Data on March activity showed retail sales contracted last month on an annual basis on widespread Covid curbs across the country. It fell 3.5%, worse than expectations for a 1.6% decrease and an increase of 6.7% in January and February.
BEIJING: China’s economic activity slowed in March, with weakness in consumption, property and exports eclipsing faster-than-expected first quarter gross domestic product (GDP) growth, suggesting a worsening in the outlook as sweeping Covid-19 curbs and the Ukraine war take a toll.
The Ukraine crisis has complicated the job of policymakers as it has intensified supply and commodity cost pressures, boosting global inflation sharply and leaving Chinese authorities to walk a tight rope as they try to stimulate growth without endangering price stability.
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