中国经济数据点评（2024年5月）：供需分化边际收敛

Consumption Trends - In May, the year-on-year growth rate of social retail sales increased by 1.4 percentage points to 3.7%, slightly below market expectations and weaker than Q1 levels[1] - The growth rate of goods retail sales rose by 1.6 percentage points to 3.6%, indicating a notable improvement in momentum[1] - Dining revenue growth increased by 0.6 percentage points to 5.0%, although momentum slightly weakened post the May Day holiday[1] Investment Insights - Fixed asset investment growth in urban areas was 4.0%, a slight decline of 0.2 percentage points from April[25] - Infrastructure investment growth decreased by 1.1 percentage points to 6.7%, while real estate investment fell by 0.3 percentage points to -10.1%[25] - Manufacturing investment saw a minor decrease of 0.1 percentage points to 9.6%[25] Economic Outlook - The report anticipates that demand-boosting policies, including long-term government bond issuance and real estate support measures, will positively impact economic momentum in the second half of the year[7] - Industrial production maintained a growth rate of 5.6%, although it decreased by 1.1 percentage points compared to April[26] - The overall economic structure is undergoing a gradual recovery, with supply and demand converging, but internal demand remains uneven[26]