Chinese factory output and sales grow steadily, but investment slows
Beijing — China’s factory output and retail sales grew at a steady pace in May but investment slowed, reinforcing views that the world’s second-largest economy will soon start to lose some momentum as lending costs rise and the property market cools. Job creation remained solid over the first five months of the year, with 5.99-million new urban jobs, a spokesperson for the nation’s statistics bureau said on Wednesday. China’s survey-based jobless rate both nationwide and in 31 major cities remained below 5% in May, National Bureau of Statistics spokesperson Liu Aihua said. Global concerns about China have resurfaced since Moody’s Investors Service downgraded its credit ratings in May, saying it expected the country’s financial strength to erode in coming years as growth slowed and debt continued to rise. But most analysts predict only a gradual loss of momentum in coming months, especially as the government is keen to maintain economic and financial market stability ahead of a major...
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