China industrial production rose 0.7% yoy in May, much better than expectation of -1.0% yoy decline. Retail sales dropped -6.7% yoy, above expectation of -7.3% yoy. Fixed asset investment rose 6.2% ytd yoy, above expectation of 6.0%.
The National Bureau of Statistics said the economy “showed a good momentum of recovery” in the month, “with negative effects from Covid-19 pandemic gradually overcome and major indicators improved marginally.”
Still, it warned, “we must be aware that the international environment is to be even more complicated and grim, and the domestic economy is still facing difficulties and challenges for recovery.”
