China's economy continues its upward trajectory, demonstrating robust recovery in April according to the latest data from the National Bureau of Statistics (NBS).
Industrial output from major enterprises rose by 6.7% year on year in April, a significant increase from March's 4.5%. Bruce Pang, chief economist of JLL Greater China, highlighted the importance of policy stimulus in sustaining this growth, noting that industrial output remains a key driver.
Retail sales of consumer goods reached 3.57 trillion yuan ($494 billion) in April, marking a 2.3% increase from the previous year. Although this growth is slightly slower than March's 3.1%, Pang suggests that consumer spending is set to pick up in May, particularly with the upcoming Labor Day holiday.
Beyond consumer goods, retail sales of services have shown impressive growth, increasing by 8.4% in the first four months of the year. The urban unemployment rate also saw a slight decrease, standing at 5.2% in April, down 0.2 percentage points from last year.
Fixed-asset investment grew by 4.2% year on year from January to April, with high-tech manufacturing sectors such as aviation and spacecraft seeing a remarkable 49.6% increase. Additionally, consumer prices remained stable, with the consumer price index edging up by 0.3% and the producer price index declining by 2.5% in April.
Pang emphasized that while some indicators are influenced by high base factors, the steady month-on-month growth across various sectors indicates a resilient and expanding economy.
Reference(s):
cgtn.com
