China’s economy stumbled in May with industrial output and retail sales growth missing forecasts, adding to expectations that Beijing will need to do more to shore up a shaky post-pandemic recovery. | Reuters
“All the data points so far sent consistent signals that the economic momentum is weakening,” said Zhiwei Zhang, president of Pinpoint Asset Management.
The figures also reinforce the case for more stimulus as policymakers face deflationary risks, mounting local government debts, record youth unemployment and weakening global demand. Markets are also betting on more stimulus, including measures targeting the floundering property sector, once a key driver of growth.
Investment in the property sector fell 7.2 percent in January-May from the same period a year earlier, after declining 6.2 percent in January-April.The sector is expected to grapple with “persistent weakness” for years, dragging on economic growth, Goldman Sachs analysts said this week.
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