The National Bureau of Statistics of China (NBSC) recently announced that China’s economy is facing a downturn as both global and domestic impacts are higher than expected.
In addition, Chinese media outlet CFI reported a reduction in April fiscal revenue at some places. Shenzhen fell 44% year-on-year, Suzhou fell by 49.6%, and many cities fell by more than 30%.
China’s total retail sales of consumer goods in April were around 2.94 trillion yuan (about 433.2 billion dollars), down 11.1%. It is the lowest figure of retail sales since March 2020.