Industrial output climbed 6.1% year on year in April, slowing from the prior month but far exceeding the median estimate in a Bloomberg survey of analysts. Retail sales growth, a key gauge of consumption, also weakened from March to 5.1%, according to figures published by the National Bureau of Statistics on Monday.
Despite the resilience of factories, weaker consumption for April points to the need for more supportive policies as economists warn of complacency after a 90-day pause on tariffs. China’s prolonged property crisis, deflationary pressure and worries about unemployment are weighing on confidence among households.
Beijing, which set an economic growth target of about 5% for 2025, has previously made boosting domestic consumption a priority this year. The urban jobless rate fell slightly to 5.1% in April.