China's retail sales jump 18% as data continues to portray uneven recovery
YANGZHOU, CHINA - MAY 02: Aerial view of tourists visiting the Dongguan street during the May Day holiday on May 2, 2023.
China's economic data for April continued to show an uneven recovery path as the economy continues to emerge from the impact of its stringent Covid restrictions.
Industrial production for April rose by 5.6% year-on-year, compared to the 10.9% expected by economists surveyed in a Reuters poll. The figure was up 3.9% in March following a muted start to the year.
Retail sales rose by 18.4% – lower than economists' forecast a surge of 21%.
Fixed asset investment rose by 4.7%, against expectations of 5.5%. The reading rose 5.1% the previous month.
China stocks have pared most of the gains seen this year. The Shenzhen Component was down 4.67% quarter-to-date and up only 1.48% year-to-date, and notching a 9.5% drop from its peak in early February.
Source: CNBC
