A steel welder at a factory on June 8, 2024 in Hangzhou, Zhejiang province, China.
Vcg | China Visual Group | beautiful images
China’s retail sales beat expectations in May, rising 3.7% from a year ago, beating expectations for a 3% rise from a Reuters poll of economists. .
However, other economic data such as industrial output and fixed asset investment did not meet Reuters forecasts.
Industrial output rose 5.6% year-on-year, compared with an expected 6% increase, while fixed asset investment rose 4% from May last year, just shy of the 4.2% forecast. % of Reuters poll.
China’s exports grew 7.6% year-on-year in May in US dollars, beating Reuters forecasts for a 6% increase. But imports missed expectations, rising 1.8% during that time.
Loan data Friday’s release shows demand continues to be lackluster. According to Wind Information, outstanding loans in yuan rose 9.3% in May from a year ago, the slowest growth on record since 1978.
According to Wind Information, M1 money supply, including cash in circulation and demand deposits, fell 4.2% year-on-year in May, a record high since 1986.
Goldman Sachs analysts point out that a state media outlet linked to China’s central bank attributed the slowdown in M1 growth to a crackdown on fake loans and outflows. related to asset management products.
Inflation data for May previously showed consumer prices, excluding food and energy, rose 0.6% from a year ago.
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