National Economy Was Generally Stable with Steady Growth in May

National Bureau of Statistics of China

16 June 2025

In May, under the strong leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, all regions and departments strictly implemented the decisions and arrangements made by the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully and faithfully applied the new development philosophy on all fronts, accelerated the efforts to create a new pattern of development, took solid steps to promote high-quality development, and stepped up the implementation of more proactive and effective macro policies. As a result, the national economy maintained stability against the pressure. The production and demand grew steadily, employment was generally stable, new growth drivers witnessed robust development and the high-quality development gained new and better growth momentum.

1. Industrial Production Saw Steady Growth with Equipment Manufacturing and High-Tech Manufacturing Growing Fast.

In May, the total value added of the industrial enterprises above the designated size grew by 5.8 percent year on year, or 0.61 percent month on month. In terms of sectors, the value added of mining went up by 5.7 percent year on year, manufacturing up by 6.2 percent, and the production and supply of electricity, heat power, gas and water up by 2.2 percent. The value added of equipment manufacturing increased by 9.0 percent year on year and that of high-tech manufacturing increased by 8.6 percent, 3.2 percentage points and 2.8 percentage points faster than that of the industrial enterprises above the designated size respectively. An analysis by types of ownership showed that the value added of state holding enterprises was up by 3.8 percent year on year; that of share-holding enterprises was up by 6.3 percent; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 3.9 percent; and that of private enterprises was up by 5.9 percent. In terms of products, the output of 3D printing devices, industrial robots and new energy vehicles grew by 40.0 percent, 35.5 percent and 31.7 percent year on year respectively. In the first five months, the total value added of the industrial enterprises above the designated size went up by 6.3 percent year on year. In May, the Manufacturing Purchasing Managers’ Index was 49.5 percent, 0.5 percentage points higher than that of the previous month; the Production and Operation Expectation Index was 52.5 percent, 0.4 percentage points higher. In the first four months, the total profits made by industrial enterprises above the designated size were 2,117.0 billion yuan, up by 1.4 percent year on year.

2. Service Sector Grew Faster and Modern Services Enjoyed Good Momentum of Growth.

In May, the Index of Services Production grew by 6.2 percent year on year, 0.2 percentage points faster than that of the previous month. Specifically, that of information transmission, software and information technology services, leasing and business services and wholesales and retails grew by 11.2 percent, 8.9 percent and 8.4 percent year on year respectively, 5.0 percentage points, 2.7 percentage points and 2.2 percentage points faster than that of the Index of Services Production. In the first five months, the Index of Services Production increased by 5.9 percent year on year. In the first four months, the business revenue of service enterprises above the designated size went up by 7.2 percent year on year. In May, the Business Activity Index for Services was 50.2 percent, 0.1 percentage points higher than that of the previous month; the Business Activity Expectation Index for Services was 56.5 percent, 0.1 percentage points higher. Specifically, the Business Activity Index for railway transportation, air transportation, post, telecommunication, broadcast, television and satellite transmission services and internet software and information technology services stayed within the high expansion range of 55.0 percent and above.

3. Market Sales Rebounded Markedly and Trade-in Goods Grew Fast.

In May, the total retail sales of consumer goods reached 4,132.6 billion yuan, up by 6.4 percent year on year, 1.3 percentage points faster than that of the previous month, or up by 0.93 percent month on month. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 3,605.7 billion yuan, up by 6.5 percent year on year; and that in rural areas reached 526.9 billion yuan, up by 5.4 percent. Grouped by consumption patterns, the retail sales of goods were 3,674.8 billion yuan, up by 6.5 percent; the income of catering was 457.8 billion yuan, up by 5.9 percent. Sales of basic living goods and certain upgraded goods enjoyed sound growth. The retail sales of grain, oil and food, of gold, silver and jewelry and of sports and recreational articles by enterprises above the designated size went up by 14.6 percent, 21.8 percent and 28.3 percent respectively. The effect of trade-in of consumer goods continued to manifest, with the retail sales of household appliances and audio-visual equipment, communication equipment, cultural and office supplies and furniture by enterprises above the designated size up by 53.0 percent, 33.0 percent, 30.5 percent and 25.6 percent respectively. In the first five months, the total retail sales of consumer goods reached 20,317.1 billion yuan, up by 5.0 percent year on year. The online retail sales reached 6,040.2 billion yuan, up by 8.5 percent year on year. Specifically, the online retail sales of physical goods were 4,987.8 billion yuan, up by 6.3 percent, accounting for 24.5 percent of the total retail sales of consumer goods. In the first five months, the retail sales of services grew by 5.2 percent year on year.

