Recent official data revealed that China’s industrial output experienced an annual growth of 5.8% last month.
The National Bureau of Statistics of China reported that the manufacturing sector saw a 6.2% annual increase in value-added production in May, driven by a 9% rise in machinery manufacturing and an 8.6% increase in high-tech products.
For the first five months of this year, industrial output rose by 6.3% compared to the same period last year. According to Xinhua News Agency, these industrial output figures are derived from monitoring the activities of large enterprises, each with an annual revenue of at least 20 million yuan (approximately $2.79 million).
On another note, the statistics office indicated that investment in fixed assets in China grew by 3.7% year-on-year during the first five months of this year.
Excluding the real estate sector, investment in fixed assets for this period increased by 7.7%, as reported by the National Bureau of Statistics.
Infrastructure investment rose by 5.6%, while investment in the manufacturing sector increased by 8.5% annually.
Additionally, official data showed that retail sales in China grew by 6.4% year-on-year last month.
The National Bureau of Statistics noted that the value of retail sales for consumer goods in the world’s second-largest economy exceeded 4.13 trillion yuan (about $575.3 billion) in May.
For the first five months of this year, the value of retail sales of consumer goods in China increased by 5% compared to the same period last year, following a 4.7% rise in the first four months.