Economic growth in the People's Republic of China is still on track. Supported by strong March retail sales figures, China was able to maintain the annual growth rate of +6.8% in the first quarter of 2018 as expected, despite slightly cooler industrial production data. This gives the Chinese leadership further leeway to purge excessive lending. China’s growth depicts tailwind for the global economy. Asian markets did not react significantly to the numbers that were mostly in line with expectations. In the USA, retailers ended their negative series in March after three consecutive declines in sales. Revenues increased by +0.6% compared to the previous month, the Commerce Department announced in Washington on Monday. Above all, consumers made more money available for larger expenditures, such as for cars. Private consumption accounts for around two thirds of total economic output in the USA.
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