Graphics: China's retail sales unexpectedly robust in May

China's retail sales picked up steam in May, exceeding all estimates and growing at the fastest pace since December 2023, according to data released by the National Bureau of Statistics (NBS) on Monday.

Retail sales, a gauge of consumption, jumped 6.4 percent year‑on‑year in May, up from a 5.1-percent increase in April, and sharply beat analysts' estimate of 5 percent in a Reuters poll.

May's consumption improvement was supported by strong Labor Day holiday spending, consumer‑goods trade‑in subsidies and a rise in foreign tourists following the country's expansion of its visa‑free entry list. The earlier start of the "618" shopping festival this year also helped drive consumption.

China's industrial output grew 5.8 percent year‑on‑year in May, slowing from 6.1 percent in April, according to data from the NBS. The figure was slightly below analysts' estimate of 5.9 percent in a Reuters poll.

Fixed‑asset investment expanded 3.7 percent in the first five months of the year compared with the same period a year ago. Within fixed‑asset investment, infrastructure investment rose 5.6 percent, while manufacturing investment jumped 8.5 percent.

China's exports grew 6.3 percent year‑on‑year in May, with surging shipments to Southeast Asian nations, European Union countries and Africa helping offset the sharp decline in U.S.‑bound goods.