Industrial Production Grows Stably in May

Domestic firms with annual revenue of at least RMB20 million from main business operations saw a 6.5% YoY improvement in industrial added value (IAV) in May, and the improvement was basically the same in April, according to the National Bureau of Statistics of China.
Of the 41 industries measured, 85.4% or 35 of them showed a better IAV than last May; the overall picture was much the same in April.
In the equipment manufacturing industry, IAV rose 10.3% YoY in May, much as in April. By output, the auto industry, new-energy vehicles in particular, received substantially more new orders YoY.
In the six high energy-consuming industries, IAV grew 3% YoY, 0.1 percentage points fewer than the growth in April. More specifically, growth decelerated by 1.7 percentage points in the electric power industry, 1.6 percentage points in the nonmetal mineral product manufacturing industry, and 1.1 percentage points in the chemical industry. The fallbacks are attributed mainly to slowing growth in bulk commodity prices, larger inventories and last year’s higher calculation baselines.
Among the 596 product varieties tracked, 68.5% (408) saw output increases, which were particularly strong for civil unmanned aerial vehicles, high-performance chemical fibers, lithium ion batteries, industrial robots, optoelectronic devices, new-energy vehicles, solar cells and pollution control equipment.