Economic Overview - In May, China's industrial added value above designated size grew by 5.8% year-on-year, while the service production index increased by 6.2% and retail sales of consumer goods rose by 6.4% [1][2] - The overall economic operation is stable, with some indicators continuing to improve, showcasing strong resilience and vitality in China's economy [1][5] Economic Characteristics - The industrial production saw a rapid increase due to supportive policies, with the added value of the equipment manufacturing industry growing by 9%, contributing 54.3% to industrial production [2] - Employment remained stable, with the urban unemployment rate at 5%, a decrease of 0.1 percentage points from the previous month [2] - Consumer price index (CPI) showed a slight year-on-year decline, indicating stable market supply and demand [2] New Growth Drivers - High-tech manufacturing added value increased by 8.6%, and digital product manufacturing grew by 9.1%, both outpacing overall industrial growth [4] - Production of new energy vehicles and solar batteries surged by 31.7% and 27.8%, respectively, indicating robust growth in these sectors [4] Policy Impact - The implementation of proactive macro policies has effectively supported economic stability, with significant contributions to demand expansion and production growth [6] - Retail sales of home appliances and communication equipment saw substantial year-on-year growth, driven by policies encouraging consumption upgrades [6] - Investment in equipment and tools rose by 17.3% in the first five months, contributing 2.3 percentage points to overall investment growth [6] Economic Trends - Despite external challenges, China's economic foundation remains strong, with stable growth momentum and a commitment to high-quality development [8][9] - The first five months of 2023 saw a 9.5% year-on-year increase in high-tech manufacturing added value, with industrial robot production up by 32% [8] - The government has a robust policy toolkit to ensure economic stability and can dynamically adjust measures in response to changing conditions [8]

Economic Overview - The national economy is operating steadily with new growth momentum emerging, indicating a shift towards high-quality development [1][4]. Industry Performance - In May, the added value of high-tech manufacturing above designated size increased by 8.6% year-on-year, while the digital product manufacturing sector saw a 9.1% increase, both significantly outpacing the overall industrial growth rate [4]. - The production of new energy vehicles and solar cells grew by 31.7% and 27.8% respectively, reflecting robust growth in these sectors [4]. Consumer Trends - The total retail sales of consumer goods in May increased by 6.4% year-on-year, with a 1.3 percentage point acceleration compared to the previous month [5]. - The "May Day" and "Dragon Boat Festival" holidays saw a notable increase in tourism, with various regions exploring new models for cultural and tourism consumption [5]. - Emerging consumption trends such as live streaming sales and instant retail are maturing, while sectors like the silver economy and low-altitude economy are rapidly developing [5]. Trade Dynamics - In May, China's total goods import and export value grew by 2.7% year-on-year, with exports increasing by 6.3% [8]. - Despite a decline in trade with the U.S., diversification in foreign trade has shown positive results, particularly with ASEAN and Belt and Road Initiative countries [8]. - The export of high-tech machinery and electrical products has expanded, supporting trade growth and showcasing China's comprehensive competitive advantages [8].

Economic Performance - In May, China's economy continued to show high-quality development, with the industrial added value of large-scale enterprises increasing by 5.8% year-on-year, maintaining rapid growth [4] - The service production index rose by 6.2% year-on-year, with a 0.2 percentage point acceleration compared to the previous month, driven by stable growth in information and business services [4] - The total retail sales of consumer goods increased by 6.4% year-on-year, accelerating by 1.3 percentage points from the previous month, with significant growth in sales related to trade-in programs [4] Investment Trends - Fixed asset investment in the first five months grew by 3.7% year-on-year, with continued expansion in investment scale, particularly in the aerospace and equipment manufacturing sectors, which saw double-digit growth [4][5] - High-tech manufacturing added value increased by 8.6% year-on-year, while digital product manufacturing added value rose by 9.1%, both significantly outpacing the overall industrial growth rate [5] Technological Advancements - Breakthroughs in cutting-edge fields such as artificial intelligence and humanoid robots have been observed, contributing to industrial upgrades [5] - The production of robot reducers and industrial robots saw year-on-year increases of 100% and 35.5%, respectively, indicating strong growth in the robotics sector [5] Policy Outlook - The government plans to implement more proactive macroeconomic policies to further expand domestic demand and ensure smooth economic circulation, reinforcing the foundation for continued economic improvement [5]

