Prices in 70 major cities were down 0.7% in May from April, National Bureau of Statistics figures showed on Monday. That’s the steepest month-on-month drop since October 2014, according to Reuters calculation. According to separate calculations by the Macquarie Group, prices of existing homes in those cities fell by 7.5% year-on-year last month, marking the biggest decline on record.
3% rise in April and beating market forecasts. Much of that boost came from a massive government trade-in programs for used cars and old home appliances, aimed at bolstering domestic consumption. The Labor Day “Golden Week” holiday, which ran from May 1 to May 5, also helped reignite some consumer spending. Industrial output lost some momentum, growing 5.6% in May from a year ago, compared to April’s 6.7% increase. Fixed asset investment also missed expectations. But China’s exports jumped 7.