China's vast economy showed new signs of weakness last month, raising the likelihood of increased government efforts to stimulate growth as the trade war with the United States escalates.
Key indicators of economic activity, like industrial output and retail sales, cooled significantly last month, according to figures posted by the National Bureau of Statistics on Wednesday.Industrial output, which measures manufacturing, mining production and other sectors in China, grew 5.4% in April compared to the previous year, significantly lower than analysts had expected. It was also a sharp dip from last month, when growth came in at 8.5%.
"China's retail sales growth slowed to a 16-year low last month, raising questions about consumer confidence in one of the world's biggest markets. Sales grew by 7.2%, far weaker than analyst forecasts of 8.6%.But activity in the sector also decelerated because there were fewer holidays in April this year than last, said Jingyang Chen, a China economist at HSBC, in an analyst note. People walking through a shopping area in Shanghai.
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