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MNI DATA BRIEF: China Apr Indicators Slow As Base Rebounds

MNI (Singapore)
BEIJING (MNI)

China's macroeconomic indicators slowed in April as the comparison base rebounded from the lows of the Covid-19 outbreak, data released by the National Bureau of Statistics on Monday showed. All figures were weaker than median forecasts.

Industrial production grew 9.8% y/y in April, down from the 14.1% gain in March. The average growth for the past two years was 6.8%. The 20.3% y/y growth for the first four months was slower than 24.5% in Q1 and missed the projection of 21.1%. Retail sales rose 17.7% y/y in April, below March's 34.2% gain, underperforming the 25.0% projection. The average growth for two years was 4.3%. The measure grew 29.6% in Jan-Apr, slower than 33.9% in Q1.

Fixed-asset Investment registered a growth of 19.9% y/y in Jan-Apr, decelerating from 25.6% in Q1 and underperforming the 20.0% forecast. The average growth for two years was 3.9%. Manufacturing investment rose 23.8% y/y in Jan-Apr although it fell 0.4% based on the average gain in two years. Meanwhile, infrastructure and property investment grew 18.4% and 21.6%, respectively, and 2.4% and 8.4% on average for the past two years. The registered urban unemployment rate was 5.1% in April, 0.2 percentage point lower than in March.
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