China growth moderates in April

After a strong first quarter for Chinese growth, signs point to a weaker Q2.

Latest hard data indicate that China’s growth momentum moderated in April, after a strong Q1. Industrial activity, fixed investment and consumption all weakened in April.

In the context of escalating trade tensions with the US, we expect the Chinese government to step up stimulus measures to support growth in the coming months, especially in the area of infrastructure investment and household consumption.

Given the potential increase in policy support, we maintain our 2019 Chinese GDP growth forecast at 6.3% for now.

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