The national economy has maintained stable operation despite pressure. Production and demand have grown steadily. The overall employment situation has remained stable. New growth drivers have grown stronger. High-quality development is moving towards excellence and innovation.
First, industrial production grew steadily, with the equipment manufacturing industry and high-tech manufacturing industry experiencing relatively rapid growth
In May, the added value of industrial enterprises above designated size across the country increased by 5.8% year-on-year and 0.61% month-on-month. By three major categories, the added value of the mining industry increased by 5.7% year-on-year, that of the manufacturing industry rose by 6.2%, and that of the power, heat, gas and water production and supply industry grew by 2.2%. The added value of the equipment manufacturing industry increased by 9.0% year-on-year, and that of the high-tech manufacturing industry rose by 8.6%, which were 3.2 and 2.8 percentage points faster than the added value of all industrial enterprises above designated size respectively. By economic type, the added value of state-controlled enterprises increased by 3.8% year-on-year. Joint-stock enterprises increased by 6.3%, and foreign-funded and Hong Kong, Macao and Taiwan-invested enterprises increased by 3.9%. Private enterprises increased by 5.9%. By product, the output of 3D printing equipment, industrial robots and new energy vehicles increased by 40.0%, 35.5% and 31.7% respectively year-on-year. From January to May, the added value of industrial enterprises above designated size across the country increased by 6.3% year-on-year. In May, the Purchasing Managers' Index (PMI) for the manufacturing industry was 49.5%, up 0.5 percentage points from the previous month. The expected index of enterprises' production and operation activities was 52.5%, rising by 0.4 percentage points. From January to April, the total profits of industrial enterprises above designated size across the country reached 2,117 billion yuan, increasing by 1.4% year-on-year.
Second, the growth of the service industry has accelerated, and the modern service industry has shown a good upward trend
In May, the national service industry production index rose by 6.2% year-on-year, 0.2 percentage points faster than the previous month. By industry, the production indices of information transmission, software and information technology services, leasing and business services, and wholesale and retail trade increased by 11.2%, 8.9%, and 8.4% respectively year-on-year, which were 5.0, 2.7, and 2.2 percentage points faster than the production index of the service industry respectively. From January to May, the national service industry production index increased by 5.9% year-on-year. From January to April, the operating income of large-scale service enterprises increased by 7.2% year-on-year. In May, the business activity index of the service industry was 50.2%, rising by 0.1 percentage point compared with the previous month. The expected index of business activities in the service industry was 56.5%, rising by 0.1 percentage point. Among them, the business activity indices of industries such as railway transportation, air transportation, postal services, telecommunications, radio, television and satellite transmission services, and Internet software and information technology services are in the relatively prosperous range above 55.0%.
Third, market sales have significantly rebounded, and the related goods for trade-in have grown rapidly
In May, the total retail sales of consumer goods reached 4,132.6 billion yuan, increasing by 6.4% year-on-year, which was 1.3 percentage points faster than the previous month. It increased by 0.93% month-on-month. By the location of business units, the retail sales of consumer goods in urban areas reached 3,605.7 billion yuan, increasing by 6.5% year-on-year. Retail sales of consumer goods in rural areas reached 526.9 billion yuan, increasing by 5.4%. By consumption type, the retail sales of commodities reached 3,674.8 billion yuan, increasing by 6.5%. Catering revenue was 457.8 billion yuan, increasing by 5.9%. Sales of basic living goods and some upgraded goods showed a relatively good growth trend. The retail sales of grain, oil and food, gold, silver and jewelry, and sports and entertainment goods in units above the designated size increased by 14.6%, 21.8% and 28.3% respectively. The policy of exchanging old consumer goods for new ones has continued to take effect. The retail sales of household appliances and audio-visual equipment, communication equipment, cultural and office supplies, and furniture in units above the designated size have increased by 53.0%, 33.0%, 30.5%, and 25.6% respectively. From January to May, the total retail sales of consumer goods reached 20,317.1 billion yuan, increasing by 5.0% year-on-year. The national online retail sales reached 6,040.2 billion yuan, increasing by 8.5% year-on-year. Among them, the online retail sales of physical goods reached 4,987.8 billion yuan, increasing by 6.3%, accounting for 24.5% of the total retail sales of consumer goods in society. From January to May, the retail sales of services increased by 5.2% year-on-year.
