China on Wednesday reported surprisingly weaker growth in retail sales and indus...
BEIJING - China on Wednesday reported surprisingly weaker growth in retail sales and industrial output for April, adding pressure on Beijing to roll out more stimulus as the trade war with the United States escalates.
The data suggested consumers were now beginning to cut back spending on everyday products such as personal care and cosmetics, while continuing to shun more expensive items such as cars. Growth in industrial output slowed more than expected to 5.4% in April on-year, pulling back from a 4-1/2 year high of 8.5% in March, which some analysts had suspected was boosted by seasonal and temporary factors.Motor vehicle production dropped nearly 16% as demand weakened, with sedan output slumping 18.8%, the steepest decline since September 2015. Industry data this week showed auto sales fell 14.6% in April, the 10th consecutive month of decline.
“The funding gap in the market is relatively large,’ Nie said, adding that smaller, more targeted reductions in bank reserves may no longer be enough to spur stronger growth. Growth in infrastructure spending held steady at 4.4%, with a sharp slowdown in cement production possibly reflecting a slower-than-expected payoff from Beijing’s efforts to fast-track road and rail projects.
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