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  • China’s April data point to slowing activity, only partly explained by the global energy shock.
  • Retail sales growth at 0.2% was the worst since December 2022, highlighting poor domestic demand.
  • Investment is weak, though probably better than April’s figure—the worst since February 2020—suggests.

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Keywords for: 19 May 2026 China+ Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence