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China's financial movement decelerates due to 'zero-COVID' strategy
(MENAFN) On Monday, official statistics presented that China's financial movement decelerated last month because of continuing disturbances initiated by its "zero-COVID" plan.
Industrial production contracted 2.9 percent annually last month, in line with the Chinese National Bureau of Statistics.
The number was much lower than a market estimate of a 0.4 percent growth for April.
The additional value of the mining industry climbed 9.5 percent on a yearly basis in last month, while the manufacturing industry declined by 4.6 percent and the electricity, heat, gas, and water output increased by 1.5 percent.
China's retail sales stood at 11.1 percent last month from 2021 compared to a 6.1 percent drop estimated in the market, however, this has been the biggest decrease since March two years ago, when the number fell 15.8 percent yearly.
Industrial production contracted 2.9 percent annually last month, in line with the Chinese National Bureau of Statistics.
The number was much lower than a market estimate of a 0.4 percent growth for April.
The additional value of the mining industry climbed 9.5 percent on a yearly basis in last month, while the manufacturing industry declined by 4.6 percent and the electricity, heat, gas, and water output increased by 1.5 percent.
China's retail sales stood at 11.1 percent last month from 2021 compared to a 6.1 percent drop estimated in the market, however, this has been the biggest decrease since March two years ago, when the number fell 15.8 percent yearly.
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