China Industry


Industrial production growth moderates in April

In April, industrial production expanded 13.4% over the same month last year. The reading came in well below both market expectations of a 14.6% increase and the previous month's reading of a 14.8% expansion. The lower-than-expected outturn for April triggered concerns among analysts about a hard landing going forward. The April growth was mainly led by heavy industries, in particular by general machinery and non-metal mineral products sectors. According to the seasonally adjusted month-on-month indicator released for the first time in April by the National Bureau of Statistics, industrial production rose 0.93% in April, which was below the previous month's figure of a 1.15% increase. Owing to the weak April reading, annual average growth in industrial production continued to slow, falling from 14.3% in March to 13.9%.

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