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The Chinese economy rose 18.3% yoy in the first quarter, though lower than the market consensus of 19%. China's growth accelerated from 6.5% growth in Q4 . This was the strongest pace of expansion since 1992 (when records were first published)

China Factory


China GDP Q1 2021

China's GDP was boosted by stronger demand at both home and abroad, strict virus containment measures, and continued fiscal and monetary support.  Context is important, The latest reading reflected a low comparison base in 2020 when activity plunged due to the COVID-19 shocks and economic lockdowns.


  • 0.6% q/q (seasonally adjusted) expected +1.4% (SA), prior was +3.2%, revised higher from +2.6%
  • 18.3% y/y expected +18.5% y/y, prior +6.5% record high y/y growth (back to 1992 at least)
  • Benefitting for the base effect of a very poor Q1 2020 due to the pandemic impact on the country 

China GDP Annual Growth Rate

Industrial Production March 2021

  • China's industrial production increased 14.1 percent year-on-year in March 2021, easing from a 35.1 percent jump in January-February period and below market consensus of a 17.2 percent rise.
  • For the first three months of the year (YTD) industrial output jumped by 24.5 percent.  lower than expected 26.5%, prior was 35.1%

China Industrial Production

Retail Sales March 2021

  • Retail Sales +34.2% y/y best expected 28.0%
  • This was the eighth straight month of increase in retail trade and the fastest pace since January 1995, as consumption accelerated following the successful COVID-19 vaccination program

China Retail Sales YoY


  • Retail Sales YTD (Jan-March 2021) +33.9% y/y beat expected 31.7%, prior was 33.8%

China Fixed Asset Investment

  • Fixed Assets (excluding rural) YTD +25.6% y/y v expected 26.0%, prior 35.0%

China Fixed Asset Investment

China's fixed-asset investment soared 25.6 percent year-on-year in the first three months of 2021, slowing from a 35 percent surge in January-February period and missing market consensus of a 26 percent growth, as the economy continued to recover from the pandemic crisis.


Source: National Bureau of Statistics of China

From The Traders Community News Desk

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