China’s growth surges to 18.3%

BEIJING — China’s economy grew by double digits in the latest quarter, but an explosive rebound from the coronavirus pandemic is slowing abruptly as manufacturing and consumer spending return to normal.

The economy grew by 18.3% over a year ago, official data showed Friday, a figure that was magnified by comparison with early 2020, when factories and shops were closed and activity plunged. Growth compared with 2020’s final quarter slowed to 0.6%, among the weakest of the past decade.

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.