Citizens was shopping at a supermarket in Nanjing, East China’s Jiangsu province, on March 9, 2024. Costfoto | Nurphoto | Getty ImagesChina’s retail sales growth slowed in April, data from the National Bureau of Statistics showed Monday, signaling that consumption remains a worry for the world’s second-largest economy.Retail sales rose 5.1% from a year earlier in April, missing analysts’ estimates of 5.5% growth, according to a Reuters poll. Sales had grown by 5.9% in the previous month.Industrial output grew 6.1% year on year in April, stronger than analysts’ expectations for a 5.5% rise, while slowing down from the 7.7% jump in March.Fixed-asset investment for the first four months this year, which includes property and infrastructure investment, expanded 4.0%, slightly lower than analysts’ expectations for a 4.2% growth in a Reuters poll.The drag from real estate worsened within fixed asset investment, falling 10.3% for the year as of April.The urban survey-based unemployment rate in April eased to 5.1% from 5.2% in March.The data came against the backdrop of trade tensions between China and the U.S.U.S. President Donald Trump placed tariffs of 145% on imports from China that came into effect in April. Beijing retaliated with tariffs in kind, with 125% levies on American imports.Trade-war fears have receded after a meeting of U.S. and Chinese trade representatives in Switzerland earlier this month led to a lower set of levies between the world’s two largest economies.Beijing and Washington agreed to roll back most of the tariffs imposed on each other’s goods for 90 days, allowing some room for further negotiation to reach a more lasting deal.That prompted a slew of global investment banks to raise their forecasts for China’s economic growth this year while paring back expectations for more proactive stimulus as Beijing strives to reach its growth target of around 5%.This is breaking news. Please check back later for updates.
In Nanjing, China, on March 9, 2024, citizens were spotted indulging in some good ol’ supermarket shopping. The scene was captured by Costfoto | Nurphoto | Getty Images, adding a touch of flair to the mundane act of purchasing groceries. The retail sector in China, however, seems to be hitting a bit of a rough patch. Data from the National Bureau of Statistics revealed that retail sales growth took a dip in April, raising concerns about consumption in the country. Not really sure why this matters, but retail sales only saw a 5.1% increase from the previous year in April, falling short of the 5.5% growth that analysts were expecting. Sales had actually experienced a healthier growth rate of 5.9% in the month prior, so what’s the deal with the sudden slowdown?
On the brighter side of things, industrial output managed to outperform expectations in April. The growth rate stood at 6.1% year on year, surpassing the anticipated 5.5% rise. However, this growth rate did slow down from the impressive 7.7% jump seen in March. Fixed-asset investment, which includes property and infrastructure investment for the first four months of the year, expanded by 4.0%. This figure was slightly lower than the 4.2% growth that analysts had predicted in a Reuters poll. Within fixed asset investment, the real estate sector seemed to be dragging its feet, experiencing a 10.3% decline for the year as of April. The urban survey-based unemployment rate also saw a slight improvement, easing to 5.1% in April from 5.2% in March. It’s good to see some progress in the job market amidst all the economic fluctuations. Not really sure why this matters, but it’s always nice to know that people are finding employment opportunities, right?
