(NBS) China’s retail sales plunged 11.1% from the prior, marking its biggest drop since March 2020, as Covid-19 lockdowns halted the activity.
Most other parameters also went lower in April, with factory production down by 2.9% from the prior year, its biggest drop since February 2020.
Industrial production sank by 14.1% in April in China’s Yangtze River Delta, while the northeast saw a 16.9% drop. Both regions posted a more than 30% decline in retail sales.
The nationwide jobless rate was at the highest since February 2020, while the fixed asset investment expansion missed estimates.
The slowdowns in most economic parameters have left analysts pointing out that the downturn could even turn worse than during the onset of coronavirus. Capital Economics analysts say that China could struggle to return to its pre-pandemic trends.
CSI 300 is down -0.80%, USDCNY is down -0.01%
