China's retail sales grew just 0.2% in April 2026, the weakest since December 2022. May data may show the first contraction since COVID lockdowns ended.

China's April retail sales grew just 0.2% YoY, the weakest since December 2022, as HSBC slashes its 2026 forecast and GDP growth projections fall.

May figure misses expectations as fading stimulus, property slump stifle demand

Customers buy vegetables at a supermarket in Wuchang district of Wuhan, Central China's Hubei province, June 10, 2026. [Photo/Xinhua]

China's economy shows a worrying split in May. While factories are humming with strong exports, consumer spending took a hit, with retail sales falling for the first time in over…