BEIJING - China's economy recovered slightly last month from the fallout of tough Covid-19 restrictions, as the decline in consumer spending slowed and factories reported an increase in output.
In May, the country's most prominent cities Beijing and Shanghai continued with drastic measures to curb Covid-19 outbreaks by- though most restrictions remained in place - after an extended lockdown that lasted for more than six weeks.a semi-lockdown imposed on Chaoyang, But he warned that the"international environment will be even more complicated and grim, and the domestic economy is still facing difficulties and challenges for recovery".
"Economic recovery is still quite weak China's economy faces the most severe challenge in the past 30 years," said Pinpoint Asset Management president and chief economist Zhang Zhiwei in Hong Kong. He pointed to how online retail sales performed disappointingly last month, growing a paltry 2.9 per cent year on year, despite the fact that residents in some of China's richest cities were under lockdown.
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