China's macro policies continued to deliver positive outcomes, including expanding demand, accelerating growth of production, improving expectations, and unleashing vitality in May, which provided strong support for a stable economic performance, said a spokesman for the National Bureau of Statistics (NBS) on Monday.
Fu Linghui, the NBS spokesman, made the remarks while briefing a press conference held Monday by the State Council Information Office in Beijing on China's national economic performance in May.
The country's trade-in programs for consumer goods have driven a rapid increase in the sales of related products.
In May, of the total retail sales of commodities by units above the designated size, the retail sales of home appliances and audiovisual equipment, communication equipment, office supplies, and furniture saw a year-on-year growth ranging from 25.6 percent to 53 percent.
At the same time, the driving effect of investment in equipment upgrades continues to emerge. The investment in the purchase of equipment and machinery increased by 17.3 percent in the first five months, contributing 63.6 percent to overall investment growth. In addition, driven by large-scale equipment upgrades, relevant industries have experienced rapid growth in production.
In May, the value added of lithium-ion battery manufacturing, shipbuilding and related equipment manufacturing, and boiler and prime mover manufacturing all achieved double-digit year-on-year growth.
As the trade-in programs for consumer goods yield effects, the continued release of consumer demand in green, smart, and high-quality products has also driven production growth.
In May, the output of consumer products, such as new energy vehicles, tablets, and electric bicycles, increased by 31.7 percent, 30.9 percent, and 20.5 percent, respectively.
"Macro policies have yielded results, energizing the market and accelerating the movement of people and logistic flows. In May, the year-on-year growth rate of passenger turnover increased, with domestic travel during the May Day holiday rising by 6.4 percent. The expansion and optimization of visa-exemption policy attracted a surge of foreign tourists, demonstrating strong vitality in inbound tourism. Additionally, the volume of express delivery is expected to maintain rapid growth in May," he said.
China's macro policies continue to deliver positive outcomes in May
China's macro policies continue to deliver positive outcomes in May
