China's economy withstood pressures, maintaining stable growth momentum in May, as its resilience is bolstered by the government's latest package of stimulus policies, with industrial output growing steadily, employment being kept stable, and new growth drivers continuously emerging, official data showed on Monday.
In May, the total value added of industrial enterprises above the designated size grew by 5.8 percent year-on-year, while from January to May, it increased by 6.3 percent, according to latest data released by the National Bureau of Statistics (NBS).
Notably, the value-added of equipment manufacturing sector rose by 9.0 percent, and that of high-tech manufacturing grew by 8.6 percent, both outpacing the overall industrial growth rate, indicating a strong development momentum.
During the same period, the output of 3D printing equipment surged by 40 percent, industrial robots by 35.5 percent, and green new-energy vehicles by 31.7 percent.
China is currently in a critical phase of industrial upgrading, NBS spokesperson Fu Linghui said, noting that new growth drivers such as high-end manufacturing, the digital economy, and new energy industries continue to expand, providing strong support for industrial transformation and stable economic performance.
On the domestic consumption front, market sales rebounded significantly in May, with rapid growth in goods related to the trade-in programs, the spokesperson told a press conference on Monday.
NBS data shows that total retail sales of consumer goods reached 413.26 billion yuan ($57.5 billion), up 6.4 percent year-on-year, accelerating by 1.3 percentage points from a month earlier. Retail sales of household electric appliances and audio-visual equipment by enterprises above the designated size soared by 53 percent, while telecommunication equipment sales rose by 33.0 percent.
The services sector growth has gained pace, with modern services maintaining strong momentum. In May, the national services production index increased by 6.2 percent year-on-year, the NBS data showed.
The pick-up in domestic consumption, particularly the expansion of services consumption, has driven growth in related services, Fu said. In May, the production indices for wholesale and retail trade rose by 1.6 percentage points month-on-month, with accommodation and catering sector up by 0.9 percentage points.
And, fixed asset investment continued to expand, with manufacturing sector investment growing rapidly. From January to May, national fixed asset investment (excluding rural households) rose by 3.7 percent year-on-year. Investment in the information service sector rose 41.4 percent, while investment in aviation, aerospace, and equipment manufacturing grew by 24.2 percent year-on-year.
Social employment situation remained generally stable in May, with the surveyed urban unemployment rate declining. The average surveyed urban unemployment rate in the first five months stood at 5.2 percent. In May, the rate was 5.0 percent, down 0.1 percentage points from April.
"With the continued release of policy effects and the visible results of macro measures to stabilize economic development, China's economy has maintained generally stable performance with steady progress seen in May, which demonstrated its resilience and vitality," Fu said.
However, Fu cautioned that external uncertainties remain abundant, while domestic demand still requires stronger internal momentum, and the foundation for sustained economic recovery needs further consolidation.
In the coming months, China will place greater emphasis on expanding domestic demand and strengthening domestic economic cycle, focusing on stabilizing employment and the economy to promote high-quality development, according to Fu.
"China's policy toolkit is well stocked, with macroeconomic policies retaining flexibility to dynamically adjust and actively respond to the changing conditions, which will shore up stable economic growth," he noted.