largest economy. industrial output is lagging and house prices have fallen at theirfastest pace in a decade, highlighting the continued strains in the property sector. retail sales though have performed better than expected. so what does this all mean for china s recovery and the global economy? let s unpack all this with our asia business reporter sura njana tewari. markets in asia here are very conscious that make cautious about that mixed bag of data coming out of china. retail sales were up by 3.7% in may and that was better than april s 2.3% growth and beat many project projections with the government crediting labour day holidays and trade in programmes to encourage consumers for all of the appliances as well as shopping festivals as reasons for the improved sales. still, though, it was the third lowest reading since last august and may not do much to overcome concerns about a lack of demand in the country and spending. house prices fell at the fastest pace in a deca
largest trading partner and this is why. look at the figures, 2 way trade grew over 9% to over $300 million. i spoke with former australian ambassador to china geoff raby who explained the significance of this visit. the significance of the visit is that not only is it the first since 2017, but it marks the resumption of the annual reciprocal high level visit exchanges. these started in the 1980s and continued until 2017 and they are resuming again. to the comments by philjust then, relations have normalised and that s what china is looking for. beyond that, in terms of geopolitics, does it weigh on relations given the fact that australia is a strong ally of the united states but depends on china for trade? how do you reckon going forward that australia manages to balance these out? absolutely. it s a critical issue, it s interesting to note that since the seven years since the last high profile visit from a chinese leader to australia, china has gone from 16% to 75% of 60
largest trading partner. last year, two way trade with china grew over 9% to over $300 billion. i spoke with former australian ambassador to china geoff raby who explained the significance of this visit. the significance of the visit is that not only is it the first since 2017, but it marks the resumption of the annual reciprocal high level visit exchanges. he started in the 19805 exchanges. he started in the 1980s and continued until 2017 and they are resuming again. to the comments by philjust then, relations have normalised and that s what china is looking for. p, that s what china is looking for. , ., that s what china is looking for. , , . , for. do you see differences bein: for. do you see differences being ironed for. do you see differences being ironed out? - for. do you see differences being ironed out? barley, l for. do you see differences - being ironed out? barley, beef abattoirs. being ironed out? barley, beef abattoirs, they being ironed out? barley, beef
at because of trade ties and geopolitics will be key on the discussions. chinese premier li qiang is in australia for a four day visit amid warming ties between both countries. he kicked off his trip on sunday, with a stop at the adelaide zoo to visit a pair of pandas on loan from china. he also met with foreign minister penny wong and a number of south australian wine exporters. china is currently australia s largest trading partner. last year, two way trade with china grew over 9% to over $300 billion. we ll keep coming back to those visuals. i spoke with former australian ambassador to china geoff raby who explained the significance of this visit. to feel the chest, the relationship has effectively normalized and that is what china is looking for. beyond that, in terms china is looking for. beyond that, in terms of china is looking for. beyond l that, in terms of geopolitics, does it way on relations given the fact that australia is a strong ally of the united states bu