Quite a few stats from China this a.m.:
- China’s industrial output in April rose 13.4 percent from a year earlier, easing from a pace of 14.8 percent in March and 14.2% on average for the first 4 months of 2011. Growth was 0.9% MoM in April.
- Retail sales rose 17.1 percent, weakening from 17.4 percent in March but up from 15.8% in the first 2 months.
- M2 money supply growth of 15.3 percent was much lower than forecasts for 16.5 percent and also marked the lowest pace in 29 months. Government targets 16% growth in M2 in 2011.
- Outstanding yuan loans at the end of April were 17.5 percent higher than a year earlier, also the weakest pace in 29 months.
- Fixed-asset investment in nonrural areas rose 25.4% in the January-April period from a year earlier, compared to a 25% rise in the January-March period. Output growth slowed to 13.4 percent, the least since November, and a 17.1 percent expansion in retail sales was below economists’ median 17.6 percent estimate.
- In the first four months, floor space of houses under construction rose by 33.2 year-on year; floor space of houses newly started was 568.41 million square meters, up by 24.4 percent; floor space of houses completed was 171.27 million square meters, up by 14.0 percent, of which, that of residential buildings reached 136.85 million square meters, up by 13.8 percent. The sales of floor space of commercial buildings in the first four months of 2011 reached 248.98 million square meters, a year-on-year growth of 6.3 percent.
In the first four months of 2011, the investment in real estate development was 1,334.0 billion yuan, a year-on-year growth of 34.3 percent. Of this total, the investment in residential buildings reached 949.7 billion yuan, up by 38.6 percent.