China's Industrial Production Growth in April Beats Expectations
Beijing - Sabab:
China's industrial production grew more than expected in April, according to official data released Monday, overcoming the impact of the trade war launched by US President Donald Trump.
The National Bureau of Statistics reported that industrial output in the world's second-largest economy grew 6.1 percent year-on-year in April.
This exceeded Bloomberg's forecast of 5.7 percent, but remains below the 7.7 percent growth achieved in March.
The National Bureau of Statistics stated that "the national economy withstood the pressure and grew steadily in April," but acknowledged "a complex situation of mounting external shocks, internal difficulties, and multi-layered challenges."
Last week, China and the United States agreed to lift the bulk of their additional tariffs for 90 days, marking a truce in the grueling trade war that has caused significant disruptions to global supply chains and markets and raised fears of a global economic recession. In addition to the trade tensions with the United States, China faces domestic economic challenges, particularly a decline in consumption, threatening its goal of annual economic growth of nearly 5% in 2025.
In addition to industrial production, official data on Monday showed that retail sales, a key determinant of domestic consumption, recorded an annual growth of 5.1% in April. However, this rate remained below Bloomberg's forecast of 5.8% and lower than the growth rate achieved in March (5.9%).
Conversely, unemployment fell to 5.1% in April, compared to 5.2% the previous month.
Furthermore, the real estate sector, a pillar of the Chinese economy, continues to decline. April figures showed declines in new residential property prices in 67 of the 70 cities covered by official statistics.
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