China’s economic growth slowed in April and continued the unbalanced pattern that it has shown for most of the past year. With a decelerating economy led by infrastructure and real estate investment, and with manufacturing held up by exports, consumption in China is lagging. As such, China’s recovery will not exert as strong a pull on global recovery as currently forecast and may, in fact, stall world growth. China’s National Statistics Service (NBS) reported broad numbers on a sectoral basis in April. The new data does not map directly into GDP, but provide a summary view of an economy that might have peaked in the first quarter of 2021 when growth increased by 18.3% year-over-year (y-o-y)....
