5月经济运行总体平稳 消费市场延续向好势头

Economic Overview - In May, the industrial added value above designated size increased by 5.8% year-on-year, while the total retail sales of consumer goods grew by 6.4% year-on-year, indicating a stable economic performance [1][4] - From January to May, fixed asset investment (excluding rural households) rose by 3.7% year-on-year, reflecting ongoing economic resilience and vitality [1] Consumer Market Dynamics - The retail sales growth in May accelerated by 1.3 percentage points compared to the previous month, reaching the highest monthly level since 2024 [2] - The "old-for-new" consumption policy and the "618" e-commerce promotion significantly boosted consumer spending, with specific categories like home appliances and communication equipment seeing substantial growth [2] - The service retail sector also showed positive trends, with a 5.2% increase from January to May, indicating a recovery in consumer services [2] Industrial Production Insights - In May, 35 out of 41 major industries reported year-on-year growth in added value, showcasing a broad-based industrial recovery [4] - The equipment manufacturing and high-tech manufacturing sectors grew by 9.0% and 8.6% respectively, outpacing overall industrial growth [4] - Notable increases were observed in the production of smart drones and industrial robots, with growth rates of 85.9% and 35.5% respectively, highlighting advancements in industrial automation [4] Policy and Future Outlook - The government emphasizes the importance of expanding domestic demand and strengthening the domestic circulation to ensure sustainable economic growth [1][6] - There is a strong expectation for continued monetary easing and fiscal support measures aimed at stimulating consumption and stabilizing the real estate market [6]