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China’s economy appears to be firing on all cylinders, with growth in the first quarter accelerating to its fastest pace in a year and a half. Industrial production, investment and retail sales all came in better than market expectations. The 6.9% growth rate set in the first three months of the year was largely fueled by government-led infrastructure spending and a property boom. Economists caution that headline growth may have hit the peak for this year and that the momentum is likely to fade as Beijing moves to deflate...