China’s industrial production expanded 4.1% yoy in April 2026, slowing from a 5.7% rise in March and below expectations of 5.9%. It was the softest growth in industrial production since July 2023, as fallout from the Iran war dampened momentum in China’s economy. Activity moderated in both mining (3.8% vs 5.7% in March) and manufacturing (4.0% vs 6.0%), while electricity, heat, gas, and water accelerated (5.3% vs 3.5%). Within manufacturing, 29 of 41 major industries recorded growth, including computers and communications equipment (15.6%), railway and shipbuilding (8.2%), general equipment (5.5%), special equipment (6.2%), electrical machinery (3.1%), chemicals (5.3%), coal mining and washing (3.8%), agriculture and food processing (3.5%), oil and gas (4.6%), textiles (2.3%), and automotive (9.2%). Conversely, production of non-metallic mineral products shrank (-6.5%). For the 1st four months of the year, industrial output climbed 5.6%. Monthly, industrial output edged up 0.05%.