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China's economy steadies in May
14
Jun '16
China's economy held steady, as industrial production gathered pace in May, retail sales maintained strong growth while investment cooled with improved structure, according to data released by National Bureau of Statistics (NBS) on Monday.

On a month-on-month basis, industrial output was up 0.45 per cent in May, according to the NBS data, the official Xinhua news agency reported.

Value-added industrial output, one of the leading indicators for economic growth, rose 6 per cent year on year in May, unchanged from April and in line with expectations.

In the first five months, industrial output grew 5.9 per cent from one year earlier, up from 5.8 percent registered during the January-April period.

An NBS official said the data indicated that China's industrial structure had continued to improve. The output of the hi-tech and equipment manufacturing industries maintained strong growth, rising 11.5 per cent and 8.5 per cent in May.

Retail sales climbed 10 per cent in May from one year earlier, compared with an increase of 10.1 per cent in April.

However, fixed asset investment growth weakened to 9.6 per cent in the January-May period as tepid demand and industrial over capacity continued to weigh on the economy. This compared with a 10.5 per cent increase in the four months through April.

Although investment growth cooled, investment structure improved with more money spent on the hi-tech and service sectors, while less money flowed into industries with high energy consumption or excessive capacity.

China's economy fared at a stable rate amid headwinds from both home and abroad, and it would maintain “stable and relative fast growth,” the official said.

China will continue to push forward supply-side structural reform while expanding aggregate demand, he said.

The country's GDP expanded 6.7 per cent year on year in the first quarter, the slowest growth since the global financial crisis in early 2009 but still in line with the official 2016 target range of between 6.5 per cent and 7 per cent. (SH)

Fibre2Fashion News Desk – India

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