China industrial production misses estimates in April
China industrial production misses estimates in April
China is targeting growth of around 9 percent in fixed asset investment for 2017 and expects retail sales to increase about 10 percent
16 May, 2017, 09:56
Data on Monday highlighted the broad economic impact of these regulatory curbs, with below-forecast factory output in April and fixed-asset investment in the first four months of the year reinforcing evidence of a weakening manufacturing sector and slowing momentum in the world's second-biggest economy.
Value-added industrial output, a rough proxy for economic growth, rose by 6.5% in April from a year earlier, compared with a 7.6% increase in March, data from the National Bureau of Statistics showed Monday.
China's growth took a step back last month after a surprisingly strong start to the year, as factory output, investment and retail sales all tapered off following the authorities' clampdown on debt risks. Infrastructure investment and property investment, however, reported solid growth, increasing 23.3% y/y (ytd) and 9.3% y/y, respectively.
Private sector investment grew 6.9 percent in the first four months to 8.81 trillion yuan, accounting for 61 percent of the total, the statement said.
However, the declines in growth for both urban investment and industrial output were larger than forecast.
Analysts polled by Reuters had predicted factory output would grow by 7.1 percent in April, easing from March's over 2-year high rate of 7.6 percent.
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Fixed-asset investment excluding rural areas - a gauge of spending on real estate, roads and bridges - rose 8.9 per cent in the first four months of the year, compared with 9.2 per cent in January-March.
Private investment accounts for about 60% of overall investment in China.
"All the data sends the same message: The economy slowed down meaningfully in April", Mr Larry Hu, head of China economics at Macquarie Securities in Hong Kong, told Bloomberg News.
Although still in negative growth, China's crude oil production has been declining less rapidly in recent months and is expected to post flat growth for the whole of 2017, said Seng Yick Tee, analyst with consultancy SIA Energy.
Still, analysts expect further deceleration this year and the government unveiled in March a trimmed 2017 growth target of "around 6.5 per cent".
"China seems to have returned to an investment-driven growth strategy".
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