China’s industrial output growth slowed last month while property prices fell more sharply as policymakers struggled to overcome a deep real estate slump and reinforce stability in the world’s second-largest economy.
Industrial production expanded 5.6 per cent year on year in May, data from the National Bureau of Statistics showed on Monday, lagging an analyst forecast of 6 per cent in a Reuters poll and April’s growth rate of 6.7 per cent.
New home prices in China’s “first-tier” cities fell 3.2 per cent year on year last month, compared with a 2.5 per cent decline in April. Property investment in the five months to the end of May also declined, losing 10.1 per cent year on year, while residential property sales tumbled 30.5 per cent.
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