Good morning. Retail sales in China picked up in May, while factory output slowed, according to official government statistics. The retail numbers were particularly good — up 6.4 per cent from the year before, compared with a 5.1 per cent gain in April. This suggests that China’s trade-in and subsidy schemes are working, and perhaps that the US-China trade truce is helping Chinese households. But with moderate investment and slowing output, China still isn’t going into the next round of trade negotiations on the strongest footing. Email us: unhedged@ft.com.
早上好。根據中國政府的官方統計數據，5月份中國零售銷售回升，而工廠產出放緩。零售數據表現尤為突出——同比增長6.4%，而4月份的增幅為5.1%。這表明中國的以舊換新和補貼政策正在發揮作用，也許中美貿易休戰也在幫助中國家庭。但由于投資增速溫和、產出放緩，中國在下一輪貿易談判中依然沒有占據最有利的位置。歡迎給我們發郵件：unhedged@ft.com（風險管不管）。
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