5月经济数据发布！国家统计局权威解读

Core Viewpoint - The overall economic operation in China remains stable, with several indicators showing improvement, driven by new consumption momentum and robust service consumption growth [1][2]. Economic Performance - In May, the industrial added value of large-scale enterprises increased by 5.8% year-on-year, while the service production index grew by 6.2%, accelerating by 0.2 percentage points compared to the previous month [3]. - The total retail sales of consumer goods rose by 6.4% year-on-year in May, an increase of 1.3 percentage points from the previous month [3]. - The urban unemployment rate in May was 5%, down by 0.1 percentage points from the previous month, with the youth unemployment rate showing a continuous decline [3]. Consumption Growth Drivers - The growth in retail sales was significantly supported by the "old-for-new" policy, with retail sales of home appliances and communication equipment increasing by 53% and 33% respectively, contributing 1.9 percentage points to the total retail sales growth [6]. - The "6.18" online shopping promotion, which started on May 13, also boosted online retail sales, which grew by 6.3% year-on-year in the first five months, accounting for 24.5% of total retail sales [6]. - Holiday consumption showed positive trends, with domestic tourism increasing by 6.4% during the "May Day" holiday, and restaurant income rising by 5.9% in May [6]. New Consumption Momentum - Retail sales of sports and entertainment products and jewelry increased by 28.3% and 21.8% respectively in May, indicating sustained double-digit growth [7]. - The demand for communication services expanded, with retail sales in this category growing over 10% in the first five months [7]. - The expansion of visa-free entry countries has stimulated inbound tourism, with a significant increase in payment transactions from foreign visitors [7]. Industrial Development - The new economic momentum is also reflected in the high-end, intelligent, and green development of the industrial sector, with the added value of high-tech manufacturing growing by 8.6% year-on-year in May [9]. - Key industries such as automotive and electronic equipment manufacturing saw substantial growth, with added value increasing by 11.6% and 10.2% respectively [9]. - Production of new energy vehicles and lithium-ion batteries surged by 31.7% and 52.5% respectively, highlighting the shift towards green production [9].