Retail sales in China fell 0.6% in May compared with the same month last year, marking the biggest monthly decline since the economy reopened after the COVID-19 pandemic in late 2022. Fixed‑asset investment in the first five months of 2026 also fell 4.1% year‑on‑year, the steepest drop since May 2020, following a 1.6% decline in the first four months. The slowdown was driven mainly by a 16.2% plunge in real‑estate investment, compared with a 13.7% fall in the January‑April period.