Earth Science News
TRADE WARS
China industrial output picks up, retail sales slow in April
China industrial output picks up, retail sales slow in April
by AFP Staff Writers
Beijing (AFP) May 17, 2024

Chinese industrial production picked up in April but consumption slowed, official figures showed Friday, as woes in the property sector and elsewhere continued to weigh on economic recovery.

Industrial output rose 6.7 percent on-year last month, according to the National Bureau of Statistics, building on a 4.5 percent increase in March.

The figure was higher than the 5.5 percent tipped in a Bloomberg forecast of economists.

However, retail sales growth -- China's key gauge of consumer spending -- continued to slow, expanding just 2.3 percent -- down from 3.1 percent in March and lower than forecasts.

The sales figures are "depressed by low consumer prices and further contraction in housing sales", said Dan Wang, chief economist at Hang Seng Bank China.

"Business and consumer confidence will remain low without policy support directly targeting family income and durable goods," she added.

China's economy is charting an uneven economic recovery, with a heavily indebted property market, sluggish consumption and high unemployment -- particularly among youth -- among the challenges facing policymakers.

Official figures show that property prices and sales in the country continued to slip in April, adding further pressure on the debt-ridden real-estate sector.

The central government has recently signalled plans to step up support, announcing earlier this week the sale of an initial batch of long-term sovereign bonds -- a move expected to boost annual growth.

Authorities are set to gather in Beijing on Friday for a key meeting to discuss potential further relief for the ailing property sector, according to Bloomberg News.

Reacting to the latest figures, Zhiwei Zhang, President and Chief Economist at Pinpoint Asset Management said in a note that "the strong manufacturing sector is likely driven by external demand, evidenced by the growth of export volume".

But falling property prices and other macro indicators "may push the policymakers to take stronger actions to boost domestic demand", said Zhang, adding that the likelihood of an interest rate cut in the second quarter is "rising".

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
Asian stocks mixed after Wall St, Europe retreat from records
Hong Kong (AFP) May 17, 2024
Asian markets diverged Friday as hopes for US interest rate cuts played up against profit-taking from another strong week and warnings from Federal Reserve officials that borrowing costs should be kept elevated for now. All three main indexes in New York as well as London, Paris and Frankfurt turned lower Thursday, having ended at record highs the day before. The losses came as investors digested data showing US inflation had slowed in April after coming in above forecasts the previous three mon ... read more

TRADE WARS
Mumbai billboard owner arrested after deadly collapse: reports

'Calling from humanity': Indonesia rescuers search for flood missing

Gaza aid pier to be operational in coming days: Pentagon

Egypt arrests Uber driver after latest attack on women

TRADE WARS
Energy transition risks critical mineral shortage: IEA

Microbial Enzyme Could Make Plastics Biodegradable

SwRI investigates boiling processes in partial gravity

AI Training Strategies Tested on World's Fastest Supercomputer

TRADE WARS
Manta Ray UUV moves closer to operational readiness after successful tests

Senegal government halts Dakar coastal construction for two months

NASA chooses UF mission to monitor Earth's water and ice

Costa Rica to ration electricity as drought bites

TRADE WARS
Ritacuba Blanco: death of a Colombian glacier

Emperor penguins perish as ice melts to new lows: study

West Antarctic ice shelf stability threatened by feedback loop

New geological map redefines understanding of Greenland's subterranean rocks

TRADE WARS
'Sowing peace'? Colombia program for war criminals stokes debate

Cambodia's famed Kampot pepper withers in scorching heatwave

Polish farmers protest 'harmful' EU environmental rules

Brazil floods strike blow to powerful agriculture sector

TRADE WARS
Indonesia floods kill 58 as rescuers race to find missing

Indonesia floods kill 67 as rescuers race to find missing

More money pledged for flood-stricken Brazil

Indonesia volcano belches ash tower three miles into sky

TRADE WARS
Burkina calls national meetings to set next steps in transition

Bid to end deadly cooking methods which stoke global warming

EU concerned about 'post-election violence' in Chad

Chad troops out in force after junta chief elected president

TRADE WARS
Amazonian chief at UN to combat traditional knowledge piracy

In US national parks, a historical wound begins to heal

Chimps learn and improve tool-using skills even as adults

Exploring the Socioeconomic Drivers Behind Plummeting Fertility Rates

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.