Economics
China’s Economy Shows Mixed Recovery With Consumers Under Strain
- May industrial output unexpectedly gains, retail sales falls
- Rebound likely to be bumpy as Beijing sticks with Covid Zero
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China’s economy had a mixed recovery in May as Covid restrictions gradually eased, with industrial production unexpectedly increasing while consumer spending and the property market continuing to contract.
Industrial output rose 0.7% from a year ago, the National Bureau of Statistics said Wednesday, while the almost 7% contraction in retail sales was better than the plunge in the previous month. Fixed-asset investment grew 6.2% in the first five months of the year and the surveyed jobless rate fell.