second largest economy.
Retail sales soared 33.9 percent, fixed-asset investment jumped 25.6 percent, and industrial production gained by over 24.5 percent, data released by the National Bureau of Statistics showed。
The statistics bureau said Friday inflation is expected to remain in a moderate range this year, and while rising commodity costs could boost domestic prices, there’s no basis for prices in upstream sectors to rise significantly.