Group 1: Industrial Production Overview - In May, the national industrial added value increased by 5.8% year-on-year, maintaining a rapid growth trend; month-on-month growth was 0.61% after seasonal adjustment [1] - Among the three major sectors, manufacturing grew by 6.2%, mining by 5.7%, and electricity, heat, gas, and water production and supply by 2.2% [1] - Out of 41 major industries, 35 saw an increase in added value, with a growth coverage of 85.4%; among 623 major industrial products, 326 experienced production growth, covering 52.3% [1] Group 2: Equipment Manufacturing Sector - In May, the added value of equipment manufacturing increased by 9.0% year-on-year, contributing 54.3% to the overall industrial production growth [2] - The equipment manufacturing sector accounted for 36.7% of the total industrial output, maintaining above 30% for 27 consecutive months [2] - All eight sub-sectors of equipment manufacturing showed growth, with the automotive sector increasing by 11.6%, and other sectors like railway, shipbuilding, and aerospace showing double-digit growth rates [2] Group 3: Consumer Goods Manufacturing - The added value of consumer goods manufacturing increased by 2.5% year-on-year in May, with 10 out of 13 major categories showing growth, covering 76.9% [2] - Specific sectors such as cultural and educational products, chemical fibers, and agricultural by-products grew by 10.1%, 6.1%, and 7.6% respectively [2] - Notable product growth included fiber-reinforced plastic products, carbon fiber composites, and health foods, with increases of 22.6%, 17.9%, and 14.9% respectively [2] Group 4: High-tech and Intelligent Manufacturing - High-tech manufacturing added value increased by 8.6% year-on-year, contributing 1.4 percentage points to overall industrial growth [3] - Key sectors like aircraft manufacturing and industrial control systems saw significant growth rates of 18.7% and 15.5% respectively [3] - The digital product manufacturing sector grew by 9.1%, with smart devices and electronic components increasing by 17.5% and 11.0% respectively [3] Group 5: Policy Impact and Market Trends - The "two new" policies have effectively stimulated consumption, leading to significant growth in sectors like motor manufacturing and shipbuilding, with increases of 23.3% and 12.8% respectively [4] - The automotive sector benefited from vehicle replacement policies, resulting in an 11.3% increase in production, alongside a 26.0% rise in charging station production [4] - Consumer electronics such as tablets and electric bicycles also saw rapid growth, with increases of 30.9% and 20.5% respectively [4]

Economic Growth - In April, the industrial added value above designated size grew by 6.1% year-on-year, marking one of the highest monthly growth rates since last year [1][2] - The manufacturing sector saw a growth of 6.6%, surpassing the overall industrial growth by 0.5 percentage points [2] - The contribution rate of the equipment manufacturing industry to the growth of industrial production reached 55.9%, with a year-on-year increase of 9.8% in April [2][4] Policy Impact - The combination of macroeconomic policies has effectively expanded market demand, supported enterprise production, and boosted market confidence [1][3] - Recent policy measures, including interest rate cuts and the establishment of new financial tools, are expected to support sustained economic recovery [3][10] - The "Two New" policies have significantly contributed to industrial production growth, particularly in sectors like agricultural machinery and electric bicycles [9][10] Industrial Structure - The equipment manufacturing industry is highlighted as a key pillar of China's manufacturing sector, with its added value accounting for 36.3% of the total industrial output [4] - High-tech manufacturing saw a year-on-year increase of 10% in April, indicating a strong trend towards high-end industrial development [7][8] - The digital product manufacturing sector also experienced a 10% increase in added value, driven by advancements in smart devices and AI technologies [7][8] Investment Trends - From January to April, manufacturing investment grew by 8.8%, significantly outpacing overall investment growth [5][10] - Fixed asset investment increased by 4% in the same period, with equipment purchase investment rising by 18.2%, contributing 64.5% to total investment growth [10] - High-tech service industry investment rose by 11.3%, reflecting a growing demand for technological innovation and service integration [8] Market Demand and Pricing - The Producer Price Index (PPI) fell by 2.7% year-on-year in April, but some sectors are seeing price improvements due to recovering market demand [12][13] - High-end manufacturing sectors are experiencing increased demand, leading to price rises in products like wearable devices and aircraft [12] - Traditional industries are also witnessing improved supply-demand dynamics, with reduced price declines in sectors such as black metal smelting [13][14] Foreign Trade - In the first four months, China's total goods import and export volume grew by 2.4%, with April seeing a 5.6% increase [14] - Exports grew by 9.3% in April, demonstrating resilience despite external pressures [14]

