ECONOMY China GDP expands 18.3% in Q1 as export revival drives industry Continued momentum hinges on global recovery from coronavirus An aerial view of a container port on the Yangtze River in Nantong in eastern China's Jiangsu province on April 8, 2021. (Chinatopix via AP) © AP CK TAN, Nikkei staff writerApril 16, 2021 11:06 JST HEFEI, China -- Soaring exports helped China's gross domestic product grow 18.3% in the first quarter of 2021, rebounding from the 6.8% contraction in the same period last year at the start of the coronavirus pandemic, government data show. The figure released Friday by the National Bureau of Statistics toppedthe median 17.9% estimate by 32 economists in a Nikkei poll. China's GDP growth for January-March followed a 6.5% gain in the final quarter of 2020. Greater demand by trading partners emerging from the pandemic fueled Chinese industrial production and investments. Exports jumped 49% during the quarter to $710 billion, while imports rose 28% to $593.6 billion. China projects 6% GDP growth for 2021, the first year of the government's five-year economic plan. Policymakers envision growth from domestic consumption driven by national development of advanced technologies. On a quarterly basis, the economy posted slower growth of 0.6% in the January-March period, reflecting the impact of new COVID-19 infections hitting northern China in January and February. Economists expect growth to decelerate in the coming quarters. "There is a possibility that we may not sustain the rapid growth because of the economic condition in other countries," Rui Mingjie, a professor of industrial economics at Fudan University in Shanghai, told Nikkei Asia. Major economies continue to be hampered by new surges in COVID-19 infections. The U.S. averaged about 69,000 cases daily for the week ending April 12, while Germany averaged about 16,500. China has expanded its inoculation program since March to include people 60 and older as the country aims to vaccinate 40% of the population by the end of June. "Such progress will reduce the potential negative impact on merchandise and services trade growth" as the risk of delayed reopening of borders declines, "supporting continuous robust import growth as well," Citi Research wrote in a note on Tuesday. DHgate.com, a Beijing-based international e-commerce service provider, said demand for Chinese household goods, women apparels and wearable devices jumped at least threefold during the first quarter. The company, whose top export markets include the U.S., France, and Italy, expects demand to grow with the pandemic under control in some countries. "In the next three quarters, outdoor equipment, consumer electronics, health care and beauty, as well as pet products, will grow faster," a company spokesperson said.
and China A50 and Hangseng hardly moved. the market could be rather immune to major economic data release.
It's ironic that the country that caused the virus (whether unsafe food market, possibly by accidently leaking out of a biolab or perhaps even intentionally releasing it) has benefitted the most from that event. Long term China wins.