China’s consumer prices fell for a fourth consecutive month in May, while factory-gate deflation deepened, indicating a continued economic slowdown.
Key Economic Indicators
-
Consumer Inflation:
- Slowed to 1.8% year-on-year in May, down from 2.1% in April.
- Food prices decreased by 0.4%, while non-food prices increased by 3%.
-
Producer Price Index (PPI):
- Fell by 6.3% year-on-year in May, compared to a decline of 5.9% in April.
Economic Context
China’s economy has been experiencing a slowdown since early last year, driven by weak domestic and international demand. Analysts predict growth of only 4-5% for the year.
Banking Sector Update
- New yuan loans issued by banks rose to CNY1 trillion (approximately $143 billion) in May, up from CNY740 billion in April.
Future Outlook
Economists anticipate that China’s economic growth will further decelerate this quarter due to ongoing COVID-19 outbreaks and declining global demand for exports.
Trade Negotiations
China is set to engage with U.S. trade negotiators this week. Vice Premier He Lifeng will meet Treasury Secretary Scott Bessent on Tuesday evening at an event hosted by the Peterson Institute for International Economics during the G7 finance officials’ annual meeting.
- He Lifeng stated, "We are committed to resolving our trade disputes through dialogue and cooperation," emphasizing the progress made in recent years.
Bessent was unavailable for comment prior to his departure for London, where he will meet He Lifeng and other U.S. officials, including Commerce Secretary Gina Raimondo, who will attend a separate meeting hosted by British Prime Minister Rishi Sunak.
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