China’s National Statistics Bureau reported GDP growth at 5.4% “in the first quarter.” Since China reports GDP differently from Europe or America, note that this figure is for reported one-year GDP growth from the first quarter 2024 to the first quarter 2025. (At the same time, the NSB reported growth of 1.2% from the fourth quarter 2024 to the first quarter 2025.) The reported figures were considerably above estimates from ever-hopeful bank economists. They included industrial output growth of 7.7% (probably improved by an export inventory push in anticipation of Trump’s tariffs); retail sales growth of 5.9%; fixed asset investment growth of 4.2% in which infrastructure and manufacturing expansion overcame a large (−9.9%) drop in real estate fixed investment.