Yuan Appreciation is Hurting Manufacturing

CHINA - Report 27 Apr 2015 by FAN Gang
Executive Summary GDP growth hit a new low in Q1, with its 7% y/y rise just a 0.3 pp uptick from Q4 2014. Value added for major industrial firms rose only 6.4% y/y, down 1.2 pps from Q4. Industrial output growth took the biggest hit, falling to 5.6% y/y in March. Retail sales of social consumption goods rose 10.6% y/y in nominal terms in Q1, down 1.1 pps from Q4 – their weakest growth performance since 2002. Exports in dollars grew 4.7% y/y, falling for two consecutive quarters, down 8.2 pps and 3.8 pps from Q3 and Q4 2014 respectively. The poor performance of exports is mainly due to the y...

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