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Friday, June 14, 2019, 23:06
China's industrial output up 5% in May
By Xinhua
Friday, June 14, 2019, 23:06 By Xinhua

In this Oct 30, 2017 file photo, a staff worker works at the assembly line at the factory of Anqing branch of Anhui Jianghuai Automobile Group Corp, Ltd in Anqing City, east China's Anhui province. (JIANG SHENG / XINHUA)

BEIJING - China's value-added industrial output expanded 5 percent year on year in May, slower than the growth of 5.4 percent in April, official data showed Friday.

In the first five months, industrial output increased 6 percent year on year, 0.2 percentage points slower than the rate in the first four months, the National Bureau of Statistics (NBS) said in a statement.

ALSO READ: China's inflation up 2.7% in May

In May, the output of the high-tech manufacturing sector surged 9.4 percent, 4.4 percentage points faster than the pace of overall industrial output growth

China's value-added industrial output is used to measure the output of large companies each with annual main business revenue of more than 20 million yuan (about US$2.9 million).

In May, the output of the high-tech manufacturing sector surged 9.4 percent, 4.4 percentage points faster than the pace of overall industrial output growth.

The production of new energy vehicles and solar cells grew 16 percent and 9.9 percent, respectively.

The sub-indices for production and supplier delivery time came in at 51.7 and 50.9 respectively last month, above the boom-bust line of 50.

Friday's data also showed that China's consumption growth picked up pace in May with retail sales expanding 8.6 percent year on year, while fixed-asset investment grew 5.6 percent year on year in the first five months.

Fixed-asset investment up 5.6% in first five months

China's fixed-asset investment (FAI) grew 5.6 percent year on year in the first five months, down 0.5 percentage points from the first four months, the NBS said.

During the January-May period, the FAI amounted to 21.75 trillion yuan (about US$3.14 trillion), official data showed.

Private-sector investment increased 5.3 percent to 13 trillion yuan, 0.2 percentage points slower than that in the first four months.

Potential homebuyers get information on the property market in Beijing on Dec 23, 2018. (PHOTO / IC)

The FAI includes capital spent on infrastructure, property, machinery and other physical assets.

Investment in high-tech manufacturing and services surged 10.2 percent and 15.6 percent year on year, respectively.

Investment in the primary industry went down 2.3 percent year on year, while that in secondary and tertiary industries rose 3.2 percent and 7.1 percent, respectively.

In the January-May period, the investment in residential buildings went up 16.3 percent year on year to 3.38 trillion yuan, according to the NBS

The figures were among a series of indicators released by the NBS on Friday, including industrial production and retail sales, which show that the Chinese economy remains on a stable track.

Property investment up 11.2%

During the same period, China's real estate investment increased 11.2 percent year on year in the first five months of the year, the NBS said.

The growth was slower than the 11.9-percent expansion recorded in the January-April period, but was faster than the 9.5-percent growth seen last year.

The total property investment in the first five months amounted to 4.61 trillion yuan (about US$667 billion), with 73.3 percent used in residential buildings, the NBS said.

READ MORE: China's industrial profits fall in first 4 months

In the January-May period, the investment in residential buildings went up 16.3 percent year on year to 3.38 trillion yuan, according to the NBS.

During the same period, China's real state developers built buildings of 7.45 billion square meters in floor area, an increase of 8.8 percent year on year.

Commercial housing sales measured by floor area came in at 555.18 million square meters in the first five months, down 1.6 percent year on year, with the sales in value reaching 5.18 trillion yuan, up 6.1 percent from a year earlier. 

Consumption growth rebounds 

China's consumption growth picked up pace in May with retail sales expanding 8.6 percent year on year, official data showed.

The growth quickened from an increase of 7.2 percent registered in April, according to the NBS.

Retail sales in urban and rural areas expanded 8.5 percent and 9 percent respectively.

China saw its total retail sales up 8.1 percent year on year in the first five months of this year to reach 16.1332 trillion yuan (about US$2.33 trillion).

Online retail sales continued to post robust growth momentum by growing 17.8 percent during the Jan-May period, NBS data showed.

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