Overview

• Retail sales grew 6.4% year-on-year in May, well above analysts’ forecasts and up from April’s 5.1% gain
• Industrial output expansion slowed to 5.8% in May, missing expectations as US tariffs continue to constrain manufacturing
• New home prices fell 0.2% in May, extending a 24-month decline that has weighed on household wealth
• Exports to the United States plunged over 34% year-on-year even as shipments to Southeast Asia, the EU and Africa helped limit overall export losses
• Consumer prices slipped 0.1% for a fourth straight month and authorities have rolled out measures including a 1.1 trillion-yuan trade-in programme and renewed pledges to stabilise the property market