China’s May retail sales beat expectations, other figures missed

A steel welder at a factory on June 8, 2024 in Hangzhou, Zhejiang province, China.

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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.

This is breaking news. Please check back for updates.


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