Fourth, fixed asset investment continued to expand, and manufacturing investment grew at a relatively fast pace
From January to May, the national fixed asset investment (excluding rural households) was 19,194.7 billion yuan, increasing by 3.7% year-on-year. Excluding real estate development investment, the national fixed asset investment increased by 7.7%. By sector, infrastructure investment increased by 5.6% year-on-year, manufacturing investment rose by 8.5%, and real estate development investment declined by 10.7%. The sales area of newly built commercial housing across the country was 353.15 million square meters, a year-on-year decrease of 2.9%. The sales revenue of newly built commercial housing was 3,409.1 billion yuan, a decrease of 3.8%. By industry, investment in the primary industry increased by 8.4% year-on-year, investment in the secondary industry rose by 11.4%, and investment in the tertiary industry declined by 0.4%. Private investment remained unchanged year-on-year. Excluding investment in real estate development, private investment increased by 5.8%. In high-tech industries, investments in information services, aviation, spacecraft and equipment manufacturing, computer and office equipment manufacturing, and professional technical services increased by 41.4%, 24.2%, 21.7% and 11.9% respectively year-on-year. In May, fixed asset investment (excluding rural households) increased by 0.05% month-on-month.
V. The import and export of goods continued to grow, and the trade structure continued to be optimized
In May, the total volume of imports and exports of goods reached 3,809.8 billion yuan, increasing by 2.7% year-on-year. Among them, the export was 2,276.7 billion yuan, increasing by 6.3%. Imports amounted to 1,533.1 billion yuan, a decrease of 2.1%. From January to May, the total value of imports and exports of goods reached 17,944.9 billion yuan, increasing by 2.5% year-on-year. Among them, the export was 10,668.2 billion yuan, increasing by 7.2%. Imports amounted to 7,276.7 billion yuan, a decrease of 3.8%. From January to May, general trade imports and exports increased by 0.8%, accounting for 64.2% of the total imports and exports. The import and export of private enterprises increased by 7.0%, accounting for 57.1% of the total import and export volume, an increase of 2.4 percentage points compared with the same period of the previous year. The export of mechanical and electrical products increased by 9.3%, accounting for 60.0% of the total export volume.
Six. The overall employment situation remained stable, and the surveyed urban unemployment rate declined
From January to May, the average surveyed unemployment rate in urban areas across the country was 5.2%. In May, the surveyed unemployment rate in urban areas across the country was 5.0%, down 0.1 percentage point from the previous month. The surveyed unemployment rate of the local registered labor force was 5.0%. The surveyed unemployment rate of the migrant household registration labor force was 5.0%, among which the surveyed unemployment rate of the migrant agricultural household registration labor force was 4.9%. The surveyed urban unemployment rate in 31 major cities was 5.0%, down 0.1 percentage point from the previous month. The average weekly working hours of employees in enterprises across the country are 48.5 hours.
Seven. The consumer price index remained at a low level, while the core CPI rose moderately
In May, the national consumer price index (CPI) decreased by 0.1% year-on-year and 0.2% month-on-month. By category, the prices of food, tobacco and alcohol rose by 0.1% year-on-year, the prices of clothing increased by 1.5%, the prices of housing rose by 0.1%, the prices of daily necessities and services rose by 0.1%, the prices of transportation and communication dropped by 4.3%, the prices of education, culture and entertainment rose by 0.9%, the prices of medical care rose by 0.3%, and the prices of other goods and services rose by 7.3%. Among the prices of food, tobacco and alcohol, the price of fresh vegetables dropped by 8.3%, the price of grains decreased by 1.4%, the price of pork rose by 3.1%, and the price of fresh fruits increased by 5.5%. Core CPI, excluding food and energy prices, rose by 0.6% year-on-year, with the growth rate expanding by 0.1 percentage point compared to the previous month. From January to May, the national consumer price index decreased by 0.1% year-on-year.
In May, the factory-gate prices of industrial producers across the country decreased by 3.3% year-on-year and 0.4% month-on-month. The purchase prices of industrial producers across the country decreased by 3.6% year-on-year and 0.6% month-on-month. From January to May, both the factory-gate prices and purchase prices of industrial producers across the country decreased by 2.6% compared with the same period of the previous year.
