China's industrial production falls short of expectations

China’s industrial production accelerated to its highest level since September 2022 in April, but fell short of expectations. Industrial production in April rose 5.6 percent compared with the same period last year. Production in March had risen 3.9 percent. Economists had expected production to rise 10.9 percent in April. Retail sales also rose 18.4 percent in April, below expectations of 21 percent. Retail sales rose by just 10.6 percent in March. April’s retail sales growth was the highest since March 2021. Asset investment increased by 4.7 percent in the first four months of 2023 compared with the same period last year. Expectations were for a 5.5 percent increase. Investments grew by 5.1 percent in the first three months.