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China’s factories perk up, but weak consumption points to slow economic recovery

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Reuters UK

BEIJING (Reuters) – China’s economy showed signs of recovery in May after slumping in the prior month as industrial production rose unexpectedly, but consumption was still weak and underlined the challenge for policymakers amid the persistent drag from strict COVID curbs. The data, however, provides a path to revitalise growth in the world’s second-biggest economy after businesses and consumers were hit hard due to full or partial lockdowns in dozens of cities in March and April, including a protracted shutdown in commercial centre Shanghai. Industrial output grew 0.7% in May from a year earli…

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