China’s key measure of consumer spending slowed down last month, national figures show, despite Beijing’s efforts to boost the economy.

Retail sales growth weakened to an expansion of 2.3pc in April, which was the slowest increase since December 2022.

It was down from 3.1pc in March and lower than forecasts.

Consumers in China are grappling with the impact of a property market crisis, which has seen Beijing step up a programme of bond sales in a bid to revitalise the economy.

President Xi Jinping has been grappling with a vast post-pandemic property crash after a debt-fuelled boom, which investment bank Nomura estimated has left around 20 million abandoned or unfinished homes scattered across the country.

Dan Wang, chief economist at Hang Seng Bank China, said the retail sales figures are “depressed by low consumer prices and further contraction in housing sales”.

“Business and consumer confidence will remain low without policy support directly targeting family income and durable goods.”

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