The latest economic figures from China have revealed that consumer spending growth has been slower, while the country’s industrial activity and output has remained steady.
Slower Growth In China Confirmed
The Chinese National Bureau of Statistics pointed to retail sales rising by 2.3% in the month of April when compared to the same period last year. An increase of 3.8% had been expected in this area, while March’s number showed 3.1% growth from the previous year.
Better news came in the period between 29 April and 3 May, which is a holiday in China. This spell saw an increase of 6.8% in retail sales from last year’s numbers, according to information from the country’s Ministry of Commerce. Home appliance purchases climbed by 7.9% during this period, while car sales shot up by 4.8% thanks to a range of trade-in incentives across the country.
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Among the other figures disclosed, the numbers for industrial production were better than expected. Instead of the anticipated 5.5% growth, this figure rose by 6.7% in April. It was also an improvement on March’s 4.5% rate. Investment in real estate has declined from last year, with the first four months of the year showing a 9.8% drop. Unemployment in China’s urban areas sits at 5%, though we’re still waiting for details on how this is broken down by age and other factors.
The official confirmation of these numbers was accompanied by the following statement from the National Bureau of Statistics:
Major indicators of industry, exports, employment and prices improved overall, with new driving forces maintain[ing] rapid growth.
