Arya News - The country`s broader economy maintained steady growth, backed by supportive macroeconomic policies, pointing to the strong resilience and vitality.
BEIJING – China’s economy continued its recovery trend in May amid robust macroeconomic policies despite mounting external uncertainties, official data showed on Monday.
Figures released by the National Bureau of Statistics showed that China’s value-added industrial output- a gauge of activity in the manufacturing, mining and utilities sectors – rose by 5.8 percent year-on-year in May after a 6.1 percent growth in April.
Retail sales, a key measurement of consumer spending, grew by 6.4 percent year-on-year in May versus a 5.1 percent rise in April.
Fixed-asset investment – a gauge of expenditures on items including infrastructure, property, machinery and equipment – rose by 3.7 percent during the January-May period compared to a year ago, while in the first four months, it grew by 4 percent.
The surveyed urban unemployment rate came in at 5 percent in May, down from 5.1 percent in April, according to the NBS.
The NBS noted that China’s broader economy maintained steady growth in May, backed by supportive macroeconomic policies, pointing to the strong resilience and vitality.
Meanwhile, the NBS warned of mounting external uncertainties, saying the foundation for sustained recovery is yet to be consolidated.
In the next step, the NBS said the country should unswervingly manage its affairs well, adding that higher priority should be given to expanding domestic demand and strengthening domestic economic circulation. The key focus should also be placed on stabilizing employment and promoting high-quality development.