China April industrial output growth slows to 9.8%

SINGAPORE (ICIS)–China’s industrial output in April posted a 9.8% year-on-year growth, lower than the 14.1% pace recorded in March, official data showed on Monday.

Higher production in April was backed by increases in both retail sales and exports.

Industrial outputs of chemical raw material and finished products manufacturing rose by 8.7% in April, falling from 11.9% in March.

The country’s retail sales had a 17.7% year-on-year increase, while exports denominated in Chinese yuan grew 22.2%.

For the first four months of 2021, industrial output in the world’s second-biggest economy expanded by 20.3% year on year, while yuan-denominated exports over the same period were up by 33.8%.

“We must be aware that the global situation of the epidemic is still complicated and the world’s economic recovery is unbalanced,” the NBS said.

“At home, the foundation for the economic recovery is not yet solid and new circumstances and problems have emerged in the development,” it said.

China’s economy expanded at a record pace of 18.3% in the first quarter of this year.

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Initial reporting by Fanny Zhang