CBN丨China's economy maintains recovery momentum in May
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China’seconomydisplaysresilienceinMay,bolsteredbygovernment’spro-growthpolicypackage;ChinaandCentralAsiaseerobusttradethisyear.
Here’swhatyouneedtoknowaboutChinainthepast24hours
China’seconomywithstoodpressures,maintainingstablegrowthmomentuminMay,asitsresilienceisbolsteredbythegovernment’slatestpackageofstimuluspolicies,officialdatashowedonMonday.
InMay,thetotalvalueaddedofindustrialenterprisesabovethedesignatedsizegrewby5.8percentyear-on-year,whilefromJanuarytoMay,itincreasedby6.3percent,accordingtolatestdatareleasedbytheNationalBureauofStatistics(NBS).
Notably,thevalue-addedofequipmentmanufacturingsectorroseby9.0percent,andthatofhigh-techmanufacturinggrewby8.6percent,bothoutpacingtheoverallindustrialgrowthrate,indicatingastrongdevelopmentmomentum.
Ondomesticconsumption,marketsalesreboundedsignificantlyinMay,withrapidgrowthingoodsrelatedtothetrade-inprograms,thespokespersontoldapressconferenceonMonday.
NBSdatashowedthattotalretailsalesofconsumergoodsreached413.26billionyuan,up6.4percentyear-on-year,acceleratingby1.3percentagepointsfromamonthearlier.
Theservicessectorgrowthhasgainedpace,withmodernservicesmaintainingstrongmomentum.InMay,thenationalservicesproductionindexincreasedby6.2percentyear-on-year.
Fixedassetinvestmentcontinuedtoexpand,withmanufacturingsectorinvestmentgrowingrapidly.FromJanuarytoMay,nationalfixedassetinvestment(excludingruralhouseholds)roseby3.7percentyear-on-year.
Investmentintheinformationservicesectorrose41.4percent,whileinvestmentinaviation,aerospace,andequipmentmanufacturinggrewby24.2percentyear-on-year.
Theaveragesurveyedurbanunemploymentrateinthefirstfivemonthsstoodat5.2percent.InMay,theratewas5.0percent,down0.1percentagepointsfromApril.
Withthecontinuedreleaseofpolicyeffectsandthevisibleresultsofmacromeasurestostabilizeeconomicdevelopment,China’seconomyhasmaintainedgenerallystableperformancewithsteadyprogressseeninMay,whichdemonstrateditsresilienceandvitality,saidNBSspokespersonFuLinghui.
However,Fucautionedthatexternaluncertaintiesremainabundant,whiledomesticdemandstillrequiresstrongerinternalmomentum,andthefoundationforsustainedeconomicrecoveryneedsfurtherconsolidation.
China'syuan-denominatedforeigntradewiththefiveCentralAsiancountriesofKazakhstan,Kyrgyzstan,Tajikistan,Turkmenistan,andUzbekistanjumpedarecord10.4percentto286.4billionyuaninthefirstfivemonthsfromayearearlier,accordingtoChina'sGeneralAdministrationofCustomsonSunday.ThedatacameasthesecondChina-CentralAsiaSummitisscheduledtotakeplaceinAstana,KazakhstanfromJune16to18,accordingtoXinhua.China'stradewiththefiveCentralAsiancountriesexpandedfrom312.04billionyuanin2013to674.15billionyuanin2024,up116percent.Theaverageannualgrowthratereached7.3percent,2.3percentagepointshigherthantheaveragerateofChina'soveralltradeduringthesameperiod.
GBAexpress
MacaowillimplementanewvisapolicytoallowcitizensfromSaudiArabia,Qatar,Kuwait,Bahrain,andOmantoenterthespecialadministrativeregionofChinawithoutavisaorwithpre-entrypermission,CCTVNewsreported.HongKongChiefExecutiveJohnLeeKa-chiuannouncedthestartofpublicconsultationforhisfourthPolicyAddress,settobedeliveredinSeptember.Thegovernmentwillgatherinputfromresidentsandstakeholderstoshapepoliciesaimedatdrivingreform,enhancingcompetitiveness,andimprovinglivelihoods,hesaid.Inasocialmediapost,theHongKongleaderemphasizedthatreformandinnovationremainkeyprioritiesforHongKong’sdevelopment.InvestHKandtheHongKongScienceandTechnologyParkswillleadadelegationonMondaytoshowcasethecity’sunrivaledadvantagesandopportunitiesasaglobalbiotechhubduringamajorinternationalconventionintheUnitedStates.Thedelegationcomprisesof16lifescienceandhealthtechnologycompaniesandwillattendtheBIOInternationalConvention2025inBoston.
