A slew of data from China on Friday provided fresh signs that the economy is stabilizing, aided by targeted stimulus measures from Beijing.
May retail sales rose 12.5 percent on year, above analyst expectations for a 12.1 percent increase in a Reuters poll and their best performance since December.
Industrial output meanwhile increased 8.8 percent on year in May, in line with market expectations, while fixed asset investment rose 17.2 percent on year for the January-to-May period, just above expectations for a 17.1 percent rise.
“It does look like we are getting a bounce in economic activity, helped by stimulus,” said Bank of Singapore Chief Economist Richard Jerram. “The numbers are not earth shattering but they are reassuring given concerns about China’s real estate market.”
China’s economy grew at annual pace of 7.4 percent in the first quarter, slowing from 7.7 percent in the final quarter of last year.