China's economy displayed continuing resilience in the first four months of this year, though some indicators pointed to the need for more targeted policy support to boost domestic demand and put growth on a firmer footing, officials and analysts said.
While higher energy costs stemming from geopolitical tensions weighed on economic activity in April, robust expansion in high-end manufacturing and resilient exports pointed to a steady outlook for the world's second-largest economy, they added.
Figures released on Monday by the National Bureau of Statistics showed that the country's industrial output expanded 5.6 percent year-on-year in the first four months.
Retail sales increased 1.9 percent year-on-year in the January-April period. In April, retail sales rose 0.2 percent year-on-year, slowing from 1.7 percent in March, the figures showed.
Wen Bin, chief economist at China Minsheng Bank, said the moderation in retail sales was partly due to slightly smaller subsidies being offered under this year's consumer goods trade-in program and a relatively high base for comparison from the same period last year.
