China's retail sales up 10.7% in April

China is targeting growth of around 9 percent in fixed asset investment for 2017 and expects retail sales to increase about 10 percent

Electricity production on the other hand fell "noticeably", Capital Economics said, apparently indicating that manufacturing output bore the brunt of the slowdown.

Retail sales, a broad measure of private and government spending, climbed 10.7% year-on-year, compared to 10.9% in March.

"We expect crude oil output to recover more in the second half to show positive growth, as a result of higher oil prices and state oil companies boosting spending", said Tee.

With growth comfortably above this year's target of around 6.5 per cent, Chinese policymakers have shifted their focus to reining in financial risks and stamping out speculative activity in the property market.

Today's data showed that China's fixed-asset investment surged 8.9% in the first four months of 2017, also missing the 9.1% estimated by Reuters.


China's National Bureau of Statistics reported Monday that industrial production in the world's second-biggest economy rose by 6.5 percent in April from a year ago, compared with 7.5 percent in March. As a result, China's debt-to-GDP ratio is a staggering 280%.

Investment in residential properties rose 10.6 percent year on year in the first four months, and the floor space of new residential construction increased 17.5 percent year on year. Property development investment rose 9.3 percent to 2.77 trillion yuan.

Private investment accounts for about 60% of overall investment in China.

China's economy expanded at a 6.9-percent pace in the first quarter, accelerating from 6.8 percent in the previous quarter, and 77.2 percent of it was driven by consumption, 12.6 percentage points higher than the 2016 level, according to official data. That was slower than expected and a bit less than the January-March period. "Growth will continue to be underpinned by a strong infrastructure pipeline which also echoes the Belt and Road initiative and urbanisation projects like Xiong'an", ANZ economists Raymond Yeung and Betty Wang wrote in a note.

China's liquidity conditions have also been tightened in the past few weeks, driven mainly by fortified regulatory efforts at financial deleveraging since late March.

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