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Or sign-in if you have an account.k62vtg6q(vx43vu07v6sqclp_media_dl_1.png China's Ministry of Transport(Bloomberg) — China’s growth slowed across the board in April with investment resuming declines while retail sales and industrial output fell short of forecasts, underscoring the economy’s vulnerability in the face of a global energy crisis.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorFixed-asset investment unexpectedly shrank 1.6% in the first four months of 2026 from a year earlier, after rising 1.7% in the first quarter. Retail sales missed forecasts and rose just 0.2% in April, according to data released by the National Bureau of Statistics on Monday. Industrial production also grew slower than expected at 4.1% last month — the weakest in almost three years. The surveyed urban jobless rate eased to 5.2%, after hitting a one-year high of 5.4% in March.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe reading for retail sales was the worst since they contracted in December 2022, when China reopened from Covid and mass infections spread. Not a single economist surveyed by Bloomberg had predicted as pessimistic a reading for industry, retail sales and investment.“China’s economy kept stabilizing and improving,” the NBS said in a statement. “But we also need to see that the external situation is complex and changing, and the problem of strong supply and weak demand is still prominent. Some companies are having difficulty in operation.”The disappointing performance of the world’s second-biggest economy last month came after soaring trade — propelled by the global artificial intelligence investment boom — kept growth on track to meet the 4.5% to 5% target pursued by Beijing. Booming exports have been shielding China from the fallout of the Iran war even though the adverse consequences of higher oil prices are playing out on factory floors as manufacturers cope with surging raw material costs.Reaction in markets was relatively muted after the data release.The offshore yuan slipped 0.1% to touch 6.8215 per dollar, its weakest in nearly two weeks. The yield on the government’s benchmark 10-year debt held steady at 1.76%, while futures on 30-year bonds narrowed their loss.“The economic activities are weaker than the market expected in April,” Zhang Zhiwei, chief economist at Pinpoint Asset Management. “The strong performance of the exporters helped to mitigate the weaknesses in domestic demand, but not enough to fully offset it.”Chinese exports are expected to remain strong after climbing 15% in the first four months from a year ago. Stabilizing trade ties with the US, reinforced by President Donald Trump’s visit to Beijing, further bolster the outlook.But a turnaround is nowhere in sight for domestic consumption. New loans to households slumped last month, as consumer confidence shows little sign of improvement.The jobless rate of the key demographic of early-career workers climbed, to the highest in more than two years, raising concerns over risks for employment from AI.Chinese policymakers have appeared to be taking a wait-and-see approach to the two-speed growth phenomenon, after years of efforts to coax consumers back into shops delivered only marginal gains. The government pulled back on fiscal spending in March, while the central bank has steered clear of even hinting at any further loosening in policy, amid ample market liquidity and weak demand for credit. —With assistance from Jing Li and Wenjin Lv.(Updates with NBS and analyst comments starting in fifth paragraph, adds chart.) 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