China industrial output, retail growth slows amid tariff turbulence
Make us a preferred source
Make us a preferred source on Google
The news: Chinese industrial output and retail sales growth slowed last month as the world’s second-largest economy dealt with high tariffs imposed by the US, according to the latest figures from the National Bureau of Statistics of China. However, industrial production figures beat analyst expectations, suggesting some resilience in the sector.
The numbers: Industrial output grew by 6.1% in the year to April. Although this is down on the 7.7% growth in the year to March, it outperformed analysts surveyed by Bloomberg who had a median estimate of 5.7%.
Retail sales growth fell to 5.1% in the year to April from 5.9% in the previous month.
The context: At the beginning of April, US President Donald Trump raised tariffs on Chinese imports to 34% before hiking the rate to 145% the following week, which was followed by China raising tariffs on US goods to 135%. However, both countries agreed last Monday to cut tariffs by 125% for 90 days.
What they said: The bureau said in a statement that the Chinese economy had maintained stable growth “in the face of a complicated situation marked by increasing external shocks and multiple domestic difficulties and challenges”.
The sources: National Bureau of Statistics of China, Bloomberg
