Signs of a slight cooling

The National Bureau of Statistics reported that industrial output rose by 17.5% in May, compared to a rise of 19.1% in April. The People's Bank of China also reported M2, the broadest measure of the money supply, grew by 17.5% in May compared to 19.1% in April. Data also indicated renmimbi loans rose by 18.6% in May 2004, compared to 19.8% in May 2003. Analysts said that the figures show China's economy is slowing down.