The National Bureau of Statistics recently released macroeconomic data for may.The added value of industries above designated size increased by 5.0% in May, total retail sales of consumer goods increased by 8.6%, and investment in fixed assets (excluding rural households) increased by 5.6% in May.
"On the whole, the economic performance in May was stable and improved, and continued to operate within a reasonable range."National Bureau of Statistics spokesman fu linghui said.
In terms of industry, from January to may, the added value of industries above the designated scale increased by 6% in real terms.Growth accelerated in more than half of the industries in May, with 325 of the 605 major industrial products reporting year-on-year growth, up 4.4 percentage points from the previous month.The value added of high-tech manufacturing increased by 9.4 percent year-on-year, 4.4 percentage points higher than that of industries of all sizes and above.
On the investment side, manufacturing investment rose 2.7 percent, up 0.2 percentage points from January to April, making it the biggest bright spot.Investment in technological upgrading in the manufacturing sector increased by 15% in the first five months of this year, 0.1 percentage points higher than in the first four months of this year, and 12.3 percentage points higher than the total investment in the manufacturing sector.
Consumption is also respectable.Retail sales of consumer goods totaled 3.2956 trillion yuan in May, up 8.6 percent year-on-year and 1.4 percentage points faster than the previous month.Even after stripping out the holiday factor, "total social growth in May was flat."'commodities and basic necessities increased by more than 10%,' Ms. Fu said.The growth of upgraded commodities is accelerating;Online retail sales of physical goods grew 21.7 percent in the first five months of this year, more than 10 percentage points faster than total sales of social goods.Auto sales rose 2.1% from negative to positive.
"Consumption will continue to rebound in June, with policies such as stabilizing auto consumption, plus an extra day of holidays in June compared with the same month last year," he said.Evergrande group chief economist ren zeping said.Fu said that the scale of China's consumption growth is expanding, the structure is upgrading and its contribution to growth is improving, which will become an important ballast for the steady and healthy growth of the Chinese economy.
However, fu also pointed out that the external environment is becoming more unstable and uncertain, domestic development is still unbalanced and inadequate, and the foundation for sustained and sound economic development needs to be consolidated.
Experts believe that the recent policy has released a new signal of stable growth, including small and medium-sized Banks credit increase, special debt New Deal.Ren zeping believes that the follow-up counter-cyclical adjustment will be renewed, and the combination of fiscal and monetary policies will support the stabilization of fixed asset investment, mainly focusing on infrastructure to strengthen weak links and high-end manufacturing.Reform measures such as reducing taxes, fees and market access to stimulate market vitality and promote the stabilization and recovery of manufacturing and private investment.
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