Last year, China experienced a decline in GDP growth, along with a steep drop in consumer sentiment exacerbated by an anti-corruption campaign that dampened the intention to spend in lower-tier cities in particular. This year, although business activity was slow in the first quarter, the economy has shown signs of stabilizing, with improved consumption growth. After dropping to a five-year low in January and February, total retail-sales growth increased in May to 12.5 percent, its fastest pace since December of 2013.