China’s retail sales growth cooled in April, raising fresh concerns over domestic consumption strength in the world’s second-largest economy, despite signs of resilience in industrial production and employment.
According to data released Monday by the National Bureau of Statistics (NBS), retail sales rose 5.1% in April from a year earlier, below the 5.5% forecast and down from March’s 5.9% increase.
The NBS said in the statement: “Production and demand grew steadily, employment was generally stable, and new growth drivers accumulated and grew. The national economy maintained stable growth despite pressure, sustaining the new and positive development momentum."
In contrast to the weak consumption data, industrial production rose 6.1% year-on-year in April, beating market expectations of a 5.5% gain and offering some support to the overall growth outlook.
Fixed-asset investment, which covers infrastructure and property spending, grew 4.0% in the first four months of 2025, narrowly missing forecasts of a 4.2% rise.
Labour market conditions showed slight improvement, with the urban survey-based unemployment rate easing to 5.1% in April from 5.2% in March.
The mixed economic snapshot arrives as China and the United States recently agreed to roll back most of the tariffs imposed on each other’s goods for 90 days, offering a temporary reprieve in their long-running trade dispute.
However, markets remain cautious over whether a more comprehensive deal can be achieved, given ongoing geopolitical and economic tensions.
