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  • China’s April activity data disappointed as heightened caution persists

    From think.ing.com

    April's data continued to show a shift away from consumption as a growth driver for 2024. April retail sales growth fell to 2.3% YoY, down from 3.1% YoY in March, bringing the year-to-date growth rate to 4.1% YoY. The largest drag to retail sales in April was tied to auto sales, which declined -5.6% YoY, and the data may add fuel to the fire for the critics of China's overcapacity in this sector. Another major category, household appliances, also slowed to 4.5% YoY. As trade-in policies take effect later in the year, these categories could see some recovery. However, weakness in other categories including clothing ... (full story)

This should keep the Politburo focused on external demand as the rabbit in their hat.
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