China April industrial output cools, retail sales growth falls to 16-yr low as trade risks rise
BEIJING - China on Wednesday reported surprisingly weaker growth in industrial output and retail sales for April, reinforcing expectations that Beijing needs to roll out more stimulus measures as the trade war with the United States escalates.
Growth in industrial output slowed more than expected to 5.4 percent in April from a year earlier, pulling back from a surprising strong 4-1/2 year high of 8.5% in March, which some analysts had suspected was boosted by seasonal and temporary factors.China’s exports unexpectedly shrank in April in the face of U.S. tariffs and weaker global demand, while factory surveys suggest new export orders remain sluggish.
Earlier this week, industry data showed automobile sales in China fell 14.6% in April on-year, marking the 10th consecutive month of decline.Fixed-asset investment growth slowed to 6.1% in the first four months of this year. Analyst polled by Reuters had expected it to rise 6.4%, picking up from 6.3% in the first quarter of this year.
China is trying to engineer a construction boom to rekindle demand, even as it steps up support measures to keep cash-starved smaller companies afloat, ranging from tax cuts to financial incentives for firms which do not lay off staff.Washington dramatically escalated its 10-month tariff war with Beijing on Friday by hiking levies on $200 billion worth of Chinese goods in the midst of trade talks, and President Donald Trump has threatened new levies on all remaining U.S.
Economists at Citi estimate the U.S. tariff increase could lop 50 basis points off China’s GDP growth, reduce exports by 2.7 percent and cost the country another 2.1 million jobs, though they are optimistic a trade deal will be reached eventually.
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