Chinese industrial production, retail sales and fixed asset investment figures for May have just been released, and they’ve come in mixed.
Industrial production increased 6.1%, up from 5.9% in April, with the growth rate the highest seen since January 2015.
Retail sales rose by 0.1% to 10.1%, in line with expectations, with the increase the first time sales have accelerated since the beginning of the year.
While those figures were reasonable if not spectacular, fixed asset investment, a major driver of Chinese economic growth, increased by just 11.4%. Not only was the figure well below the 12.0% pace of April, it also marked the slowest annual growth seen since late 2000.
Here’s a chart of all three indicators over the past decade. Mirroring the slowdown in GDP, all are continuing to trend lower, especially fixed asset investment.