4. Investment in Fixed Assets Continued to Expand and Investment in Manufacturing Grew Fast.

In the first five months, the investment in fixed assets (excluding rural households) reached 19,194.7 billion yuan, up by 3.7 percent year on year; the investment in fixed assets was up by 7.7 percent with the investment in real estate development deducted. Specifically, the investment in infrastructure grew by 5.6 percent year on year, that in manufacturing grew by 8.5 percent, and that in real estate development declined by 10.7 percent. The floor space of newly-built commercial buildings sold was 353.15 million square meters, down by 2.9 percent year on year; the total sales of newly-built commercial buildings were 3,409.1 billion yuan, down by 3.8 percent. By industry, the investment in the primary industry was up by 8.4 percent year on year, that in the secondary industry up by 11.4 percent, and that in the tertiary industry down by 0.4 percent. The private investment maintained the same level year on year, or increased by 5.8 percent with the investment in real estate development deducted. In terms of high-tech industries, the investment in information services, aerospace vehicle and equipment manufacturing, computer and office device manufacturing, and professional technical services grew by 41.4 percent, 24.2 percent, 21.7 percent and 11.9 percent respectively year on year. In May, the investment in fixed assets (excluding rural households) increased by 0.05 percent month on month.

5. Imports and Exports of Goods Sustained Growth and Trade Structure Continued to Optimize.

In May, the total value of imports and exports of goods was 3,809.8 billion yuan, up by 2.7 percent year on year. Specifically, the value of exports was 2,276.7 billion yuan, up by 6.3 percent, and the value of imports was 1,533.1 billion yuan, down by 2.1 percent. In the first five months, the total value of imports and exports of goods was 17,944.9 billion yuan, up by 2.5 percent year on year. Specifically, the value of exports was 10,668.2 billion yuan, up by 7.2 percent, and the value of imports was 7,276.7 billion yuan, down by 3.8 percent. In the first five months, the imports and exports of general trade went up by 0.8 percent, accounting for 64.2 percent of the total value of imports and exports. The imports and exports by private enterprises went up by 7.0 percent, accounting for 57.1 percent of the total value of imports and exports, 2.4 percentage points higher than that of the same period last year. The exports of mechanical and electrical products went up by 9.3 percent, accounting for 60.0 percent of the total value of exports.

6. Employment Was Generally Stable and Urban Surveyed Unemployment Rate Went down.

In the first five months, the urban surveyed unemployment rate averaged 5.2 percent. In May, the urban surveyed unemployment rate was 5.0 percent, 0.1 percentage points lower than that of the previous month. The surveyed unemployment rate of population with local household registration was 5.0 percent and that of population with non-local household registration was 5.0 percent, among which, the rate of the population with non-local agricultural household registration was 4.9 percent. The urban surveyed unemployment rate in 31 major cities was 5.0 percent, 0.1 percentage points lower than that of the previous month. The employees of enterprises worked 48.5 hours per week on average.

7. Consumer Price Stayed Low and Core CPI Went up Mildly.

In May, the consumer price index (CPI) went down by 0.1 percent year on year, or down by 0.2 percent month on month. Grouped by commodity categories, prices for food, tobacco and alcohol went up by 0.1 percent year on year; clothing up by 1.5 percent; housing up by 0.1 percent; articles and services for daily use up by 0.1 percent; transportation and communication down by 4.3 percent; education, culture and recreation up by 0.9 percent; medical services and health care up by 0.3 percent; and other articles and services up by 7.3 percent. Among the prices for food, tobacco and alcohol, the price for fresh vegetables went down by 8.3 percent, grain down by 1.4 percent, pork up by 3.1 percent and fresh fruits up by 5.5 percent. The core CPI excluding the prices of food and energy went up by 0.6 percent year on year, 0.1 percentage points higher than that of the previous month. In the first five months, the CPI went down by 0.1 percent year on year.

In May, the producer prices for industrial products went down by 3.3 percent year on year, or down by 0.4 percent month on month. The purchasing prices for industrial producers went down by 3.6 percent year on year, or down by 0.6 percent month on month. In the first five months, both the producer prices for industrial products and the purchasing prices for industrial producers dropped by 2.6 percent compared with that of the same period last year.

