National Economy Showed Steady Momentum with Innovation-led and High-quality Development in May

National Bureau of Statistics of China

16 June, 2026

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 fully 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, moved faster to foster a new pattern of development, strictly implemented more proactive and effective macro policies, and effectively addressed external shocks and challenges. As a result, production and supply registered steady progress, employment and prices were generally stable, foreign trade demonstrated strong resilience, and new growth drivers witnessed robust development. The national economy maintained steady momentum with innovation-led and high-quality development.

1. Industrial Production Witnessed Accelerated Growth and Equipment Manufacturing and High-Tech Manufacturing Grew Fast.

In May, the total value added of industrial enterprises above the designated size grew by 4.5 percent year on year, 0.4 percentage points faster than that of the previous month; the month-on-month growth was 0.40 percent. In terms of sectors, the value added of mining increased by 2.3 percent year on year, that of manufacturing grew by 4.4 percent, and that of production and supply of electricity, heat power, gas and water went up by 7.6 percent. The value added of equipment manufacturing increased by 9.5 percent year on year and that of high-tech manufacturing increased by 15.1 percent, 1.2 percentage points and 2.3 percentage points faster than that of the previous month respectively. An analysis by types of ownership showed that the value added of state holding enterprises was up by 3.7 percent year on year; that of share-holding enterprises was up by 5.2 percent; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 1.9 percent; and that of private enterprises was up by 2.7 percent. In terms of products, the production of 3D printing devices, lithium-ion batteries and industrial robots grew by 54.4 percent, 40.0 percent and 27.9 percent year on year respectively. In the first five months, the value added of industrial enterprises above the designated size went up by 5.4 percent year on year. In May, the Manufacturing Purchasing Managers’ Index stood at 50.0 percent. The Production and Operation Expectation Index was 53.9 percent. In the first four months, the total profits made by industrial enterprises above the designated size were 2,435.8 billion yuan, up by 18.2 percent year on year.

2. Service Sector Grew Steadily and Modern Services Showed Good Momentum of Development.

In May, the Index of Services Production grew by 4.4 percent year on year, 0.1 percentage points faster than that of the previous month. Specifically, that of information transmission, software and information technology services, leasing and business services, finance, and transport, storage and postal services grew by 11.3 percent, 10.9 percent, 7.0 percent and 4.8 percent year on year respectively. In the first five months, the Index of Services Production increased by 4.8 percent year on year. In the first four months, the business revenue of service enterprises above the designated size grew by 6.4 percent year on year. In May, the Business Activity Index for Services stood at 50.3 percent and the Business Activity Expectation Index for Services was 55.4 percent. Among which, the Business Activity Index for industries like railway transportation, telecommunication, broadcast, television and satellite transmission services, and insurance stayed within the high expansion range of 55.0 percent and above.

3. Market Sales Continued to Grow and Service Retails Showed Good Momentum of Growth.

In the first five months, the total retail sales of goods and services increased by 2.8 percent year on year, among which, the retail sales of services increased by 5.4 percent and that of goods increased by 1.2 percent. In the first five months, the total retail sales of consumer goods reached 20,603.1 billion yuan, up by 1.4 percent year on year. In the first five months, the online retail sales of goods and services reached 8,317.7 billion yuan, up by 5.9 percent year on year. Specifically, the online retail sales of goods reached 5,271.8 billion yuan, up by 5.0 percent; the online retail sales of services reached 3,045.9 billion yuan, up by 7.6 percent. In May, the total retail sales of consumer goods reached 4,109.0 billion yuan, down by 0.6 percent year on year, or down by 0.38 percent month on month. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 3,574.1 billion yuan, down by 0.9 percent year on year, and that in rural areas stood at 534.9 billion yuan, up by 1.5 percent. Grouped by consumption patterns, the retail sales of goods were 3,648.5 billion yuan, down by 0.7 percent year on year; the income of catering was 460.5 billion yuan, up by 0.6 percent. Sales of basic living goods and certain upgraded goods continued to increase. The retail sales of beverages, of clothes, shoes, hats and textiles, and of cosmetics by enterprises above the designated size went up by 6.1 percent, 3.8 percent and 2.5 percent year on year respectively.

