Business & Economy

China’s industrial production jumps 9.8 percent in April

Beijing, May 17 (EFE).- China’s industrial production rose 9.8 percent year-on-year in April, keeping in line with analysts’ predictions but down from the 14.1 percent jump recorded the month before, the National Bureau of Statistics said on Monday.

Apart from the base effect, the growth reflects the recovery in China’s industrial production after the impact of Covid.

The recovery started in April 2020, when the indicator came out of the negative streak witnessed in the first three months of the year and grew 3.9 percent year-on-year.

Out of the three categories that the indicator is divided in by the NBS, the manufacturing industry registered 10.3 percent growth compared to the same month last year.

Electricity, eating, gas and water sector also rose by an identical 10.3 percent year-on-year, while mining grew 3.2 percent.

The NBS compiles data from 41 industrial sub-sectors, out of which 37 registered growth in April compared to the same month in 2020.

The products that witnessed the largest jump in manufacturing were industrial machinery (22.6 percent), computers and other electronic equipment (10.4 percent) and vehicles (7.7 percent).

The NBS on Monday also released data related to other indicators such as retail sales, an important sector to judge domestic demand and one of the mainstays of the economic model backed by Beijing.

This segment witnessed 17.7 percent growth year-on-year in April – after shooting up as much as 34.2 percent in March – although analysts had predicted it to rise by 25 percent.

Meanwhile fixed-asset investment in the country grew 19.9 percent during the first four months of the year according to NBS.

Real-estate investment rose by 21.6 percent during the same period, a slight dip after 25.6 percent growth was registered in the first three months of the year.

As per another indicator released on Monday, urban unemployment remained at 5.1 percent in April, slightly lower than the 5.3 percent reported the month before.

The NBS said the data showed that China’s economic performance had improved and stabilized despite the “complicated” pandemic situation worldwide.

However, it added that global economic recovery had shown disparities and “the foundations for domestic recovery are not yet secure.”

The body predicted that China would be able to consolidate its growth within a “reasonable” period of time. EFE

jco/ia

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