China's GDP grew 4.5% year-on-year in the first quarter, and total retail sales surged 10.6% in March. Both are well above market expectations, but there are some issues that deserve attention. The year-on-year growth rate of total retail sales was 7.1 percentage points higher than in the January-February period, seemingly suggesting that consumption rebounded with a vengeance. However, it is actually due to the fact that total retail sales in March last year contracted 3.5% year-on-year under the weight of the pandemic.

https://www.caixinglobal.com/2023-04-24/opinion-chinas-economic-data-points-arent-as-strong-as-they-seem-102031582.html

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