The official release about China’s economic performance in May shows that the value-added industrial output of enterprises above designated size grew by 5.6 percent year-on-year, while the Business Activity Expectation Index for enterprises stood at 54.3 percent, both maintaining a high level. Profit growth for industrial enterprises above designated size in the first four months was up by 4.3 percent, indicating continued improvement in corporate performance.
The primary advantage of the Chinese market lies in its vast size. In May, total retail sales of consumer goods grew by 3.7 percent year-on-year, accelerating by 1.4 percentage points compared to the previous month. Notably, consumption services such as culture and tourism have maintained rapid growth.
Moreover, the large domestic consumption market is undergoing qualitative improvement and upgrading.
In May, the value-added output of high-tech manufacturing enterprises above designated size grew by 10 percent year-on-year, outpacing the growth of all industries above designated size by 4.4 percentage points. The rapid growth in the production of high-tech products such as integrated circuits, 3D printing equipment, and fully containerized ships indicates a clear trend of high-end transformation in the domestic manufacturing sector, and the new momentum generated by new quality productive forces is accelerating.
Given China’s robust economic performance this year, several international institutions have revised upwards their forecasts for its economic growth. China will bring more opportunities to the world to share prosperity.
– CHINA MEDIA GROUP