Even if China’s first-quarter gross domestic product figures were the worst in nearly two decades, a volley of new data published on Thursday indicated that heavy government spending has already pulled the economy out of the worst part of the downturn.

On the back of a surge in bank loans to government-mandated infrastructure projects, fixed-asset investment rose sharply in March compared with the year before, while growth in industrial production also accelerated last month. Electricity consumption, which slumped in recent months, has also stabilised.