China stats spokesperson: Economic recovery foundation needs strengthening

China National Bureau of Statistics (NBS) spokesperson:

• Geneva discussions benefit trade relations between China, US

• China online sales promotions boosted retail sales in May

• China trade program boosts retail sales in May
• Many uncertainties in the international environment, foundation of economic recovery needs to be strengthened
• Policy toolkit is well-stocked, has the flexibility to adjust macro policies according to changing circumstances
• Overall level of prices still at a low level, which affects enterprises, employment and incomes
• There is difficulty in recruiting workers in some sectors and a high level of pressure on employment for some groups
• Still some pressure on maintaining stable employment, primarily due to the complex and changing external environment
• Complex external environment impacts China labor market
• Due to factors such as increased uncertainty in trade policies, it has been particularly challenging for China’s economy to maintain stable growth since the second quarter

Data is here:

• China Industrial Output May 2025 +5.8% y/y (expected 5.9%, prior +6.1%)

Retail slaes growth in May was the fastest since December 2023