China’s economic growth moderated in May as investment and domestic consumption fell short of expectations
BEIJING—China’s economic growth moderated in May as flattering comparisons to the pandemic-hit economic figures early last year tapered off and Chinese consumers continued to keep a close eye on their pocketbooks.
The double-digit percentage growth compared with pre-virus levels is much higher than the roughly 6% year-over-year expansion that China’s industrial sector was logging each month before the pandemic, underscoring the strength of the current rebound in China’s industrial sector.disappointing policy makersRetail sales, a key gauge of China’s consumption, rose by 12.4% last month compared with a year earlier, slowing from the 17.7% year-over-year growth rate in April and falling short of the 13.
That tendency toward caution has made domestic spending a laggard in China’s economic recovery, which has instead been powered primarily by industrial production, exports and government-backed investment.
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