China’s economy grew by double digits in the latest quarter. Still, an explosive rebound from the coronavirus pandemic slows abruptly as manufacturing and consumer spending return to normal.
The economy grew by 18.3% over a year ago, official data showed Friday, a magnified figure by comparison with early 2020 when factories and shops were closed and activity plunged. Growth compared with 2020’s final quarter, when recovery was underway, slowed to 0.6%, among the past decade’s weakest.
The latest figures “mask a sharp slowdown” in the world’s second-largest economy as stimulus spending and easy credit are wound down, Julian Evans-Pritchard of Capital Economics said in a report.
“China’s post-COVID rebound is leveling off,” Evans-Pritchard said.