Generally speaking, with the effects of the policy package keeping unfolding, the efforts to stabilize economy and promote development have paid off. The national economy has maintained the stable development momentum with steady growth, which has showcased the resilience and vitality of China’s economy. However, we should be aware that there are still many unstable and uncertain factors in the external environment, the self-generating driving forces to expand the domestic demands need to be strengthened and the foundation for sustained economic recovery needs to be further consolidated. At the next stage, we must follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, strictly implement the decisions and arrangements made by the CPC Central Committee and the State Council, adhere to the general principle of pursuing progress while ensuring stability, fully and faithfully apply the new development philosophy on all fronts, accelerate the efforts to create a new pattern of development, and coordinate the domestic economic work with international economic and trade struggle. We must unswervingly manage our own affairs well, give even higher priority to the expansion of domestic demands and the strengthening of domestic economy, and stay committed to stabilizing employment and economy and promoting high-quality development, so as to promote the sustained and healthy development of the economy.

Notes:

1. The growth rates of value added of industrial enterprises above designated size and its sub-items are calculated at comparable prices. Both are real growth rates. The growth rates of other indicators are nominal growth by using current prices unless otherwise specified.

2. Industrial enterprises above designated size are industrial enterprises with annual revenue from principal business over 20 million yuan.

As industrial enterprises above the designated size change every year, to ensure the data comparability between years, the coverage of the data of the same period last year used for estimating year-on-year growth rates like that of products output, are as consistent as possible with the current period and different from the coverage of the data published last year. The main reasons are as follows: First, the statistical units change. Every year, some enterprises are included in the survey as they meet the threshold, while some enterprises are removed from the survey because of downsizing. Besides, enterprises that have newly gone into operation, been bankrupted, canceled their registrations or had their business licenses revoked also cause impact. Second, duplicated outputs across regions of enterprise groups have been removed based on the ad hoc surveys since duplication is found in the products output of some enterprise groups.

3. The Index of Services Production is the change of production in the reporting period compared to the base period with the price factors deducted.

4. The scope of the total retail sales of consumer goods include all legal entities, establishments and self-employed units involved in retail trades or providing catering services. Specifically, businesses above the designated size include wholesale enterprises (businesses, self-employed units), retail enterprises (businesses, self-employed units) and lodging and catering enterprises (businesses, self-employed units) with annual revenue from principal business over 20 million yuan, 5 million yuan and 2 million yuan respectively.

As the wholesale, retail, and lodging and catering enterprises (businesses, self-employed units) above the designated size change every year, to ensure the data comparability between years, the coverage of the data of the same period last year used for estimating year-on-year growth rates like that of the retail sales of consumer goods by businesses above the designated size is consistent with the current period and different from the coverage of data published last year. The main reasons are: some enterprises (businesses, self-employed units) are included in the survey as they meet the threshold, while some enterprises (businesses, self-employed units) are removed from the survey because of downsizing every year. Besides, enterprises (businesses, self-employed units) that have newly gone into operation, been bankrupted, canceled their registrations or had their business licenses revoked also cause impact.

Online retail sales refer to the retail sales of goods and services realized through internet trading platforms (including self-built websites and third-party platforms). Goods and services include physical goods and non-physical goods (e.g. virtual goods and services).

The total retail sales of consumer goods include the online retail sales of physical goods, but not the non-physical goods.

Data of total retail sales of consumer goods and online retail sales were revised according to the result of the Fifth National Economic Census. The monthly growth rates of relevant indicators of total retail sales of consumer goods and online retail sales in 2025 are calculated on a comparable basis.

5. The retail sales of services refer to the total value of services directly provided by enterprises (establishments, self-employed units) to individuals and other units for non-production and non-operating purposes in the form of transactions. It aims to reflect the value of services with the nature of consumption sold by service providers in monetary terms, including the retail sales of services in transportation, accommodation, catering, education, health, sports, entertainment, and other fields.

6. Data of investment in fixed assets of the same period last year were revised according to the results of methodology reform of investment statistics, the Fifth National Economic Census and the statistical law enforcement. The growth rates of investment in fixed assets are calculated on a comparable basis.

7. Data of imports and exports are from the General Administration of Customs.

8. Employed people refer to people aged 16 and above who have the ability to work and engage in gainful employment for remuneration payment or business income.

9. Due to the rounding-off reasons, the subentries may not add up to the aggregate totals.

In case of any differences between English translation and the original Chinese text, the Chinese edition shall prevail.