China’s economy expands record 18.3 per cent in the first quarter of 2021

China’s economy grew by 18.3 per cent in the first quarter this year compared to the same period a year earlier. The record expansion during January-March was skewed upwards given the comparison to the historic economic contraction of 6.8 per cent over the first three months of coronavirus-hit 2020. But analysts have warned about risks ahead because of the uneven nature of China’s economic recovery, which remains dependent on exports and state-led investment, with growth expected to slow as the year progresses. Beijing has set China’s annual GDP growth target at “over 6 per cent” for this year, but analysts expect growth to easily exceed that target, rising more than 8 per cent on the year.