China's industrial output, retail sales continue to increase in April

Hi everyone. I’m Stephanie LI.Coming up on today’s programChinese economy displays strong resilience in April, marked by 6.1% rise in industrial output and 5.1% growth in retail sales;HKEX is set to become the world's top destination for IPOs after CATL’s listing tomorrow.Here’s what you need to know about China in the past 24 hours China's economy continued to grow steadily in April with supportive macroeconomic policies despite external shocks, official data showed on Monday.Figures released by the National Bureau of Statistics showed that China's value-added industrial output- a gauge of activity in the manufacturing, mining and utilities sectors - rose by 6.1 percent year-on-year in April after a 7.7 percent growth in March.Retail sales, a key measurement of consumer spending, grew by 5.1 percent year-on-year in April versus the 5.9 percent increase in March.Fixed-asset investment - a gauge of expenditures on items including infrastructure, property, machinery and equipment – rose by 4 percent during the January-April period compared to a year ago, while in the first quarter, it grew by 4.2 percent.The surveyed urban unemployment rate came in at 5.1 percent in April, down from 5.2 percent in March, according to the NBS.Boosted by the government's latest package of pro-growth stimulus policies, major economic indicators have witnessed a pattern of strong resilience, NBS spokesperson Fu Linghui said at a press conference on Monday.“The fundamentals of China’s long-term sound economic growth will not change, with concerted efforts on macro policies, the growing momentum of consumption and innovation,” Fu said.However, the NBS warned of mounting external uncertainties, saying the foundation for sustained recovery is yet to be consolidated.Responding to a question whether Fu expects a surge in exports to the US following the recent Geneva agreement on significant tariff cuts, and on the trade outlook for the rest of the year, Fu said that in April, the external environment changed drastically, and the pressure on foreign trade increased. However, China’s foreign trade overcame difficulties and maintained steady growth.According to the NBS, in April, China’s total import and export of goods rose by 5.6 percent, of which, exports grew 9.3 percent, maintaining a faster growth.Fu noted that amid growing external shocks, China’s foreign trade has withstood the pressure and maintained growth, reflecting the solid support capacity of the industrial base, as the country’s complete industrial system with upgrading of the manufacturing industry occupies an important position in the global industrial chain, and has a strong advantage in international competition. Home prices in 70 major Chinese cities remained flat or fell in April from March, the NBS said today. The prices continued to fall on a yearly basis, but the pace of decline further eased. The NBS data also revealed a narrowing in the year-on-year decline in the volume of new home sales during the January-April period, compared with the first quarter of the year.GBA expressHong Kong's bourse is expected to become the world's largest destination for IPOs after a big new energy firm from the Chinese mainland debuts tomorrow, bringing its total fundraisers this year to over HKD60 billion, Financial Secretary Paul Chan said yesterday. The Guangdong-Hong Kong-Macao Greater Bay Area and Hungary (Europe) Economic and Trade Cooperation Conference was held Friday in Budapest, marking a new milestone in China-Hungary economic relations. The high-level conference saw the signing of 36 investment projects worth over USD3.8 billion, involving leading enterprises from China's Greater Bay Area and Hungarian partners. One of the key projects is Guangdong-based electric vehicle giant BYD setting up its new European headquarters in Budapest.Tencent's R&D investment surged by 21 percent year on year to 18.9 billion yuan in the first quarter of 2025, as the company upgraded its comprehensive AI ecosystem, the tech giant revealed at the Tencent Global Digital Ecosystem Summit held in Guangzhou. Tencent has also established data centers in Guangzhou, Qingyuan, Shaoguan and other locations across the GBA. It will further expand its overseas investments by investing USD150 million in the Middle East to establish its first data center in Saudi Arabia, and another USD500 million in Indonesia to build its third data center in the country.Industry and company newsNvidia's next chip for China after the export-restricted H20 will not be based on Hopper architecture as "it's not possible to modify Hopper anymore," CEO Jensen Huang said regarding a recent rumor that the US chipmaker may rework existing Hopper series to fit the Chinese market. Meanwhile, Huang told media that Nvidia has begun producing the DGX Spark, the world's smallest AI supercomputer, which may launch in the coming weeks.QQ Browser announced today it was upgraded to an AI-powered browser with the launch of QBot, featuring AI models Tencent Hunyuan and DeepSeek. The browser under Tencent now supports intelligent agents capable of handling complex tasks.GAC Group has forayed into the Ethiopian market with the launch of two NEV models, the Aion Y Plus and GAC ES9, the firm said yesterday. The Chinese automaker plans to launch five NEV models in the East African country over the next three years, GAC International’s GM Wei Haigang said.Xiaomi Auto will launch its first SUV model, the YU7, on May 22, CEO Leijun said on Weibo today. The launch event will also feature other products, including the flagship Xiaomi 15s Pro and the Xiaomi Pad 7 Ultra.Shanghai Disneyland announced today that it has broken ground on its Spiderman-themed land. The theme park will launch a series of events and activities related to Disney Pixar films in June.Asia-Pacific highlightsChinese automaker Changan Automobile's first overseas electric vehicle production plant started operations in Thailand on Friday. Located in Rayong Province in eastern Thailand, the facility represents Changan's inaugural comprehensive overseas EV production base. With an initial investment of 10 billion baht (USD301.4 million) for the first phase, the plant is poised to serve as a manufacturing center for the ASEAN region and global right-hand drive markets.