Chinese president Xi Jinping has pursued a strategy of supporting high-end manufacturing in sectors like green energy technology as drivers of the economy. Photograph: Ju Peng/Xinhua/AP’s National Bureau of Statistics on Monday, with retail sales performing better than expected on the back of a five-day holiday in May. But industrial output growth slowed compared to April and news from the property market remained dismal.
Even the most optimistic players within the property sector doubt that prices will stabilise before the end of 2025 as millions of homes remain unsold. Pessimists fear that the government’s moves are not big enough to revive the market but will worsen the burden of debt on China’s provincial and local authorities.
Most western economists believe that China needs economic stimulus and better social welfare and public healthcare to boost consumer spending. ButBeijing announced on Monday that it was launching an anti-dumping investigation into EU pork products, looking into subsidies and overcapacity. The government said the probe was in response to an application from the China Animal Agriculture Association, which represents the pork industry.