China's industrial production jumps over 6% in May, shows data

China’s main indicators steadied for a second month, a sign that the recovery is in a more stable phase and the economy is rebalancing slowly.

The recovery from the pandemic has been led by a property-fueled construction boom and surging industrial production for export, with consumer spending remaining the weak link — and the key to more sustainable growth. The latest data released Wednesday by the statistics bureau showed a shift toward consumption-driven demand is underway, but at a gradual pace.

Industrial production rose 6.6 per cent in May on a two-year average basis — which strips out the impact of last year’s pandemic — while retail sales grew 4.5 per cent, about half of its pre-pandemic rate. Investment in fixed assets such as property and land was 4.2 per cent on that basis in the five months through May, according to the National Bureau of Statistics. 

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