TOKYO — China’s retail sales expanded more than expected in May, boosted by subsidies encouraging consumers to replace certain goods and an early start to the “618” online shopping festival.
The gauge of household spending rose 6.4% last month, the fastest pace since December 2023, according to data published by the National Bureau of Statistics on Monday. The reading beat the 5.1% increase in April and the 4.9% consensus forecast in a Bloomberg poll, even though data released last week showed China’s consumer price index remained in negative territory for the fourth straight month in May, marking the longest string of falling prices in over a year.
