China’s retail sales surprise with biggest jump since 2023

News Snapshot:

Beijing | China’s retail sales growth unexpectedly accelerated as the economy rode out the tariff roller coaster in May, offering a confidence boost to Beijing as it stares down the threat of a prolonged trade war with the US. Retail sales grew 6.4 per cent last month, the fastest pace since December 2023 and exceeding all estimates, according to official data released Monday. That helped offset a mild slowdown in industrial output, which climbed 5.8 per cent and less than the previous month as Donald Trump’s tariffs hurt demand from the world’s largest economy. Loading... Bloomberg