China's economy slows from recent bounce

China's economy slows from recent bounce

China's economy slows from recent bounce

Retail sales, which increase by 10.7 percent year-on-year in April, beat the 10.6 percent forecast by Reuters but still softer than March's 10.9 percent.

Retail sales, a broad measure of private and government spending, climbed 10.7% year-on-year, compared to 10.9% in March.

Analysts had forecast industrial production to rise 7%, retail sales to increase 10.8% and fixed-asset investment to increase grow 9.1%.

Fixed asset investment rose 8.9% in the first four months of the year, down from 9.2% in the first three months of the year.

Xing said the April figure indicates continued expansion of domestic consumer demand, which was partly driven by consumption upgrades and new business patterns such as online sales. However, "we're still some way off from the economy weakening to the point where it will test the tolerance of the urgency to address some of these financial risk issues (is even greater)", he said.

The weaker April data dovetails with other signs that China's economic engine is losing steam after a surprisingly strong start to the year.

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Economists say all of China's recent growth has been underpinned by mobilizing more money and labor, rather than improving human capital and technology.

Private investment growth - which accounts for about 60% of the national total - slowed to 6.9% in the first four months, 7.7% in the first quarter, the National Bureau of Statistics said on Monday, suggesting small- and medium-sized private firms still face tough access to financing. Investment in real estate development increased 9.3 percent year on year from January to April, 0.2 percentage points faster than the growth rate registered in the first quarter.

In value terms sales totalled Rmb3.3tn ($US478.2bn), up 20.1% from the January-April period in 2016 but down down 5 percentage point slowdown from the prior year.

The country's first quarter economic growth came in at a faster-than-expected 6.9 percent, the quickest since 2015 on higher government infrastructure spending and a gravity-defying property boom.

Property investment growth remained robust and the inventory trended down.

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