© Reuters.
By Zhang Mengying
Investing.com – China’s , while COVID-19 curbs in the world’s second-largest economy kept consumer inflation in check.
Official data released earlier in the day showed that the rose 6.4% year-on-year in May, in line with Forecasts prepared by Investing.com while a rise of 8.0% was recorded in April. The cooling might be caused by weak demand for steel, aluminum, and other industrial commodities.
Meanwhile, the year on year and remained unchanged from April’s reading. Forecasts prepared by Investing.com predicted a growth of 2.2%.
China’s economy has been slowed in recent months, due to COVID-19 curbs and disruptions in supply chains. The urban unemployment rate rose to 6.1% in April, the highest since February 2020.
To stabilize the economy, China’s cabinet announced 33 measures that cover fiscal, financial, investment, and industrial policies. The State Council also called for the local government to resume production and revive the economy.
Shanghai eased its lockdowns on June 1 but resumed partial lockdowns on Thursday given clusters of COVID-19 outbreaks, which adds to worries of a grim economic outlook.
Goldman Sachs (NYSE:) lowered its 2022 growth forecast to 4% from 4.5% last month, while China’s official target is around 5.5%.
