look news india
Beijing: Industrial production growth in China slowed in May but retail sales were better than expected. According to data from the National Bureau of Statistics, industrial production grew 5.60 percent in May, while it was 6.70 percent in April. Chinese authorities have kept interest rates low.
The data also showed that retail sales grew 3.70 percent against expectations of a 3 percent increase. Retail sales figures in China are encouraging. Despite the Chinese government's extensive efforts to boost consumption, consumers have been avoiding unnecessary spending for some time now.
Meanwhile, the People's Bank of China has decided to maintain the interest rate at 2.50 percent. Given that China's housing market is still under pressure, interest rates are expected to remain low.
