People walk past buildings in Shanghai, Shanghai, China, on Friday, April 21, 2023. Producer price index in May fell 4.6%, marking the steepest year-on-year drop in seven years, when producer prices saw a year-on-year drop of 7.2% in May 2016. China's low consumer inflation and deflation in its producer prices come in contrast to relatively high inflation in major economies around the world. The mining and raw material industries led declines in producer prices, while food, tobacco and alcohol prices led consumer price gains, the data showed. Nearing bottomDespite the softness in the latest price indexes, one China market watcher seemed to be holding on to an optimistic "long China" call.

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Persons: Zhiwei Zhang, Zhang, Andrew Maynard of Organizations: Bloomberg, Getty, Reuters, CPI, U.S . Federal Reserve, U.S ., CSI, China's National Bureau, Statistics Locations: Shanghai, China, Canada, Australia, Shenzhen, Andrew Maynard of China