China's economy hit the brakes even before the new Trump tariffs
By business reporter Stephen Letts
Posted earlier today at 2:36am
China's economy appears to have slowed abruptly, even before the recent escalation of trade hostilities with the US.
China's economy appears to be slowing again after stabilising earlier this year
Retail sales, industrial production and infrastructure investment in April were all much weaker than expected
Chinese authorities are expected to unleash more stimulus as heightened trade tensions drag economic growth down further
The monthly release of key economic data showed widespread weakness across the important domestic drivers in retail and the industrial heartland during April.
Retail sales grew at their slowest pace since during the SARS outbreak in 2003.
Sales lifted 7.2 per cent over the month, but that was a big step down from the 8.7 per cent in March and much lower than analyst expectations.
Housing-related consumption — including furniture, home appliances and construction & decoration material — slowed dramatically, as did sales of clothes, phones and cosmetics.
Industrial output slowed from 8.5 per cent growth to 5.4 pre cent, also far weaker than expected, while fixed-asset investment — a proxy for infrastructure and property spending — also headed south.
The rapidly cooling domestic economy doubles down on weaker than expected export demand