China: The calm before the storm?
A strong start to the year…First-quarter growth came in at 5.4%, ahead of consensus expectations. This growth was driven by industrial production, which quickened sharply in March, up 7.7% (compared with 5.9% in the January-February period), buoyed in particular by the solar panel, electrical appliances and components, and transport equipment sectors. However, the main positive surprise was retail sales, which were up 5.9% year on year in March, compared with 4%…