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    Mixed data from China

    China’s industrial production rose faster than expected in May, while retail sales and urban investment slowed unexpectedly, raising doubts about whether the world’s second largest economy is stabilizing after a disappointing first quarter.

    Retail sales rose 10% in May from a year earlier. That followed a 10.1% advance in April and median estimates calling for the same. Industrial output  rose 6% from a year earlier following a similar advance in April. A median estimate of economists called for a gain of 5.9%. Meanwhile, China’s fixed-asset investment growth slowed sharply to 9.6% annually in the January to May period following a 10.5% advance in the four months through April. A median estimate of economists called for an increase of 10.5% annually.

    The data highlight the difficult choice facing government officials: increase monetary stimulus and rely on traditional investment-led growth, or let the country’s highly inefficient industrial sector cool further while reducing overcapacity. 


    Any person acting on this information does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

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