China’s macroeconomy emits mixed signals in Jan-Apr’25

China’s macroeconomic indicators presented an uneven picture in January-April 2025 (4MCY’25). Although crude steel production remained higher y-o-y, growth moderated m-o-m in April. However, steel exports and iron ore imports showed robust gains m-o-m. Meanwhile, performance faltered across the manufacturing, infrastructure, and realty segments.