Official figures have revealed that China’s economic data for April failed to meet expectations, with low demand and high youth unemployment contributing to an uneven recovery after the easing of strict Covid-19 regulations.
According to the National Bureau of Statistics (NBS), retail sales, a crucial gauge of domestic consumer activity, grew by 18.4% year-on-year. However, this fell short of the 21.9% predicted by a Bloomberg survey of economists reports Channel News Asia.
Despite low inflation, weak domestic demand has hindered China’s economic recovery. The government has set a growth target of around 5% for this year, the lowest in decades, with Premier Li Qiang acknowledging that achieving this goal will be challenging. Zhang Zhiwei, chief economist at Pinpoint Asset Management, said…
“The growth target for this year is set at a low level, which…
