AI Data Insight
China's M1 year-on-year growth rate in May 2026 climbed to 5.5%, a mild improvement from the previous month's 5.0%, reflecting a marginal recovery in corporate demand deposit liquidity. However, household loans in the first 5 months experienced a rare negative growth, indicating that private consumption and the willingness to purchase homes remain suppressed, and the overall macroeconomic momentum in the short term must still rely on government bond issuance for support.