China’s economy grew a whopping 18.3% in the first quarter of the year — a record rate that indicates tremendous momentum in the world’s second largest economy.
The rate of GDP growth was sharply higher than the year ago period, in part due to the challenges of coronavirus at that time. Meanwhile, the growth was almost 3 times the size of the previous quarter’s growth of 6.5%.
The 18.3% growth rate is the largest on record. China began reporting its quarterly GDP in 1992. The previous GDP record was a growth rate of 15.3% recorded in the first quarter of 1993.