China's industrial production growth accelerated, retail sales fall
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China's industrial production growth accelerated, retail sales fall
China's industrial production growth accelerated and retail sales decreased at a slower pace in May, data from the National Bureau of Statistics showed Monday.
Industrial production grew 4.4 percent on a yearly basis in May, faster than the 3.9 percent increase logged in April. Economists had forecast a 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. Sales were forecast to fall 2 percent.
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 previous operation.
Global leaders are closely watching China to see how long it takes to get back on its feet as they begin to relax their own stringent anti-virus measures and reboot their economies.
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