China's industrial production, which indicates manufacturing trends, rebounded sharply in April, but retail sales fell short of expectations and retreated due to sluggish domestic demand.
China's National Bureau of Statistics announced on the 17th that industrial production in April increased by 6.7% year-on-year. This figure significantly exceeded experts' expectations (5.5%) and the previous month's figure (4.5%). Industrial production aggregates the total output of factories, mines, and public facilities, reflecting manufacturing trends. It is also used as a leading indicator for employment and average income.
Retail sales announced on the same day were recorded to have increased by 2.3%. Due to weak domestic demand, this fell short of both the previous month's figure (3.1%) and the expected figure (3.7%).
The fixed asset investment rate increased by only 4.2% from January to April this year, falling short of the expected 4.6%. On the same day, China's housing prices in April dropped by 3.1%, widening the decline from the previous month (-2.2%).
The unemployment rate in April improved by 0.2 percentage points to 5.0% compared to the previous month (5.2%).
Regarding the economic indicators announced that day, the National Bureau of Statistics stated, "Overall, the economy operated steadily in April," attributing some slowing trends to base effects and seasonal factors. It added, "New growth drivers are maintaining rapid growth, and the economy continues its recovery and improvement trend," while mentioning future challenges such as a complex and uncertain external environment and the early implementation of existing macroeconomic policies.
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