China April Activity Data Update

China's April economic data showed a broad slowdown across retail, investment, and industrial production, missing consensus estimates. While exports remain a strength, weak domestic demand may trigger further policy easing in the second half of the year.

Key Takeaways

• 1.China's April retail sales slowed sharply to 0.2% y/y, significantly missing consensus expectations of 2.0% due to weakness in autos and property-related goods.
• 2.Fixed asset investment (FAI) returned to contraction territory at -1.6% y/y, with property investment continuing to decline by double digits.
• 3.Industrial production growth moderated to 4.1% y/y, though high-tech manufacturing and exports remain the primary buffers for the economy.

Table of Contents

• Retail sales fell on reduced subsidies and a high base
• Investment turned negative again; no broad property relief yet
• Industrial production (IP) eased, led by energy and chemicals
• Bumpy road to recovery buffered by resilient exports
• Global asset class preferences definitions
• Risk information
• Generic investment research – Risk information

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