Tue, 16 Aug 2022

Update: China's industrial output up 0.7 pct in May

Xinhua
15 Jun 2022, 19:05 GMT+10

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BEIJING, June 15 (Xinhua) -- China's value-added industrial output, an important economic indicator, went up 0.7 percent year on year in May amid the country's push for production resumption and smoother logistics, official data showed Wednesday.

On a monthly basis, the industrial output in May registered an increase of 5.61 percent, data from the National Bureau of Statistics (NBS) showed.

"Due to continued efforts to resume work and stabilize key industrial and supply chains, May's industrial output saw positive changes with the growth reversing the downward trajectory," NBS spokesperson Fu Linghui told a press conference.

The equipment manufacturing sector saw its output rise by 1.1 percent year on year, compared with an 8.1-percent decline in April, Fu noted.

Mining output climbed by 7 percent from the previous year. The output of the manufacturing sector rose 0.1 percent, and the production and supply of electricity, heat, gas and water inched up 0.2 percent.

The output of new energy vehicles surged 108.3 percent, while that of solar batteries increased 31.4 percent year on year, according to the NBS data.

China's exports grew by 15.3 percent year on year in May, picking up from the previous month.

The recovery signs indicate that China's industrial transformation and upgrading trend has not changed, Fu said, adding that the industrial production is expected to accelerate recovery as the pro-growth measures are taking effect.

Given that the COVID-19 has dealt a blow to many firms, Fu said China will further implement relief measures, expand domestic demand and improve the business environment to support the industrial economy.

The industrial output measures the activity of large enterprises each with an annual main business revenue of at least 20 million yuan (about 3 million U.S. dollars).

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