China Industrial Production Climbs 7.0% On Year In April

China Industrial Production Climbs 7.0% On Year In April

BEIJING-China's industrial activity picked up steam last month, though slowing consumption and infrastructure investment continue to cloud the outlook for growth.

Meanwhile, coke output in April fell 3.6 percent from the same month a year ago to 36.72 million tonnes, but still stood at its highest monthly level since September 2017.

Reuters, citing data from the National Bureau of Statistics (NBS), reported that China's daily crude steel output in April rose to its highest in at least 4 years as mills boosted production to take advantage of high margins after the end of winter output curbs.

Investment growth had been expected to ease only slightly to 7.4 percent in the first four months from the same period a year earlier, compared with 7.5 percent in January-March. Economists were expecting industrial output to grow 6.4% in April.

China plans to cut ineffective steel capacity by 30 million tonnes and coal capacity by 150 million tonnes in 2018, according to a government work report released earlier this year.

NBS data also showed that China's retail sales of consumer goods grew 9.4 percent year on year to reach 2.85 trillion yuan in April.

Private sector fixed-asset investment rose 8.4% in January-April, slowing from growth of 8.9% in Q-1.

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