A two-tier recovery
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On Tuesday, China’s stats bureau published the monthly econ data for April.
The headlines:
Retail sales rose 18.4% y/y in April, up from 10.6% growth in March.
Fixed asset investment (FAI) rose 3.6% y/y in April, down from 4.7% growth in March.
Value-added output at industrial firms rose 5.6% y/y i...