China consumption slows as retail sales and investment data disappoint

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China reported data Friday that pointed to slower growth on the consumer side while industrial activity remained robust.

But fixed asset investment rose by 4.2% for the first four months of the year, lower than the 4.6% expected increase.

Retail sales rose by 2.3% in April from a year ago, the National Bureau of Statistics said. That was less than the 3.8% increase forecast by a Reuters poll, and slower than the 3.1% pace reported in March. Real estate investment steepened its pace of decline, and was down 9.8% year-on-year for the first four months of 2024.The urban unemployment rate in April was 5%. The bureau has previously said it would publish the breakdown by age in the days following the overall data release.

"Major indicators of industry, exports, employment and prices improved overall, with new driving forces maintain rapid growth," the bureau said. Dan Wang, chief economist at Hang Seng Bank , said in an interview late last month she expected China's property market to stabilize by the end of next year.

 

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