Have the rumors of China’s death been greatly exaggerated?
Early data from China’s reopening are in, and the numbers topped expectations.
The first quarter GDP growth rate surged 4.5% year-over-year, up from 2.9% in the fourth quarter and higher than economists’ expectations of 4%.
On a quarter-over-quarter basis, the Q1 GDP rose 2.2%, up from 0.6% in the October-to-December period, and matched the market estimate.
Moreover, retail sales soared 10.6% year-over-year in March, up from 3.5% and higher than the market forecast of 7.4%.
Industrial production surged 3.9% last month, while industrial capacity utilization slowed to 74.3% in the January-to-March period.
The unemployment rate dipped to 5.3%.
Can Beijing maintain the momentum in the second quarter? Will commodity prices soar on Tuesday? How will this support the yuan?
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