China’s economy holds steady in May amid global challenges according to the latest data.
China’s economy maintained steady growth in May despite facing both international and domestic challenges, according to key data released by the National Bureau of Statistics (NBS) on Monday, reflecting the country’s economic resilience.
Industrial output by major enterprises increased by 5.8% compared to the same period last year and grew 0.61% from April. This consistent rise in production was supported by the ongoing recovery of the manufacturing sector and growth in new industries, contributing to overall economic stability.
The services sector continued its positive momentum, with the services production index climbing 6.2% year-on-year. Strong performance in areas like finance and technology helped boost business and consumer confidence.
Consumer spending remained strong, as total retail sales of consumer goods in May reached 4.13 trillion yuan ($574.9 billion), showing a 6.4% increase year-on-year and a 0.93% rise from the previous month. The figures indicate strengthening domestic demand, encouraged by favorable policies and growing consumer confidence.
From January to May, fixed-asset investment totaled 19.19 trillion yuan, a 3.7% increase over the same period last year. Strategic investment in infrastructure and high-tech manufacturing sectors continued to drive long-term economic development and structural transformation.
The average urban unemployment rate during the first five months of the year stood at 5.2%, unchanged from last year, reflecting a stable job market supported by targeted government measures to preserve employment.
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