China retail sales, industrial output, fixed asset investment in May
Since the city offers consumption coupons to promote consumer expenditures, there are large waiting lines in front of the jewelery retailer stores in Yu Garden in Shanghai, China, China, China.
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China’s retail sales have grown at the fastest rate since the end of 2023, and data from the National Statistics Bureau helped partially extended Workers’ Day and Dragon Boat holidays on Monday.
Retail sales last month Increased by 6.4% compared to the previous year, In a Reuters questionnaire, analysts sharply eaten 5% growth forecasts and accelerates from 5.1% growth in the previous month.
Growth in industrial output It slowed down to 5.8% annually In May, 6.1% in the previous month. The latest reading was slightly weaker than the expectations of an increase of 5.9% of analysts.
Fixed asset investment reported according to the facilities, 3.7% expanded this year as of May A year ago, the estimation for the growth of Reuters 3.9% and slowing down from 4% growth in the first four months.
In fixed asset investment, the contraction in property investment deepens, 10.7% in the first five months, Government Data Shown.
The urban survey -based unemployment rate was 5.0% in May and since November last year, it increased from 5.1% to the lowest level in April.
Petpoint Asset Management President and Chief Economist Zhiwei Zhang added that falling real estate prices can reduce the consumer feeling, probably the permanent impacts of consumer goods swap program increased, “Retail sales came as a surprise,” he said.
A A separate version by NBS on Monday In more wealthy -storey cities, the prices of new houses decreased by 1.7% in May compared to a year ago, and the level fell 3.5% and 4.9% in cities.
A tariff agreement reached by Beijing and Washington in the mid -May provided temporary relief to the country’s exports and asked some businesses to prevent the shipment in order to double in alternative markets. Both sides hit an 90 -day ceasefire to get most of the three -digit levis added to each other’s property in early April.
Trade Secretary Howard Lutnick told CNBC last week that US tariffs about US imports will remain at a level of 55%.
China’s exports have grown less than expected in May, but shipments sent to Southeast Asian countries, European Union countries and Africa helped balance the sharp decline in the United States. China’s exports to the United States fell over 34% compared to a year ago, and since February 2020 the sharpest decreases.
According to Goldman Sachs, the last two -month trade data showed flexibility in China’s exports, because “the difficulty of significantly reduce the total Chinese exports of binary tariffs”.
Slow internal demand remained a more urgent problem for Chinese policy makers. Consumer prices decreased by 0.1% in May and saw a decrease in four months. The deflation in the factory gate or producer prices deepened and fell by 3.3% compared to a year ago.
However, Beijing said it may feel less urgency in publishing additional mitigation steps because export seems more resistant than expected and the GDP growth continues to exceed 5% in the first half year.
