Start with one bright spot. Although fixed-asset investment growth slowed overall, property investment rose 7.2 percent in the first four months from a year ago. That's 1 percent higher than the first quarter, as the real estate market in China continues to warm up.

Retail sales growth in April, which captures both private and government purchasing, missed expectations along with other major data. It rose 10.1 percent on an annual basis in April. That's 0.4 percentage points lower than in March.

Chinese banks sharply cut back new loans in April after a record high first-quarter credit expansion. Analysts say the country's leaders have become more cautious about the risks of over-stimulating the economy. Chinese banks extended 555.6 billion yuan in net new yuan loans in April. That's much lower than expectations and less than half the level in March.