Economy, Latest on coronavirus outbreak

China's economic activity slows amid 'zero-COVID' policy

April data for industrial output, retail sales decrease worse than market forecast

Tuba Sahin   | 16.05.2022
China's economic activity slows amid 'zero-COVID' policy


China's economic activity slowed down in April due to ongoing disruptions caused by its "zero-COVID" strategy, official data showed on Monday.

Industrial output contracted 2.9% year-over-year in April, according to the Chinese National Bureau of Statistics.

The figure was much worse than a market forecast of a 0.4% expansion for the month.

The added value of the mining industry jumped 9.5% on an annual basis in April. The manufacturing industry shrunk by 4.6% and the electricity, heat, gas, and water production rose by 1.5%.

China's retail sales were 11.1% in April from a year ago versus a 6.1% decrease expected in the market. This has been the largest decline since March 2020, when the figure dove 15.8% annually.

It added that the retail sales excluding automobiles were down 8.4% from the same month of last year, while auto sales sank 31.6% in April.

The "zero-COVID" policy aims to suppress coronavirus infections where they occur and cut the chain of transmission, requires strict and large-scale measures such as quarantine, travel restrictions, and mass testing.

Production in factories was suspended in several cities such as Changchun, Shenzhen, and Shanghai.

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