BEIJING: China's April industrial output and retail sales growth undershot forecasts, suggesting the economy lost further momentum at the start of the second quarter and adding to the raft of recent data highlighting a wobbly post-COVID recovery. China's industrial output grew 5.6 per cent in April from a
BEIJING: China's April industrial output and retail sales growth undershot forecasts, suggesting the economy lost further momentum at the start of the second quarter and adding to the raft of recent data highlighting a wobbly post-COVID recovery.
Retail sales jumped 18.4 per cent, speeding up sharply from a 10.6 per cent increase in March for their fastest increase since March 2021. Analysts had expected retail sales to grow 21.0 per cent. Indeed, other data over the past week showing shrinking imports in April, deepening factory gate deflation and worse-than-expected bank loans signalled weak domestic demand, raising pressures on policymakers to shore up the economic recovery as global growth falters.
On top of fragile domestic and global demand conditions, Chinese policymakers have to contend with headwinds from recent Western bank failures, high global borrowing costs and the Ukraine war. High domestic debt and a still-shaky property market also remain concerns.
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