China's April economic data:

The real estate sector continues to collapse, the supply side continues to exert efforts, and the demand side remains sluggish.

Everyone knows where the problem lies...

In April, the industrial output above designated size increased by 6.1% year-on-year, expected 5.5%;

In April, the total retail sales of consumer goods increased by 5.1% year-on-year, expected 5.5%;

In April, the urban surveyed unemployment rate was 5.1%, expected 5.2%;

From January to April, urban fixed asset investment increased by 4.0% year-on-year, expected 4.2%.

From January to April, the sales area of newly built commercial housing was 282.62 million square meters, a year-on-year decrease of 2.8% (the decline narrowed by 0.2 percentage points compared to January-March), and the sales amount of newly built commercial housing was 2,703.5 billion yuan, a decrease of 3.2% (the decline narrowed by 1.1 percentage points); national real estate development investment was 2,773 billion yuan, a year-on-year decrease of 10.3% (the decline expanded by 0.4 percentage points); funds in place for real estate development enterprises were 3,259.6 billion yuan, a year-on-year decrease of 4.1% (the decline expanded by 0.4 percentage points). The real estate development prosperity index was 93.86.