China’s economy continued its stable growth trajectory in May, showcasing resilience amid both domestic and global challenges. According to data released by the National Bureau of Statistics (NBS) on Monday, key economic indicators pointed to sustained momentum across various sectors.
Industrial Production on the Rise In May, the industrial output of major enterprises increased by 5.8% year-on-year, with a 0.61% uptick from the previous month. This steady growth underscores the recovery of the manufacturing sector and the expansion of emerging industries, bolstering overall economic stability.
Services Sector Maintains Upward Trend The services production index climbed by 6.2% year-on-year, reflecting continued strength in areas such as finance and technology. This growth supports broader confidence among consumers and businesses alike.
Robust Consumer Activity Consumer spending remained strong, with total retail sales of consumer goods reaching 4.13 trillion yuan ($574.9 billion) in May. This marks a 6.4% increase year-on-year and a 0.93% rise month-on-month, highlighting improving domestic demand aided by policy support and rising household confidence.
Investment Fuels Economic Transformation From January to May, fixed-asset investment totaled 19.19 trillion yuan, a 3.7% year-on-year increase. Investments in infrastructure and high-tech manufacturing continued to provide solid support for long-term economic development and transformation.
Stable Employment Rates The average surveyed urban unemployment rate for the first five months remained at 5.2%, unchanged from the same period last year. This indicates a generally stable employment situation, supported by targeted policies aimed at stabilizing the labor market.
Overall, China’s steady economic growth in May demonstrates resilience and provides a positive outlook for the remainder of the year.
