Published on: 2026-05-15
Source: The People’s Republic of China in Russian –
An important disclaimer is at the bottom of this article.
In April 2026, thanks to coordinated macroeconomic measures, China’s economy continued to demonstrate sustainable and high-quality development. Moderate price growth, high industrial production rates, gradual recovery of the consumer market, and strong foreign trade indicators were observed. A series of leading indicators also testify to the preservation of positive dynamics amid overall economic stability.
I. Moderate price growth and acceleration of PPI growth
According to data published by the State Statistical Office on May 11, in April the consumer price index (CPI) increased by 0.3% compared to the previous month and by 1.2% year-on-year. The core CPI excluding food and energy prices rose by 1.2% year-on-year, indicating moderate price growth. Compared to the previous month, amid fluctuations in global oil prices, domestic energy prices increased by 5.7%, and gasoline prices by 12.6%.Due to the increased demand for trips during the holidays of Qinmin and May 1 (International Workers’ Solidarity Day), the cost of services has significantly increased: air ticket prices rose by 29.2%, and transportation rental prices increased by 8.6%. Meanwhile, food prices decreased by 1.6%, but the rate of decline slowed by 1.1 percentage points compared to the previous month.
In the manufacturing sector, the Producer Price Index (PPI) increased by 1.7% compared to the previous month and by 2.8% year-on-year, demonstrating an acceleration in growth compared to March. This was driven both by the rapid rise in global prices for raw materials and by increased domestic demand in several industries.
II. Industrial production and PMI slow down growth
In April, the value added of large industrial enterprises of the established scale increased by 6.1% year-on-year and by 0.22% compared to the previous month. The value added of manufacturing industry rose by 9.8%, and of high-tech production by 10.0%, which exceeds the overall indicator by 3.7 and 3.9 percentage points, respectively.
Sustainable growth was also demonstrated by new types of products: production of 3D printers, industrial robots, and cars powered by new energy sources increased annually by 60.7%, 51.5%, and 38.9%, respectively.
As for the Purchasing Managers’ Index (PMI), data published on April 30 show that the manufacturing PMI in April was 50.3%, the second consecutive month remaining in the growth zone. This indicates overall stability of the manufacturing sector. Business activity of small and medium-sized enterprises has noticeably increased: the PMI for medium-sized and small enterprises rose to 50.5% and 50.1% respectively, both indicators returning to the growth zone. The composite manufacturing PMI was 50.1%, indicating a continuation of the overall expansion of production output in China’s economy.Moreover, the business activity expectations index reached 54.5%, rising for the third consecutive month, indicating strengthening confidence among enterprises in the prospects for market development.
III. Activation of investments and recovery of consumption
April leading indicators of the State Information Center testify to a powerful investment impulse in advanced industries. The volume of capital investments in such areas as artificial intelligence and humanoid robots grew by 175.2% year-on-year, and the amount of tenders won for projects in the field of data, computing power, and network infrastructure increased by 61.7%. The average construction engineer workload coefficient across the country increased by 3.6 percentage points compared to the previous month, indicating a stable recovery in infrastructure construction.
The consumer market continues to expand. In April, the volume of offline payments in the consumer sector increased by 1.7% year-on-year, and the volume of goods purchases increased by 2.7%. The highest growth rates were demonstrated by the sales of electronics and everyday demand goods. The policy of stimulating consumption through the trade-in scheme continues to yield results: retail turnover of household appliances at enterprises of a significant scale increased by 38.8% year-on-year. The consumer services sector is also showing growth.Integrated consumption formats, such as “flower tourism + camping,” are gaining increasing popularity.
IV. Strong indicators of foreign trade and further optimization of the structure
According to the data from the General Administration of Customs of the PRC, in April the total volume of foreign trade in goods amounted to 4.38 trillion yuan, an increase of 14.2% year-on-year. In dollar terms, exports grew by 14.1% — to 359.44 billion US dollars, and imports by 25.3%, reaching 274.62 billion US dollars, which significantly exceeded market expectations. The higher import growth rates compared to exports indicate a further release of the potential of domestic demand in China.
The structure of foreign trade continues to optimize. In the first four months, the export of mechanical and electronic products reached 5.92 trillion yuan, increasing by 17.6% and accounting for 63.5% of the total export volume. At the same time, the export of electric vehicles grew by 68.1%, and lithium batteries by 43.2%. In April, the export of integrated microchips (chips) in terms of value increased by 99.6% year-on-year, which significantly accelerated the overall export growth.
Overall, in April 2026, China’s economy demonstrated many positive signals: a moderate price growth began, PMI remained in the growth zone, investments in advanced industries increased significantly, the optimization of the consumer market structure continued, and foreign trade showed confident growth. The trend toward improvement in the economic situation continues to strengthen.
Please note; This information is unprocessed content received directly from the information source. It represents an exact report on what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.