China’s National Bureau of Statistics will release its estimate for first-quarter gross domestic product growth on Friday, with banner figures expected one year after the Covid-19 pandemic brought the world’s second-largest economy to a halt.
The country recorded a historic year-on-year contraction of almost 7 per cent in the first quarter of 2020, setting the stage for a dramatic rebound this year.
Exports in March were the most recent example of this “low base” effect, soaring more than 30 per cent compared with the same month last year, when China was under lockdown to contain coronavirus.
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