Overall, in May, as the combined effect of policies continued to be released and the results of stabilizing the economy and promoting development became apparent, the national economy maintained a generally stable and progressive development trend, fully demonstrating the resilience and vitality of China's economy. It should also be noted that there are many unstable and uncertain external factors. The internal driving force for expanding domestic demand still needs to be strengthened, and the foundation for the sustained recovery and improvement of the economy still needs to be consolidated. We should place greater emphasis on expanding domestic demand and strengthening the domestic circulation, focus on stabilizing employment and the economy to promote high-quality development, and promote sustained and healthy economic growth.
Notes
(1) The growth rate of the added value of industrial enterprises above designated size and their classified items is calculated at comparable prices and represents the actual growth rate. Other indicators, unless otherwise specified, are calculated at current prices and represent nominal growth rates.
(2) The statistical scope of industrial enterprises above designated size includes industrial enterprises with an annual main business income of 20 million yuan or more.
As the scope of large-scale industrial enterprises changes every year, to ensure the comparability of this year's data with that of last year, the concurrent figures used to calculate the year-on-year growth rates of various indicators such as product output should be as consistent as possible with the current period's enterprise statistics scope, and there are differences in the scope compared with the data published last year. The main reasons are as follows: First, the scope of statistical units has changed. Every year, some enterprises reach a certain scale and are included in the investigation scope, while others exit the investigation scope due to a reduction in scale. There are also impacts such as newly established and put into production enterprises, bankruptcies, and enterprises that have been registered (suspended). Second, there is a phenomenon of cross-regional duplicate statistics in the product output data of some enterprise groups (companies). According to the special investigation, the duplicate output of enterprise groups (companies) across regions has been removed.
(3) The service industry production index refers to the change in output of the service industry during the reporting period relative to the base period after excluding price factors.
(4) The scope of statistics on total retail sales of consumer goods includes legal entities, industrial activity units and individual businesses engaged in retail activities of goods or providing catering services. Among them, units above the designated size refer to wholesale enterprises (units, individual businesses) with an annual main business income of 20 million yuan or more, retail enterprises (units, individual businesses) with an annual main business income of 5 million yuan or more, and accommodation and catering enterprises (units, individual businesses) with an annual main business income of 2 million yuan or more.
As the scope of enterprises (units, individual businesses) in the wholesale and retail trade and accommodation and catering industries above designated size changes every year, in order to ensure the comparability of this year's data with that of last year, the figures used to calculate the year-on-year growth rate of various indicators such as the retail sales of consumer goods by units above designated size are consistent with the statistical scope of enterprises (units, individual businesses) in the current period, and there are differences in the scope compared with the data released last year. The main reason is that every year, some enterprises (units, individual businesses) reach the limit standard and are included in the investigation scope. At the same time, some enterprises (units, individual businesses) exit the investigation scope due to their reduced scale and failure to meet the limit standard. There are also the impacts of newly opened enterprises, bankruptcies, and registered (suspended) enterprises (units, individual businesses).
Online retail sales refer to the total retail sales of goods and services realized through public online trading platforms (including self-built websites and third-party platforms). Goods and services include physical goods and non-physical goods (such as virtual goods, service goods, etc.).
The total retail sales of consumer goods in society include the online retail sales of physical goods but do not include the online retail sales of non-physical goods.
Based on the results of the fifth national economic census, the data on total retail sales of consumer goods and online retail sales have been revised. The monthly growth rates of relevant indicators for total retail sales of consumer goods and online retail sales in 2025 will be calculated on a comparable basis.
(5) Retail sales of services refer to the total value of services directly provided by enterprises (industrial activity units, individual business owners) to individuals and other units in the form of transactions for non-production and non-business purposes. It aims to reflect the value of services sold in the form of currency by service providers that belong to consumption, including the retail sales of service activities in fields such as transportation, accommodation, catering, education, health, sports, and entertainment.
(6) In accordance with the reform of the investment statistics system and methods, the fifth national economic census and the statistical law enforcement inspection, the fixed asset investment data of the same period of the previous year was revised, and the growth rate of fixed asset investment was calculated on a comparable basis.
(7) The import and export data are sourced from the General Administration of Customs.
(8) Employed personnel refer to those who are 16 years old or above, have the ability to work, and engage in certain social labor for the purpose of obtaining labor remuneration or business income.
(9) Due to rounding, there may be discrepancies between the total and the sum of individual items in some data.
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