The latest numbers out of China show solid industrial production, but only modest growth in consumption.

Data for April from the National Bureau of Statistics indicates industrial output grew 6.7 percent from a year earlier. That beat March's figure. Stronger demand for electric vehicles and other items was behind the growth.

Retail sales, a gauge of consumer spending, rose by 2.3 percent from a year ago, reflecting a sense of thriftiness among consumers. Growth was slower compared with March.

Real-estate investment in January to April was down 9.8 percent from the same period last year, as the contraction continued to deepen.

New-home sales dropped 20.2 percent based on floor area. The property slump continues to raise concerns about the state of the Chinese economy.