China’s retail sales declined for a third consecutive month in May as lockdowns and mass testing campaigns under President Xi Jinping’s zero-Covid strategy curtailed growth in the world’s biggest consumer market.
Retail sales, an important gauge of consumption, fell 6.7 per cent compared with the same month a year ago. While the pace of decline eased from April, the bleak data marked the latest indicator of how China has struggled to kick-start consumer spending because of the ever-present threat of lockdowns.
Sheana Yue, China economist with Capital Economics, warned of a “risk of relapse” amid greater restrictions and slowing external demand.
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