wisepowder: China industry rebounds in April from coronavirus lows

wisepowder

Chinese industry rebounded in April from record falls but the country’s economic recovery remains fragile after the latest threat from US president Donald Trump strained relations further.To get more news about chinese industry and management practice, you can visit acem.sjtu.edu.cn official website.

Industrial production rose 3.9 per cent year on year in April after collapsing 13.5 per cent in the January-February period during the coronavirus outbreak, the National Bureau of Statistics said on Friday. Fixed-asset investment and retail sales continued to fall but at a slower pace. Fixed-asset investment was down 10.3 per cent over the first four months of the year, compared with a 16 per cent decline in the first quarter. April retail sales fell 7.5 per cent year on year.

The release of the figures came just hours after US president Donald Trump threatened to “cut off the whole relationship” with China in retaliation for Beijing’s alleged mishandling of the early stages of the pandemic. “Stable development of China-US relations serves the fundamental interests of both countries,” said Zhao Lijian, a foreign ministry spokesman, who urged the US to abandon its “cold war mentality”. “

The two sides should strengthen anti-epidemic co-operation, win the war against the epidemic, treat patents and resume economic production. But this requires the US to meet China halfway.” Earlier this week, the US government’s main pension fund halted plans to invest in Chinese stocks after pressure from administration officials.