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It seems that there are some positive signs that Chinese economy which has been struggling with lackluster growth is showing a welcome respite, thanking for the spike in sales growth which was boosted by government subsidies.
China’s retail sales in May grew at their fastest rate since late 2023, as government subsidies helped push consumption. According to data from National Bureau of Statistics showed Monday, retail sales last month jumped 6.4% from a year earlier, sharply beating analysts’ estimates for a 5% growth and accelerating from the 5.1% growth in the previous month.
The country’s industrial output slowed to 5.8% year on year in May from 6.1% in the prior month. Fixed-asset investment, reported on a year-to-date basis, expanded 3.7% this year as of May from a year earlier, slowing from a 4% growth in the first four months. Within the fixed-asset investment, the contraction in property investment deepened, falling 10.7% in the first five months.
The rise of retail sales came as a surprise, attributing to the ongoing consumer goods trade-in program, a surge in online shopping ahead of “618” e-commerce event as well.
Although the positive signs in consumption, Chinese economy has been facing challenges in terms of maintaining stable growth since the second quarter, due to heightened uncertainty in trade policies among factors dragging growth, as well as falling property prices could dampen consumer sentiment. It could be critical for government to step efforts in terms of stronger policy support in order to sustain the recovery effectively.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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