China’s consumer spending growth slowed in April to fall short of market expectations, CNBC reported.
- Retail sales climbed 17.7% in April, slower than the 34.2% year-on-year growth in March. Analysts expected a 24.9% growth.
- Catering sales grew 46.4%, slower than 91.6% recorded in March.
- Year-to-date online sales of consumer goods grew at a slower pace of 23.1% versus 25.8% in the first quarter.
- The industrial output for April climbed 9.8% to meet expectations, while the year-to-date fixed asset investment grew 19.9% to slightly surpass forecasts.
- China Renaissance Researcher Bruce Pang said economic indicators have yet to bounce back to pre-pandemic levels.
- Pinpoint Asset Management Chief Economist Zhiwei Zhang said uncertainties are still holding several sectors back, but the economy likely peaked on a quarter-on-quarter basis in the first three months.