China Jan-April property investment rises 9.3 percent year-on-year

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In other data, retail sales expanded 10.7 percent in April on year, a slight slowdown from March's increase.

Retail sales growth also cooled, rising at a 10.7% year-on-year pace last month which was down from 10.9% (consensus: 10.8%), amid lower sales of cars, white goods and renovation materials.

Private sector investment grew 6.9 percent in the first four months to 8.81 trillion yuan, accounting for 61 percent of the total, the statement said.

Industrial output was the biggest disappointment, however, growing at just 6.5 per cent, down from 7.6 per cent in March and a typical forecast of 7.1 per cent for April.

Fixed asset investment (FAI) growth slowed to 8.9% y/y ytd for the first four months of 2017 from 9.2% prior.

Growth in property investment, which mainly focuses on residential but also includes commercial and office space, accelerated to 9.6 percent in April from a year earlier, compared to 9.4 percent in March, according to Reuters calculations based on data from the National Bureau of Statistics (NBS).

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A slew of upbeat economic data pointed to latest restructuring achievements and provided fresh stabilization signs for the Chinese economy.

Housing sales growth eased its pace. Analysts had expected a 10.6 percent rise, edging lower from the previous month.

Natural gas productions gained six percent on year at 50.9 bcm for the January-April period, the data showed. However, he added: "We're still some way off from the economy weakening to the point where it will test the tolerance of the urgency to address some of these financial risk issues (is even greater)".

Economists say all of China's recent growth has been underpinned by mobilizing more money and labor, rather than improving human capital and technology.

The country's first quarter economic growth came in at a faster-than-expected 6.9 percent, the quickest since 2015 on higher government infrastructure spending and a gravity-defying property boom.

China's liquidity conditions have also been tightened in the past few weeks, driven mainly by fortified regulatory efforts at financial deleveraging since late March.