4. Investment in Infrastructure Maintained Growth and Increase of Investment in Intellectual Property Products Accelerated.

In the first five months, the investment in fixed assets (excluding rural households) reached 17,851.2 billion yuan, down by 4.1 percent year on year; the investment in fixed assets was down by 1.2 percent with the investment in real estate development deducted. Specifically, the investment in intellectual property products increased by 9.3 percent year on year, 0.4 percentage points faster than that of the first four months. In terms of sectors, the investment in infrastructure grew by 0.6 percent year on year; that in manufacturing declined by 0.4 percent; and that in real estate development down by 16.2 percent. The floor space of newly-built commercial buildings sold was 313.20 million square meters, down by 10.8 percent year on year; the total sales of newly-built commercial buildings were 2,936.6 billion yuan, down by 13.5 percent. By industry, the investment in the primary industry went up by 5.9 percent year on year, that in the secondary industry up by 0.1 percent, and that in the tertiary industry down by 6.8 percent. The private investment went down by 7.1 percent year on year, or down by 3.5 percent with the investment in real estate development deducted. The investment in high-tech industries grew by 4.5 percent year on year, of which the investment in computer and office device manufacturing, aerospace vehicle and equipment manufacturing, and information services grew by 18.3 percent, 16.7 percent and 13.8 percent respectively. In May, the investment in fixed assets (excluding rural households) declined by 1.91 percent month on month.

5. Imports and Exports of Goods Grew Fast and Trade Structure Continued to Optimize.

In May, the total value of imports and exports of goods was 4,451.6 billion yuan, up by 16.9 percent year on year, 2.7 percentage points faster than that of the previous month. Specifically, the total value of exports was 2,587,8 billion yuan, up by 13.8 percent; the total value of imports was 1,863.8 billion yuan, up by 21.5 percent. In the first five months, the total value of imports and exports of goods was 20,682.7 billion yuan, an increase of 15.3 percent year on year. Specifically, the total value of exports was 11,913,7 billion yuan, up by 11.8 percent; the total value of imports was 8,769.1 billion yuan, up by 20.5 percent. In the first five months, the imports and exports of general trade went up by 8.3 percent year on year. The imports and exports with the Belt and Road partner countries grew by 13.6 percent. The imports and exports by private enterprises increased by 15.5 percent. The exports of mechanical and electrical products grew by 18.4 percent.

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 5.1 percent, 0.1 percentage points lower than that of the previous month. The surveyed unemployment rate of population with local household registration was 5.2 percent and that of population with non-local household registration was 4.9 percent, of which, the rate of population with non-local agricultural household registration stood at 4.9 percent. The urban surveyed unemployment rate in 31 major cities was 5.1 percent, 0.1 percentage points lower than that of the previous month. The employees of enterprises worked 48.2 hours per week on average.

7. Consumer Price Grew Mildly and Producer Prices for Industrial Products Witnessed a Widened Year-on-year Growth.

In May, the consumer price index (CPI) increased by 1.2 percent year on year, the same level as that of the previous month; or down by 0.1 percent month on month. Grouped by commodity categories, prices for food, tobacco, alcohol and dining out went down by 0.9 percent year on year; clothing up by 1.4 percent; housing down by 0.2 percent; articles and services for daily use up by 1.8 percent; transportation and communication up by 5.4 percent; education, culture and recreation up by 1.3 percent; medical services and health care up by 2.1 percent; and other articles and services up by 9.9 percent. In terms of prices for food, tobacco, alcohol and dining out, the price for pork went down by 16.1 percent, fresh fruits down by 2.2 percent, grain down by 0.3 percent, and fresh vegetables up by 1.6 percent. The core CPI excluding the prices of food and energy went up by 1.1 percent year on year. In the first five months, the CPI went up by 1.0 percent year on year.

