China's economy continued to recover in May from the shocks generated by the COVID-19 epidemic as major economic indicators showed improvement
· 2020-06-15 · Source: China Daily
Workers assemble an industrial turbine at a factory in the Haizhou Economic Development Zone in Lianyungang, Jiangsu province, in May (CHINA DAILY)
China's economy continued to recover in May from the shocks generated by the COVID-19 epidemic as major economic indicators showed improvement, the National Bureau of Statistics said on June 15.
Industrial output expanded 4.4 percent year-on-year last month, 0.5 percentage points faster than the previous month.
Retail sales dropped 2.8 percent year-on-year, but contractions narrowed 4.7 percentage points from April's decline.
Fixed-asset investment in the first five months contracted 6.3 percent year on year, recovering from a 10.3 percent decline in the first four months.
Meanwhile, the country's service production index turned positive in May, up 1 percent year-on-year. This compared with a 4.5 percent decline in April, showing the service sector is on a path to recovery.
