China's factory output rose for the first time this year as the world's second-largest economy slowly emerged from its coronavirus lockdown, although consumption remained depressed amid increased job losses.
BEIJING - China’s factory output rose for the first time this year as the world’s second-largest economy slowly emerged from its coronavirus lockdown, although consumption remained depressed amid increased job losses.
After months of lockdowns, China is reopening its economy as the outbreak on the mainland comes under control. The production of oil, coal, metals and electricity all increased as plants restarted operations in April. “Overall, this set of data shows only small and gradual improvements in economic activity, which could upset markets as China is seen as the ‘first out’ economy from COVID-19,” said Iris Pang, Chief Economist for Greater China at ING.
While exports unexpectedly rose in April, driven in part by demand for medical supplies, imports saw a sharper-than-expected dive, signalling weak domestic demand. Liu said the number of migrant workers who had returned to their cities of employment from their home towns in April was at 90% of levels seen in previous years.
Fixed-asset investment fell 10.3% in January-April, compared with a forecast 10.0% fall and a 16.1% decline in January-March.
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