China's May retail sales fall for first time in over three years

China's retail sales fell 0.6% month-on-month in May, the first decline since December 2022. Meanwhile, industrial output grew 4.5% year-on-year, with high-tech manufacturing up 15.1%. While AI and exports drive production, real estate, autos and household consumption remain weak. China's core economic question is shifting from 'is there growth' to 'is growth balanced'.