China’s factory gate prices jump in April

Sun Online Desk

11th May, 2021 03:00:44 PM printer

China’s factory gate prices jump in April

China’s factory prices grew at their fastest rate in nearly four years in April, data showed Tuesday, in a sign of the strength of the country’s recovery from the Covid-19 pandemic.

Having largely contained the coronavirus crisis early last year, the world’s second-biggest economy has enjoyed months of improvement, and was the only major economy to expand in 2020.

China’s producer price index (PPI), which measures the cost of goods at the factory gate, expanded a forecast-beating 6.8 percent on-year last month, the National Bureau of Statistics said.

This is the highest recorded since October 2017, and a leap from the 4.4 percent registered the previous month.

China’s economy has bounced back since authorities brought the coronavirus crisis largely under control through strict lockdowns and border restrictions and Beijing set a 2021 growth target of above six percent for the year with a mass vaccination campaign under way.