In May, the producer prices for industrial products went up by 3.9 percent year on year, a growth expanded by 1.1 percentage points compared with that of the previous month, or up by 0.5 percent month on month. The purchasing prices for industrial producers went up by 5.8 percent year on year, or up by 1.3 percent month on month. In the first five months, the producer prices for industrial products and the purchasing prices for industrial producers grew by 1.0 percent and 1.6 percent year on year respectively.

Generally speaking, in May, the national economy was generally stable with development resilience further demonstrated. However, we should be aware that the external environment is increasingly complex and volatile, the domestic imbalance between strong supply and weak demand is acute, some enterprises are facing considerable pressure in their operations, and the foundation for steady and upward economic growth still needs to be consolidated. At the next stage, we must follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, continue to pursue progress while ensuring stability, improve both the quality and performance of growth, enhance counter- and cross-cyclical adjustments, further boost domestic demand, improve supply, and optimize the allocation of new resources while making the best use of existing ones. We must develop new quality productive forces in light of local conditions, advance the development of a unified national market in greater depth, provide greater support to keep employment, enterprise operations, markets, and expectations stable, so as to promote higher-quality economic growth while achieving an appropriate increase in economic output.

Notes:

1. The growth rates of value added of industrial enterprises above the 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 the 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. Total retail sales of goods and services refer to the total value of goods and services provided directly by enterprises (businesses, self-employed units) to other units and individuals for non-production and non-operating purposes in the form of transactions. It consists of retail sales of goods and retail sales of services. The retail sales of goods directly adopt the corresponding figure from the total retail sales of consumer goods, reflecting the development and changes in the goods consumption market. The retail sales of services refer to the total value of services directly provided by enterprises (businesses, self-employed units) to other units and individuals for non-production and non-operating purposes in the form of transactions, reflecting the development and changes in the services consumption market.

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.

5. To reflect the development of the online consumption market in a more comprehensive way, the statistical indicators for online consumption have been improved with the coverage of the online service platforms expanded to strengthen the measurement of the online services retail sales in line with the evolving momentum of online consumption. Accordingly, the original indicator “online retail sales” has been adjusted to “online retail sales of goods and services”, with the definition unchanged and the statistical coverage expanded. The indicator “online retail sales of physical goods” has been adjusted to “online retail sales of goods,” with the definition and statistical coverage unchanged. In addition, “online retail sales of services” has been introduced as a new indicator. The online retail sales of goods and services are not comparable with the online retail sales.

As the coverage of key platforms included in the statistics of online retail sales of goods and services changes every year, to ensure the comparability of data between years, the data coverage for the same period last year used for estimating the year-on-year growth rates of online retail sales of goods and services is consistent with that of the current period and differs from the data coverage released last year. The main reasons are as follows: new platforms are included in the survey every year , while platforms that no longer meet the requirements of the statistical programs are removed from the survey.

6. Investment in fixed assets (excluding rural households) refers to the workload and related costs for the construction and acquisition of fixed assets completed within a certain period of time, expressed in monetary terms.

According to the current statistical programs, investment in infrastructure includes investment in fixed assets in the following industries: production and supply of electricity and heat, production and supply of gas, production and supply of water, railway transportation, road transportation, water transportation, air transportation, pipeline transport, multi-modal transportation and forwarding agency, loading, unloading and delivery, postal services, telecommunications, radio, TV and satellite transmission services, internet and related services, water conservancy management, ecological conservation and environmental governance, and management of public facilities. The growth rate of investment in infrastructure is calculated on a comparable basis.

Investment in intellectual property products refers to the investment completed in the reporting period for the production and acquisition of intellectual property products. It mainly includes investment in computer software and databases, research and development, mineral exploration and evaluation, and entertainment, literary and artistic originals.

According to the reform of the statistical program and methodology of investment and the requirements of statistical law enforcement, the data of investment in fixed assets of the same period last year have been revised. 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. 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.