<div id="readability-page-1"><div>BEIJING – China’s economy slowed across the board in April with investment resuming declines while retail sales and industrial output fell short of forecasts, underscoring the economy’s vulnerability in the face of a global energy crisis.Fixed-asset investment unexpectedly shrank 1.6 per cent in the first four months of 2026 from a year earlier, after rising 1.7 per cent in the first quarter. Retail sales missed forecasts and rose just 0.2 per cent in April, according to data released by the National Bureau of Statistics on May 18. Industrial production also grew slower than expected at 4.1 per cent in April, down from 5.7 per cent in March and worse than the median forecast of 6 per cent. The surveyed urban jobless rate eased to 5.2 per cent, after hitting a one-year high of 5.4 per cent in March.The disappointing performance of the world’s second-biggest economy in April came after soaring trade – propelled by the global artificial intelligence investment boom – kept growth on track to meet the 4.5 per cent to 5 per cent target pursued by Beijing. Booming exports have been shielding China from the fallout of the Iran war even though the adverse consequences of higher oil prices are playing out on factory floors as manufacturers cope with surging raw material costs.Chinese exports are expected to remain strong after climbing 15 per cent in the first four months from a year ago. Stabilising trade ties with the United States, reinforced by President Donald Trump’s visit to Beijing, further bolster the outlook.But a turnaround is nowhere in sight for domestic consumption. New loans to households slumped in April, as consumer confidence shows little sign of improvement.The jobless rate of the key demographic of early-career workers climbed, to the highest in more than two years, raising concerns over risks for employment from artificial intelligence.Chinese policymakers have appeared to be taking a wait-and-see approach to the two-speed growth phenomenon, after years of efforts to coax consumers back into shops delivered only marginal gains. The government pulled back on fiscal spending in March, while the central bank has steered clear of even hinting at any further loosening in policy, amid ample market liquidity and weak demand for credit. BLOOMBERG</div></div>

上证指数

沪深300

深证成指

中国经济在四月份显著放缓，固定资产投资下降 1.6%，零售销售仅增长 0.2%，工业生产增长 4.1%，低于预期。尽管出口强劲，但国内消费依然疲软，新家庭贷款下降，初入职场的失业率上升。政策制定者在持续的经济挑战和高原材料成本下采取谨慎的态度

China economy slows sharply as investment returns to contraction

- 中国经济在四月份普遍放缓，固定资产投资下降 1.6%。  
- 零售销售增幅仅为 0.2%，工业产出低于预期，增幅为 4.1%。  
- 新贷款减少和失业率上升加大了国内消费复苏的难度。

中国经济急剧放缓，投资重新陷入收缩状态