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Manufacturing and retail revival powers China's solid Q1 growth
A definite revival in China's industrial sector, accounting for about one-third of the Chinese economy, drove China's better-than-expected first quarter economic surge as export orders gained and steel output reached a record.
Tuesday’s data from the National Bureau of Statistics revealed that the industrial sector surged 6.5% during the first quarter from 2016, thus demonstrating the fastest pace since the fourth quarter of 2014.
On Monday, China posted first quarter surge of 6.9%, which has appeared to be the quickest for six quarters.
In the industrial sector, manufacturing inched up 7%, compared with the first quarter the previous year.
Financial experts credited surge in exports, in contrast to a drop in the first three months of the previous year, for providing the pick-up during the first quarter.
Another bright spot was the retail as well as wholesale sector - they added at the fastest pace since the end of 2014.
Inflation data is the most important indicator that affects the central bank’s monetary policy.
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