China economy jumps 18%

China’s economy jumped by 18.3% in the first quarter of 2021.

Figures are below expectations, which were an increase of 19% however, the jump in GDP is the highest since records began back in 1992.

China’s National Bureau of Statistics commented: “The national economy made a good start.”

“We must be aware that the Covid-19 epidemic is still spreading globally and the international landscape is complicated with high uncertainties and instabilities.”

There was a steady growth all sectors. Industrial output increased 14.1% year on year whilst retail surged 33.9%.

It’s important to note that whilst there was a tremendous jump for the economy and hints towards an impressive comeback, the results are in comparison to the pandemic and crash of the economy.

Louis Kuijs, head of Asia economics at research and consultancy firm Oxford Economics, said: “Promisingly, the monthly indicators suggest that industrial production, consumption and investment all gained pace in March on a sequential basis, following the weakness in the first two months.”

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