China Industrial Production

China's industrial production rose by 5.8% yoy in May 2025, easing from April's 6.1% growth and missing market consensus of 5.9%. This was the slowest increase since November 2024, as U.S. tariff pressures weighed on overseas demand and domestic output. Manufacturing activity slowed (6.2% vs 6.6% in April) while mining output held steady (at 5.7%) and electricity, heat, gas, and water production continued to rise (2.2% vs 2.1%). Within manufacturing, 35 of 41 major industries logged growth, including railway and shipbuilding (14.6%), automotive (11.6%), computers and communications (10.2%), non-ferrous metal smelting and rolling (8.1%), agricultural and food processing (7.6%), food manufacturing (6.7%), chemical products (5.9%), coal mining and washing (5.5%), oil and gas (5.3%), and heat production (2.0%). In contrast, output fell for non-metallic mineral products (-0.6%). Monthly, industrial output rose 0.61%. For the first five months of the year, industrial production grew 6.3%.