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Chinese Economic Data Disappoints as Lockdown Impact Continues

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Investing.com
By Investing Com

© Reuters.

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By Gina Lee

Investing.com Chinese economic activity dropped sharply in April 2022, as COVID-19 lockdowns took a heavy toll on consumption, industrial production, and employment, adding to fears that the economy could shrink in the second quarter.

National Bureau of Statistics (NBS) data released earlier in the day showed that fixed asset investment grew 6.8% year-on-year. Industrial production contracted 2.9% year-on-year and Chinese industrial production grew 4% year-on-year.

Retail sales contracted 11.1% year-on-year in April 2022 and the Chinese unemployment rate was 6.1%.

Although Premier Li Keqiang said in March that China aims to create more than 11 million jobs, and preferably 13 million urban jobs, in 2022, he recently called the country's employment situation complicated and grim due to the countrys worst COVID-19 outbreaks since 2020.

This led to full or partial lockdowns in dozens of cities in March and April, including a prolonged one in the city of Shanghai. This lockdown, and prolonged testing in Beijing, are adding to the concerns about economic growth over the rest of the year, Hwabao Trust economist Nie Wen told Reuters.

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