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June 16, 2021, 3:37 a.m. EDT

China’s economic growth moderates in May

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By Dow Jones Newswires

BEIJING — China’s economic growth moderated in May as the favorable base effect faded.

Industrial production rose 8.8% in May from a year earlier, slowing from April’s 9.8% pace, according to data released Wednesday by the National Bureau of Statistics. The growth in industrial production matched the 8.8% pace expected by the economists polled by The Wall Street Journal.

Retail sales, a key gauge of China’s consumption, rose 12.4% on year compared with 17.7% growth in April. Economists polled had expected China’s retail sales to grow 13.6% in May.

Fixed-asset investment increased 15.4% in the January-May period, lower than the 19.9% pace recorded in the first four months and the 16.6% growth expected by the economists.

The slower growth rate was widely anticipated by the market as Chinese economy started to bounce back from the coronavirus pandemic more strongly in the same period a year earlier.

China’s urban unemployment rate dropped to 5.0% in May, compared with April’s 5.1%, marking the lowest level in two years.

Write to Singapore Editors at singaporeeditors@dowjones.com

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