{"id":10667,"date":"2019-05-20T10:24:57","date_gmt":"2019-05-20T09:24:57","guid":{"rendered":"https:\/\/lazardfreresgestion-tribune.fr\/?p=10667"},"modified":"2019-07-22T10:53:59","modified_gmt":"2019-07-22T09:53:59","slug":"china-growth-loses-steam-in-april","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/china-growth-loses-steam-in-april\/","title":{"rendered":"China: Growth loses steam in April"},"content":{"rendered":"<h1>Chart of the week<\/h1>\n<p>China\u2019s economic data for April were released on May 15th but failed to confirm the improvement seen in March. Although some pullback from the previous month\u2019s very upbeat numbers had been expected, it was worse than anticipated.<\/p>\n<p>Economic indicators fell across the board. Industrial output dropped from 8.5% to 5.4% year-on-year, retail sales from 8.7% to 7.2% despite the slower contraction in car sales, and investment from 6.5% to 5.7%.<\/p>\n<p>April\u2019s weaker data coincide with slips in the monthly PMI<strong>(1)<\/strong> surveys, slower exports and waning credit expansion.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-10668 aligncenter\" src=\"https:\/\/lazardfreresgestion-tribune.com\/wp-content\/uploads\/\/2019\/05\/20052019-1.png\" alt=\"\" width=\"1098\" height=\"480\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/05\/20052019-1.png 1098w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/05\/20052019-1-300x131.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/05\/20052019-1-768x336.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/05\/20052019-1-1024x448.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/05\/20052019-1-600x262.png 600w\" sizes=\"auto, (max-width: 1098px) 100vw, 1098px\" \/><\/p>\n<h2>OUR ANALYSIS<\/h2>\n<p>The widespread deterioration in China\u2019s data indicate a loss of momentum for the start of the second quarter, but calendar effects and tax changes may have worsened things.<\/p>\n<p>Calendar effects were a significant drag on retail sales. The Chinese National Bureau of Statistics says that the softer figures can be explained by two fewer days of holiday than during the same period last year. When adjusted, retail sales remained stable.<\/p>\n<p>Meanwhile, tax changes apparently weighed on April\u2019s industrial output numbers, with the strong rise in March connected to VAT cuts that came into effect on April 1st. Manufacturers may have stockpiled goods to benefit from steeper deductions.<\/p>\n<p>All told, the economic slowdown is probably not as bad as it looks. However, with the US trade talks in full swing, China\u2019s growth picture has complexified even before the latest swathe of higher customs duties take effect.<\/p>\n<p>The current backdrop means that the hope raised by March\u2019s better data, that of scaling back on stimulus to restrain rising debt levels, has been quashed for the time being.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>(1)<\/strong> PMI : PMI indices are confidence indicators that summarize the results of surveys conducted among company purchasing managers. A value greater than 50 indicates a positive sentiment in the sector concerned (manufacturing or service)<\/p>\n<p>&nbsp;<\/p>\n<p><em>The opinion expressed above is dated May 15th, 2019, and liable to change.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333; font-family: 'Arial',sans-serif; font-size: 8pt;\">This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chart of the week China\u2019s economic data for April were released on May 15th but failed to confirm the improvement&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":10697,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[],"class_list":["post-10667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>China: Growth loses steam in April &#8211; Tribune Lazard Fr\u00e8res Gestion<\/title>\n<meta name=\"description\" content=\"China: Growth loses steam in April Chart of the week Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/china-growth-loses-steam-in-april\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China: Growth loses steam in April &#8211; 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