China's May economy showed mixed results: retail sales rose 6.4% due to promotions, but factory output and exports slowed amid U.S. tariffs, property slumps, and deflation.

• Retail sales jumped 6.4% in May, driven by 618 shopping festival discounts and appliance subsidies.
• Factory output grew 5.8% (vs. 7.7% in March) as U.S. tariffs hit exports, which fell 35% to the U.S.
• Property market declines, deflation (0.1%), and weak consumer confidence persist despite short-term retail gains.