Asia Pacific Economic Research J P M O R G A N Haibin Zhu (852) 2800-7039 haibin.zhu@jpmorgan.com JPMorgan Chase Bank, N.A., Hong Kong Branch Grace Ng (852) 2800-7002 grace.h.ng@jpmorgan.com JPMorgan Chase Bank, N.A., Hong Kong Branch Tingting Ge (852) 2800-0143 tingting.ge@jpmorgan.com JPMorgan Chase Bank, N.A., Hong Kong Branch Tongfang Yuan (852) 2800-0085 tongfang.yuan@jpmorgan.com JPMorgan Chase Bank, N.A., Hong Kong Branch China: 2025 Mid-year economic outlook We have emphasized three themes in China' ...

16 June 2025 | 1:21PM HKT China: Strong retail sales, softer industrial production and investment in May Bottom line: China's May industrial production (IP) and fixed asset investment (FAI) missed market consensus modestly, while retail sales beat meaningfully. IP growth moderated in May on the back of slowing export growth due to increased US tariffs, led by slower output growth in electrical machinery and chemical manufacturing industries. FAI growth declined further, weighed on mainly by slower infrastru ...