China retail sales up 18% as data continues to show uneven recovery

YANGZHOU, CHINA – MAY 02: Tourist sight seeing the streets of Dongguan from above during the May Day holiday on May 2, 2023.

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China’s April economic data continues to show an uneven path to recovery as the economy continues to recover from the impact of strict Covid-19 restrictions.

Industrial output in April rose 5.6 percent year-on-year, compared with 10.9% expected by economists surveyed in a Reuters poll. This number increased by 3.9% in March after a silence at the beginning of the year.

Retail sales rose 18.4% – lower than economists’ forecast of a 21% increase.

Fixed asset investment rose 4.7%, vs. expectations of 5.5%. The index has gained 5.1% in the last month.

Chinese stocks have shed most of their gains this year. The Shenzhen Ingredients has dropped 4.67% year-to-date and is up only 1.48% year-to-date, recording a 9.5% drop from its peak in early February.

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“Market sentiment remains very weak in conversations with our clients,” Goldman Sachs economist Hui Shan wrote in a note Sunday.

She expects more government measures than interest rate changes to improve market confidence.

“Symbolic measures to boost confidence, such as RRR cuts, seem more likely to us, especially around the end of the quarter when liquidity demand is high,” she wrote. , which refers to banks’ required reserve ratio – the amount of capital that banks need to maintain. keep as a reserve.

This is a breaking news story. Please check later for updates.


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