China industrial output picked up, retail sales slowed in April

BEIJING, China — Chinese industrial production picked up in April but consumption slowed, official figures showed Friday, as woes in the property sector and elsewhere continued to weigh on economic recovery.

Industrial output rose 6.7 percent on-year last month, according to the National Bureau of Statistics, building on a 4.5 percent increase in March.

The figure was higher than the 5.5 percent tipped in a Bloomberg forecast by economists.

However, retail sales growth — China’s key gauge of consumer spending — continued to slow, expanding just 2.3 percent — down from 3.1 percent in March and lower than forecasts.

READ: China Jan-Feb industrial output, retail sales beat expectations

China’s economy is charting an uneven economic recovery, with a heavily indebted property market, sluggish consumption, and high unemployment — particularly among youth — among the challenges facing policymakers.

Official figures show that property prices and sales in the country continued to slip in April, adding further pressure on the debt-ridden real-estate sector.

The central government has recently signaled plans to step up support, announcing earlier this week the sale of an initial batch of long-term sovereign bonds — a move expected to boost annual growth.

Authorities are set to gather in Beijing on Friday for a key meeting to discuss potential further relief for the ailing property sector, according to Bloomberg News.