全面解读4月经济：不只是关税

Economic Overview - In April 2025, industrial added value increased by 6.1% year-on-year, down from 7.7% in the previous period, while retail sales grew by 5.1%, a decrease from 5.9%[1] - Fixed asset investment for January-April rose by 4.0% year-on-year, slightly down from 4.2%, with real estate investment declining by 10.3%[1][2] Consumption Trends - Retail sales in April fell short of expectations, with a year-on-year growth of 5.1%, down 0.8 percentage points from the previous value and below the market expectation of 5.5%[3][12] - The consumption of gold and silver jewelry, cultural office supplies, and building materials saw the highest growth rates, while automotive consumption remained volatile[3][14] Investment Insights - Real estate investment saw a significant decline, with a year-on-year drop of 10.3%, compared to a previous decline of 9.9%[5][18] - Manufacturing investment increased by 8.8% year-on-year, down from 9.1%, indicating a slight decrease in corporate investment willingness[5][26] Supply and Production - Industrial production growth was recorded at 6.1%, a decrease of 1.6 percentage points from the previous period, but still above market expectations of 5.2%[5][38] - The service sector's production index fell by 0.3 percentage points to 6.0% year-on-year[39] Employment and Economic Outlook - The urban survey unemployment rate in April was 5.1%, down 0.1 percentage points, consistent with seasonal trends[44] - Looking ahead, the second quarter is expected to maintain economic resilience, with GDP growth projected around 5%, but pressures are anticipated to increase in the second half of the year[2][10][11]