China’s economy grinds down a gear as heavy industry drags

MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.1 percent. Japan's Nikkei climbed 1 percent and Australian shares added 0.2 percent. South Korea's KOSPI rose 0.3 percent. The big surprise on Thursday came from New Zealand's central bank, which cut the benchmark cash rate to a record low 2.25 percent. (People walk past the Shenzhen stock exchange in Shenzhen, Guangdong Province, China, 09 March 2016. - EPA)

BEIJING: China’s economy resumed its grind toward slower growth in April, weighed down by overcapacity industries such as steel and coal.

Industrial production climbed 6 percent in April from a year earlier, down from 6.8% in March and missing economists’ estimates for 6.5%. Retail sales also missed analyst forecasts, rising 10.1%, while fixed-asset investment increased 10.5% in the January-April period versus economists’ expectation for 11%.