Chinese retail sales grew at their slowest pace in nearly 16 years in April and industrial output came in short of estimates, with analysts warning stimulus measures that had boosted the economy were tapering off just as trade tensions with the US were reignited.
Retail sales grew 7.2 per cent year on year last month, according to the National Bureau of Statistics, the weakest pace since 2003 led by a slowdown in consumer goods and cosmetics sales. That was lower than the expected 8.6 per cent growth rate, as forecast by a Reuters poll of economists. The April figures were also lower than the 8.7 per cent increase in March.
Growth in industrial production slowed to 5.4 per cent, lower than the 6.5 per cent increase that had been forecast and level with November’s figure, which was the weakest rate since the global financial crisis a decade ago.