China Q1 GDP rose 5.0% y/y (prior 4.5%; exp 4.8%), beating forecasts. China industrial production rose 5.7% y/y (exp 5.3–5.5%; prior 6.3%), beating forecasts. Retail sales slowed sharply to 1.7% y/y (exp 2.3–2.4%; prior 2.8%), missing expectations. Fixed-asset investment came in at 1.7% y/y (exp 1.9%; prior 1.8%), undershooting forecasts. Property investment remained deeply negative at -11.2% y/y (prev -11.1%). Surveyed unemployment rate rose to 5.4% (exp 5.2%; prior 5.3%).