Insights
- China's value-added industrial output grew by 3.5 per cent YoY in May but declined by 2.1 percentage points from April, as per National Bureau of Statistics.
- From January to May, the industrial output increased by 3.6 per cent YoY.
- China aims for around 5 per cent growth in 2023, having already expanded by 4.5 per cent in the first quarter.
China has witnessed a 3.5 per cent year-on-year (YoY) increase in value-added industrial output in May, according to the National Bureau of Statistics (NBS). Compared to the 5.6 per cent growth recorded in April, the recent figure reflects a 2.1 percentage point decline.
When viewed in the context of the period from January to May, the country's industrial output exhibited a 3.6 per cent YoY uptick.
China's value-added industrial output grew by 3.5 per cent YoY in May but declined by 2.1 percentage points from April, as per National Bureau of Statistics.
From January to May, the industrial output increased by 3.6 per cent YoY.
China aims for around 5 per cent growth in 2023, having already expanded by 4.5 per cent in the first quarter.
The value-added industrial output metric applies to those enterprises that annually generate at least 20 million yuan, equivalent to approximately $2.8 million, in main business turnover.
China established a projected growth target of approximately 5 per cent for 2023. Meanwhile, the country's economy has already recorded an expansion of 4.5 per cent in the first quarter, providing a robust foundation for meeting the annual target, said Chinese media reports quoting Government Work Report issued earlier this year.
Fibre2Fashion News Desk (DP)
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