A container ship is berthed at the container terminal in Qingdao, China’s eastern Shandong province on June 25, 2026.- | Afp | Getty ImagesChina’s economy is showing signs of picking up, thanks in part to a rebound in shipments to the U.S. “Manufacturing saw the clearest improvement. Retail sales recovered nicely,” according to the China Beige Book, an independent survey of Chinese businesses, on Monday. The survey, covering 1,321 businesses from June 1 to 22, pointed to a surge in luxury goods sales, but weaker tourism-related spending. “The second quarter is ending on a more positive note than it began, but this performance will need to repeat itself in July and August for there to be legitimate cause for celebration,” the report said. The world’s second-largest economy lost steam in April and May after a strong first quarter. In May, China’s retail sales fell for the first time since the pandemic, official figures showed, while data from the 618 shopping festival, which ran from mid-May through mid-June, showed a sharp slowdown in sales growth. Investment in manufacturing, dragged down by declines in metals, chemicals and auto production, fell in May on a year-to-date basis for the first time since December 2020, according to Chinese financial-data provider Wind Information.But in June, the Beige Book said factory activity “accelerated,” and “U.S.-bound orders again saw sharp year-on-year gains.” China’s exports to the U.S. have picked up in recent months, growing 11.3% and 35.4% in April and May, respectively, following double-digit declines for most of last year when President Donald Trump ratcheted up levies on Chinese goods. Freight rates for shipping between Asia and the U.S. have climbed to their highest in nearly two years, S&P Global said last week, attributing the surge to importers frontloading shipments ahead of higher fuel surcharges and price hikes from Asian suppliers. The stockpiling could taper off by late July, it said. China’s export order growth to Asia and other developing countries, however, slowed in June from May, while growth of those to Europe held steady, the Beige Book found.Trump’s meeting with Chinese President Xi Jinping signaled tariffs will likely remain lower for now, while the U.S. has yet to impose addi …
