China data for May
Industrial Production y/y 6.5% - a beat
- expected 6.4%, prior was 6.5%
And, for the industrial production YTD y/y 6.7%
- expected 6.6%, prior was 6.7%
More:
- Steel output +1.8% y/y and +4.4% y/y for the YTD
China stats bureau remarks:
- China's economy continues stabilising and improving momentum in May
- Will push forward supply-side structural reform, appropriately expand aggregate demand
I posted the retail sales and investment data on other posts.
But summarising the whole lot here:
Industrial output & retail sales grew at a steady pace
- manufacturing still supported by construction activity (as an example, Reuters cite sales of excavating machines doubled in May )
- Auto sales slowed, Reuters citing vehicle sales in May posted their first back-to-back drop since 2015 after the government rolled back a tax incentive that had boosted car sales and output last year
Investment slowed
- Property investment and construction slowed quite sharply, following government tightening on the sector
- Growth of private investment slowed slightly