Categories: Economy

China’s retail sales contracts by 11.1% in April, the worst since 2020

<p>
<strong>Stringent lockdowns at several parts of China have hit its economy. In April, retail sales registered a contraction of 11.1 per cent compared to a year ago, data published by China's National Bureau of Statistics revealed. This is the biggest fall since March 2020.</strong></p>
<p>
Factory production also declined 2.9 per cent from a year earlier as China continued with its zero Covid policy.</p>
<p>
<a href="https://www.scmp.com/economy/economic-indicators/article/3177869/china-economy-slowdown-continues-industrial-production" rel="nofollow">The South China Morning Post</a> in its report said that major indicators measuring the state of the world’s second largest economy fell short of expectations in data released on Monday, with industrial production, retail sales, fixed-asset investment and the surveyed jobless rate falling to their weakest levels in more than two years.</p>
<p>
<strong>Also read: <a href="https://www.indianarrative.com/economy-news/as-business-sentiment-takes-a-further-beating-in-china-what-is-in-store-for-the-world-s-second-largest-economy-169964.html">As business sentiment takes a further beating in China, what is in store for the world's second largest economy?</a></strong></p>
<p>
That apart, China’s exports growth for April too slowed down to 3.7 per cent compared to a year earlier to $273.6 billion, down from 14.7 per cent recorded in March. This is the lowest since June 2020.</p>
<p>
China’s zero Covid approach has come under scrutiny as several companies were forced to remain shut while a large number of small and medium enterprises have been forced to wind up.</p>
<p>
China posted an economic growth of 4.8 per cent in the January to March period of this year but growth in the second quarter will be severely impacted. Besides the Covid 19 induced restrictions that have affected businesses, the ongoing Russia-Ukraine conflict has also dealt a blow to the country’s economy.  </p>

IN Bureau

Recent Posts

“India, Pakistan agree to cease military action on land, air and sea”: FS Vikram Misri

In a crucial step toward de-escalation, Foreign Secretary Vikram Misri confirmed that Pakistan's Director General…

2 days ago

Op Sindoor strikes kill Jaish Chief Masood Azhar’s brother-in-law, the man behind IC-814 hijacking

Indian Armed Forces launched a strike on May 7, targeting nine terror infrastructure sites in…

2 days ago

PM Modi chairs high-level meeting with Defence Minister Rajnath Singh, CDS and armed forces chiefs

Prime Minister Narendra Modi chaired a meeting with Union Defence Minister Rajnath Singh, National Security…

2 days ago

Pakistan’s actions being seen as escalatory, provocative in nature, says Foreign Secretary Misri

Foreign Secretary Vikram Misri emphasised that the actions being undertaken by Pakistan against India are…

2 days ago

Fragments of projectile retrieved from Rajasthan’s Jaisalmer

As Pakistan continued its aggression targeting even civilian infrastructure, fragments of a projectile were retrieved…

2 days ago

India exposes Pak propaganda war, debunks claims of damage to defence systems, air bases

India on Saturday categorically rejected Pakistan's malicious misinformation campaign, which falsely claimed the destruction of…

2 days ago