Chinese industrial production increased 0.22% MoM and 6.1% YoY in March, beating expectations of a sharper slowdown to 5.5% YoY. However, the monthly increase was the weakest in over a year.

• Both state-owned and private industrial firms saw production growth slow, to 2.9% YoY and 6.7% YoY respectively.
• Manufacturing production was up 6.6% YoY, slowing from 7.9% YoY in March.
• Export delivery value fell -7.6% MoM and was only up 0.9% YoY in April.
• Industrial production of mobile phones and microcomputer equipment both turned negative, down -11.9% YoY and 2.2% YoY respectively.
• Integrated circuit production growth slowed from 9.2% YoY to 4.0% YoY.
• Cement production was the weakest segment among commodities and building materials, down -5.3% YoY and down -2.8% YTD.