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Release of key economic monthly data by the National Bureau of Statistics (NBS) on Monday indicates that China’s economy in April remained "stable" and "positive".
Xing Zhihong, the spokesperson of NBS, said that China’s economy in April was stable and had improved, with production continuing to grow and market demand expanding.
The data shows China’s value-added industrial output rose 6.5 percent year on year in April, 0.5 percentage points higher than the same month of last year.
The April figure however showed some slowing down from the 7.6 percent growth recorded in March and was also lower than the 7.0-7.1 percent hike in output analysts cited by Reuters and Bloomberg had expected.
Industrial output of state-owned enterprises was up 5.6 percent in April, while output of shareholding enterprises grew 6.9 percent. Meanwhile, the industrial output of enterprises funded by overseas investors increased 5.5 percent.
According to the analysis, investment in real estate development increased 9.3 percent year on year from January to April, 0.2 percentage points faster than the growth rate registered in the first three months in 2017.
Property investment in central China grew 16.8 percent year on year in the same period, faster than the growth rates in eastern and western regions, while property investment in northeastern China declined 13.7 percent.
Housing sales growth eased its pace. In terms of floor area, property sales rose 15.7 percent year on year in the first four months, 3.8 percentage points lower than the first three month, while sales rose 20.1 percent in value over the period, 5 percentage points lower than the first three months.
Consumption activities were relatively stronger in rural areas, with retail sales expanding 12.6 percent in April, outpacing urban areas, where retail sales climbed 10.4 percent year on year.
Online spending was robust. From January to April, online retail sales surged 32 percent year on year to 1.92 trillion yuan.
Xing said the April figure indicates continued expansion of domestic consumer demand, which was partly driven by consumption upgrades and new business patterns such as online sales.
China is trying to shift its economy toward a growth model driven by consumer spending, innovation and services, while weaning it off reliance on exports and investment.
China's economy expanded at a 6.9-percent pace in the first quarter, accelerating from 6.8 percent in the previous quarter, and 77.2 percent of it was driven by consumption, 12.6 percentage points higher than the 2016 level, according to official data.
(CGTN)
