China’s economy continues its steady recovery as industrial output saw robust growth in April, according to data released by the National Bureau of Statistics (NBS) on Friday.
Industrial production from major enterprises increased by 6.7 percent year-on-year in April, accelerating from a 4.5 percent rise in March. Bruce Pang, chief economist of JLL Greater China, noted that the delivery of announced policy stimulus is crucial, as industrial output remains a significant contributor to growth.
Meanwhile, total retail sales of consumer goods reached 3.57 trillion yuan ($494 billion) in April, marking a 2.3 percent increase from the previous year. This growth was slightly slower than the 3.1 percent rise observed in March. Pang pointed out that consumers appeared cautious about spending in April, possibly saving for increased expenditures during the recent Labor Day holiday week in May.
Consumption Expected to Accelerate in May
Experts anticipate stronger consumption momentum in May, bolstered by an improving employment rate, solid growth in service consumption, and additional policy incentives. Notably, retail sales of services grew by 8.4 percent in the first four months of the year.
The surveyed urban unemployment rate stood at 5.2 percent in April, a decrease of 0.2 percentage points from the same period last year.
Fixed-asset investment also showed positive signs, rising by 4.2 percent year-on-year from January to April. Investment in high-tech manufacturing sectors, including aviation, spacecraft, and equipment manufacturing, surged by 49.6 percent.
The NBS reported that consumer prices remained stable, with the consumer price index edging up 0.3 percent in April. The decline in producer prices narrowed, as the producer price index fell by 2.5 percent.
Pang mentioned that a high base factor has disrupted the year-on-year growth momentum of other major indicators. However, he emphasized that various indicators are growing steadily month-on-month, indicating that the economy is still expanding with resilience.
Reference(s):
cgtn.com