Industryandcompanynews
The4thChina-AfricaEconomicandTradeExpowrappedupwithfruitfulresults,astheevent,afterreviewbytheorganizingcommittee,announced176signedprojectswithatotalvalueofUSD11.39billion,up45.8percentinprojectnumbersandup10.6percentinprojectvaluecomparedwiththepreviousedition,theorganizerssaidonSunday.Baiduannounceditslargest-everAItalenthiringprogramtorecruittopAIprofessionals,witha60-percentincreaseinpositionscomparedwithlastyear,mediareportedonSunday.Theprogramcovers23corebusinessesand11researchareas,focusingoncutting-edgeAIfieldssuchaslargelanguagemodelalgorithms,machinelearningandspeechtechnology.Torecruittopcampustalent,theprogramofferssalarieswithnoupperlimit.PopMarthasopenedthefirststoreofitsjewelrybrandPopopinShanghai.ThestorefeaturesaccessoriesinspiredbytheChinesetoymaker’smostpopularcharacters,includingLabubu,Molly,andCrybaby,withpricesrangingfrom319to2,699yuan.BeijinghasbecomethefirstChinesemainlandcitytosupportcontactlessfarepaymentsforforeignAmericanExpress,MasterCard,JCB,Visa,andUnionPaycardholders,onallofits29metrolines,thelocalmetroauthoritysaidtoday.Theoverseasboxofficerevenueof“NeZha2”isprojectedtoexceedUSD100million,settinganewrecordforChinesefilms’internationalreleasesinthepasttwodecades,saidWangChangtian,chairmanofEnlightMedia,thedistributoroftheNeZhafranchise.Wangalsoestimatedthatthederivativemerchandiseoftheblockbustercouldsurpass100billionyuan.The27thShanghaiInternationalFilmFestivalopenedinaglitteringceremonythatpaidtributetothe120thanniversaryofChinesecinema,the130thanniversaryofworldcinemaandShanghai'slongcontributiontothemovieindustry.Theopeningofthe10-dayeventonSaturdaysawarecordnumberofticketssold.
Asia-Pacifichighlights
NewZealandyesterdayannounceda12-monthvisawaiverpolicystartingfromNovemberthatwillallowChinesecitizenswithavalidAustralianvisatostayinthecountryforuptothreemonthswithonlyaNewZealandElectronicTravelAuthority.Thevisapolicydoesn'tapplytopeopletransitingthroughAustralia.Singaporerecorded1.37millionvisitorarrivalsinMay,markinga7.6percentyear-on-yearincrease,withChinaremainingthetopsourceoftouristsfromJanuarytoMay,accordingtodatareleasedbytheSingaporeTourismBoardonMonday.WeRideannouncedtodayitsignedanMoUwithDubai’sRoadsandTransportAuthorityandUbertopilotautonomousvehicleoperationsinthecity.Duringtheinitialphase,thevehicleswilloperatewithasafetydriveronboard,layingthegroundworkforthefull-scalecommerciallaunchofdriverlessservicesnextyear.Markingthe50thanniversaryofdiplomaticrelationsbetweenThailandandChina,ParnpreeBahiddha-Nukara,formerThaideputyprimeministerandforeignminister,saidbilateraltieshavedevelopedintoastrategicpartnershipfoundedonmutualtrustandcommonvalues.Parnpreehighlightedseveralmajorachievementsinrecentyears,includingthelaunchofaforeignministerialdialoguemechanismandamutualvisaexemptionagreement.HesaidChinaplaysacrucialroleinthedevelopmentofGlobalSouthcountries.Inaworldfacingturbulenceanduncertainties,ParnpreebelievedThailand-Chinacollaborationwillcontributetoregionalpeaceanddevelopment.
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