Consumer spending and factory output both shrank sharply last month, while unemployment surged to the highest level since the initial coronavirus outbreak in early 2020.
A top official in China tried once again on Thursday to lift the spirits of its huge tech industry.But markets were still deeply concerned about the growth prospects of the country's big internet companies.
Those concerns were reinforced Wednesday when Tencent reported zero revenue growth in the first quarter, a worse outcome than expected."Despite recent assurances laid out by China authorities, the relief in China tech has proved to be short-lived thus far, as market participants await for more concrete policy follow-through in order to restore longer-term confidence," Yeap said.