Industrial output across China registered expansion during the month of April as the country started coming out of lockdown and resumed activities across factories and workplaces. Chinese industrial output grew by 3.9% during April, beating economists’ forecast for a 1.5% rise and reversing after contracting by 1.1% in the previous month.

However, the positive economic data release was offset by the release of retail sales figures which showed a larger than expected decline for the month. China’s retail sales were down by 7.5% during April, worse than the 7% decline expected by economists.

Meanwhile, fixed asset investment contracted by 10.3% during January-April, a sharper fall than the 10% decline forecast by economists. Between January and March, fixed asset investment had fallen by 16.1%.

Fixed asset Investment in the private sector was down by 13.3% between January and April, after falling by 18.8% in January-March. Private sector investments contribute to around 60% of the total fixed asset investment in China.