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China's macroeconomic indicators slowed in May as the base comparisons recovered from the depths of the Covid-19 outbreak in 2020, data released by the National Bureau of Statistics on Wednesday showed.
Industrial production grew 8.8% y/y in May, basically in line with the 8.7% median projection but down from the 9.8% gain in April. The average growth for the past two years was 6.6%. The 17.8% y/y growth for the first five months was slower than 20.3% in the Jan-Apr period. Retail sales rose 12.4% y/y in May, below April's 17.7% gain, underperforming the 14.0% forecast. The average growth for two years was 4.5%. The measure grew 25.7% in Jan-May, slower than 29.6% in the first four months.Fixed-asset Investment registered a growth of 15.4% y/y in Jan-May, decelerating from 19.9% in Jan-Apr and underperforming the 17.2% projection. The average growth for two years was 4.2%. Manufacturing investment rose 20.4% y/y in Jan-May while it reversed previous fallings to grow 0.6% based on the average gain in two years. Meanwhile, infrastructure and property investment growth both slowed to 11.8% and 18.3%, respectively, although accelerated to 2.6% and 8.6% on average for the past two years. The registered urban unemployment rate dipped to 5.0% in May, 0.1 percentage point lower than in April.