Economic Challenges Persist as China’s Retail Sales Decline in May

China’s economy encountered challenges in May as retail sales saw an unexpected decline, the first in over three years. Despite this setback, exports and industrial production continued to benefit from global demand for tech products. China’s National Bureau of Statistics reported that retail sales contracted by 0.6% in May compared to a year ago, marking the first drop since December 2022. This decline contrasted sharply with economists’ predictions of stagnant growth. In the same period, industrial output grew by 4.5% year-on-year, outpacing the previous month’s rate and surpassing market expectations. Notably, the high-tech manufacturing sector surged by 15.1% due to…