CHINA China's economic recovery stabilizes in May

CHINA

China's economic recovery stabilizes in May

By Yang Jing | CGTN

18:27, June 16, 2021

China's economy continued to recover in May from the pandemic fallout with retailing sales showing a boost by the public holiday with 12.4 percent year-on-year growth, according to official data released on Wednesday.

Passengers in Beijing West Railway Station, May 3, 2021. (Photo: CFP)

The world's second-largest economy saw its industrial output up 8.8 percent from a year earlier, led by sectors like new energy vehicles and industrial robots. China's Purchasing Managers' Index (PMI) stood at 51 in May, staying above the 50-point mark that separates growth from contraction for 15 consecutive months, according to data released by the National Bureau of Statistics.

From January to May, industrial production increased by 17.8 percent year on year.

As for the fixed-asset investment, it increased by 15.4 percent in the first five months of this year.

With the Labor Day holiday in May, the retailing sales jumped 12.4 percent year-on-year, 0.81 percent higher than in April. The catering sector also saw a 26.6 percent year-on-year growth in May.

From January to May, online sales jumped by 24.7 percent from the same period of last year, surpassing 4.8 trillion yuan ($750 billion), accounting for 22.6 percent of the total retailing sales.

The job market also saw some recovery, reporting an unemployment rate of five percent, lower than the 5.1 percent registered in April.

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