China's Industrial Output Growth Improves Less Than Expected
June 14 2020 - 10:34PM
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China's industrial production grew at a weaker than expected
pace and retail sales decreased at a slower rate suggesting a slow
recovery from the coronavirus crisis.
Data from the National Bureau of Statistics showed that
industrial production grew 4.4 percent on a yearly basis in May,
faster than the 3.9 percent increase logged in April but slower
than economists' forecast of 5 percent rise.
Retail sales dropped at a slower pace of 2.8 percent in May from
last year, slower than the 7.5 percent decrease seen in April.
However, the decline was faster than the expected fall of 2
percent.
During January to May, fixed asset investment decreased 6.3
percent from the same period of last year after easing 10.3 percent
in January to April period. Economists had forecast a 5.9 percent
fall.
The surveyed unemployment rate dropped marginally to 5.9 percent
in May from 6 percent a month ago.
The statistical office said the overseas epidemic situation and
global economic conditions have become more severe and complicated,
and the stable operation of the domestic economy still faces many
risks and challenges.
The economy is recovering, albeit slowly, Iris Pang, an ING
economist said. However, the economist forecasts the economy to
shrink 3.1 percent in the second quarter and 1.5 percent fall in
the whole year of 2020, unchanged from the previous
projections.
Pang said unstable job market and healthcare concerns are the
main factors slowing down the recovery.
Further, data showed that house prices increased 0.7 percent in
the first tier cities in May. Prices in second-tier cities were up
0.6 percent and rose 0.7 percent in third-tier cities.
The People's Bank of China injected CNY 200 billion funds into
the financial system via medium-term lending facility at a rate of
2.95 percent, unchanged from the previous operation.
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