Chinese economy continues on path to recovery

Source:Global Times Published: 2020/6/15 11:01:10


Photo: Xinhua


 
China's industrial output, investment and retail sales rebounded in May, the second full month after the world's second-largest economy resumed work and production as the worst of the coronavirus epidemic had passed in China. 

All three major economic indexes recovered from a steep decline in the first quarter. Data is closely watched as analysts use it to help gauge manufacturing and consumer trends while China eases lockdowns.

Industrial value added grew 4.4 percent year-on-year in May, compared to a 3.9 percent rise in April, data from the National Bureau of Statistics (NBS) showed on Monday. That was less than the expected 5 percentage point gain.

Urban fixed-asset investment declined 6.3 percent in the first five months, narrowing 4 percentage points from the reading for the first four months. 

The decline in retail sales in May narrowed, shrinking 2.8 percent as consumers returned to streets, restaurants and malls. Auto sales also regained traction, with the decline narrowing 4.7 percentage points from April.

The NBS press conference shifted from offline to online at the last minute as a sudden outbreak of COVID-19 infections struck a wholesale food market in a Beijing district over the weekend.

Posted in: ECONOMY

blog comments powered by Disqus