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Posted on: Monday, May 16, 2022 – 8:30 AM | Last update: Monday 16 May 2022 – 8:30 AM
The data of the Chinese National Bureau of Statistics released today, Monday, showed that China’s industrial output shrank during the past month by 2.9 percent annually, once morest the background of the continued imposition of strict restrictions to prevent the spread of the emerging Corona virus.
The industrial output data during the last month deviated from the expectations of analysts who had expected it to grow by 0.4 percent following shrinking by 5 percent last March.
The Statistics Office also stated that retail sales fell last April by 11.1 percent, while analysts had expected a decline of only 6.1 percent following a 3.5 percent decline in March.
At the same time, spending on investment in fixed assets increased during the last month by 6.8% annually, while analysts had expected it to increase by 7% following an increase of 9.3% during the previous month.
“The coronavirus outbreak in April had a major impact on the economy, but it is a short-term effect… With the progress in controlling the coronavirus and implementing economic stabilization policies, the economy is likely to recover gradually,” said Fu Linghui, a spokesman for the National Bureau of Statistics.
Experts believe that the economic performance figures during last April indicate that the economic decline during the current year will be stronger than previous expectations.
According to an analysis by Bloomberg News Agency, the data on China’s economic activity during the past month indicates that the economic damage caused by the closure measures in Shanghai and other Chinese cities due to Corona was deeper and broader than expected.
It is noteworthy that China has adopted a policy of “zero corona injuries” since the first days of the outbreak of the pandemic, which imposes strict closure procedures in cities where any infection with the virus appears, despite the easing of most countries in the world from restrictions on dealing with the pandemic.
