China 'activity' data for March 2021
Industrial Production +14.1% y/y MISS
expected 18.0%
Industrial Production YTD to March +24.5% y/y MISS
expected 26.5%, prior was 35.1%
Fixed Assets (excluding rural) YTD +25.6% y/y MISS
expected 26.0%, prior was 35.0%
Retail Sales +34.2% y/y BEAT
expected 28.0%
Retail Sales YTD +33.9% y/y BEAT
expected 31.7%, prior was 33.8%
Retail sales with the beat is indicative of a recovery in domestic consumption. Good news for China which, as is so often the case, has been leaning on exports and the property market to keep the fire in the economy.
Growth data for Q1 was released at the same time:
---
For background to this:
