中国2024年5月经济数据图景：5月数据小幅波动，未来政策仍需积极

Economic Growth - In May, industrial value added growth slowed slightly to +6.2% year-on-year, down 0.1 percentage points from April[17] - Service sector growth rebounded to +4.8% year-on-year in May[17] Inflation and Prices - May saw a low inflation environment, with upstream prices improving by 1.3 percentage points and midstream prices by 1.1 percentage points[6] - Downstream prices showed a slight improvement of 0.0 percentage points[6] Investment Trends - Fixed asset investment growth in May was +4.0%, a slight decrease from April, with a month-on-month decline of -0.04%[6] - Manufacturing investment continued to expand rapidly, with second industry investment growth at +12.6%[42] Real Estate Market - Real estate investment in May fell by -10.1% year-on-year, indicating a continued downturn in the sector[84] - The real estate market is expected to stabilize as policies reach their bottom, with a focus on supply-demand dynamics[84] Consumer Behavior - Retail sales of consumer goods, excluding automobiles, grew by +4.4% year-on-year in May, while automobile retail sales declined to +0.2%[77] - Online retail sales of physical goods showed a slight recovery, increasing to +12.4% year-on-year in May[77]