4月经济实现稳定增长：出口表现好于预期，规上工业增长6.1%

Economic Overview - In April, major economic indicators such as industrial added value, service production index, and retail sales showed a slight decline compared to March, but overall performance remained stable, contributing to an upward trend in some indicators from January to April [1][3] - The industrial added value in April grew by 6.1% year-on-year, a decrease of 1.6 percentage points from March, while the growth for January to April was 6.4%, down by 0.1 percentage points from the previous quarter [1][3] Service Sector Performance - The service production index in April increased by 6.0% year-on-year, down 0.3 percentage points from March, while the growth for January to April was 5.9%, slightly up by 0.1 percentage points from the previous quarter [3] - Retail sales of consumer goods in April rose by 5.1% year-on-year, a decline of 0.8 percentage points from March, with a growth of 4.7% for January to April, which is an increase of 0.1 percentage points from the previous quarter [3] Trade and Export Dynamics - The total import and export value in April, measured in RMB, grew by 5.6% year-on-year, down 0.3 percentage points from March, while the growth for January to April was 2.4%, an increase of 1.1 percentage points from the previous quarter [6] - Exports in April increased by 9.3% year-on-year, despite a 4.1 percentage point decline from March, leading to a 7.5% growth in exports for January to April, up by 0.6 percentage points from the previous quarter [6][7] Impact of Tariffs - The significant increase in tariffs on exports to the U.S. has impacted trade, with exports to the U.S. in April totaling $33.024 billion, a year-on-year decrease of 21.2%, and a total of $148.602 billion for January to April, down 2.5% year-on-year [7] - Despite the tariff impacts, the resilience of exports was noted, attributed to factors such as "export grabbing" in markets outside the U.S. and the delayed implementation of high tariffs [8][9] Investment Trends - Fixed asset investment in January to April grew by 4%, a slight decline of 0.2 percentage points from the previous quarter [7] - The macroeconomic policies have been supportive, allowing for stable economic growth despite external shocks, with industrial production continuing to show rapid growth [10]