Chinese industrial production rose in May alongside a pickup in several economic indicators, according to official data released by the
country's statistics authority on Monday.
The data is the latest sign that the world's second-largest economy is
on the road to recovery from the impacts of the coronavirus pandemic.To
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A boost in consumer spending sent home and auto sales higher, the
National Bureau of Statistics showed, raising optimism that the economy
may emerge stronger from its virus hit.
China's headline jobless rate fell slightly to 5.9% in May, down from
April's 6.0% level, in a sign that the economy may have pulled itself
together.
Chinese industrial production rose in May alongside a pickup in several
economic indicators, according to official data released by the
country's statistics authority on Monday - the latest sign that the
world's second-largest economy is on the road to recovery from the
impacts of the coronavirus pandemic.
China has been battling the consequences of the coronavirus pandemic,
but official data shows its factory activity recovered pace in May as
restrictions tied to the COVID-19 outbreak were eased.
However, Beijing reported 57 new coronavirus cases on Sunday - its
highest number in two months - and officials have reimposed regional
lockdown measures in certain areas.
A line of China's top-tier data fell short of analyst expectations despite month-on-month improvements in fixed asset investment,
industrial production, and retail sales, according to Connor Campbell, a
financial analyst at SpreadEx, who cited an official spokesman Xu
Heijan warning that new risks of a sharper outbreak is "very high."
Chinese consumer spending is a crucial measure for the economy and a
boost in purchases in May propelled an increase in home and auto sales.
Retail sales rose by 0.8% in the month compared to April, while falling
2.8% compared to the same time last year. By comparison, in April,
retail sales slumped 7.5%.
Big ticket items helped drive retail sales up, with auto sales increasing 3.5% compared to the same period in 2019.