Group 1 - The core viewpoint emphasizes that the acceleration of technological innovation will significantly contribute to high-quality development, fostering a virtuous cycle among technology, industry, and finance, and integrating various chains such as funding, innovation, and talent [1][4] - A series of tax and fee reduction policies have effectively supported the cultivation of new productive forces and the high-quality development of the manufacturing industry, with tax reductions and refunds amounting to 424.1 billion yuan in the first quarter of this year [1][2] - The precision of tax reductions reflects the "quality improvement and efficiency enhancement" role of fiscal policy, focusing on R&D investment, venture capital, and key industrial chains, thereby strengthening the innovation capabilities of enterprises [1][3] Group 2 - The comprehensive effects of structural tax reductions and other measures have led to a positive growth trend in innovation momentum, with high-tech industry sales revenue increasing by 13.9% year-on-year in the first four months of this year, significantly outpacing the overall national growth rate [2] - Manufacturing has also shown steady growth, with sales revenue increasing by 4.7% year-on-year in the same period, particularly in advanced manufacturing sectors such as computer and intelligent equipment manufacturing, which saw sales revenue growth of 23.8% and 15.7% respectively [2] - The government has introduced a series of tax incentives covering all aspects of enterprise innovation activities, promoting the high-end, intelligent, and green transformation of the manufacturing sector, thereby enhancing the economy's new driving force [3]

Core Viewpoint - The easing of trade tensions between China and the U.S. is expected to support the resilience of foreign trade in the second quarter, but the future of economic negotiations remains uncertain due to escalating strategic competition between the two countries [1][12]. Group 1: Trade and Economic Impact - In April, China's exports to the U.S. decreased by 21% year-on-year, while imports fell by 14%, indicating a significant impact from the tariffs, but the overall trade balance was not completely disrupted [2]. - China's overall export growth in April was 8.1%, significantly higher than the market expectation of 2.0%, supported by increased exports to non-U.S. countries, such as a 21% increase to ASEAN [2]. - The industrial added value in April grew by 6.1% year-on-year, exceeding the market expectation of 5.5%, driven by resilient foreign trade [2]. Group 2: Economic Growth and Structural Changes - The high-tech manufacturing and digital product sectors showed strong performance, with year-on-year growth rates of 10% for both categories, indicating a shift towards industrial upgrading [3]. - Investment in high-tech services increased by 11.3% year-on-year from January to April, with information services seeing a remarkable 40.6% growth [3]. Group 3: Infrastructure Investment - Infrastructure investment (excluding electricity) grew by 5.8% year-on-year from January to April, supported by accelerated fiscal policies [4]. - Local government special bonds issuance reached 1.19 trillion yuan, a 65% increase year-on-year, indicating a proactive approach to funding infrastructure projects [4]. Group 4: Financial Market Resilience - The Chinese financial market demonstrated strong resilience, with the A-share market rebounding by 7.1% from its low in April, and the onshore and offshore RMB appreciating by 1.2% and 2.2% respectively [5][6]. - Despite the pressures from U.S. tariffs, foreign capital continued to show interest in Chinese assets, with net inflows into domestic bonds and stocks [6]. Group 5: Currency and Exchange Rate Dynamics - The RMB appreciated against the USD, but its real effective exchange rate index fell by 2.9% in April, indicating a passive appreciation that does not harm export competitiveness [8]. - The foreign exchange market remained stable, with banks reporting a surplus in foreign exchange settlement and sales, driven by increased willingness to settle in RMB [7]. Group 6: Consumer and Real Estate Market Trends - Consumer spending showed signs of weakness, with retail sales growth slowing to 5.1% in April, below market expectations, largely due to declining automobile sales [10]. - The real estate market faced challenges, with sales volume and value declining by 2.1% and 6.7% year-on-year, respectively, indicating a weakening demand [11].

Group 1 - Structural tax reductions and fee cuts are important tools for implementing proactive fiscal policies and directly benefiting enterprises, with significant effects on promoting technological innovation and high-quality development in manufacturing [1] - Recent tax incentives include an increase in the R&D expense deduction ratio to 100%, with further increases to 120% for integrated circuits and industrial mother machines, and a 5% VAT input tax deduction for advanced manufacturing, raised to 15% for specific sectors [1] - In the first quarter of this year, tax reductions and refunds supporting technological innovation and manufacturing reached 424.1 billion yuan [1] Group 2 - In the first four months of this year, sales revenue in high-tech industries, technology transfer services, digital economy core industries, and enterprise procurement of digital technologies increased by 13.9%, 33.6%, 9.7%, and 9.4% respectively, indicating a rapid development of new productive forces [2] - Manufacturing sales revenue grew by 4.7% year-on-year, with equipment manufacturing, digital product manufacturing, and high-tech manufacturing increasing by 9.4%, 12.6%, and 12.2% respectively, reflecting steady growth and innovation in the sector [2] - The State Taxation Administration will continue to leverage big data to ensure that policy benefits reach the intended recipients and will combat fraudulent claims for tax benefits [2] Group 3 - Structural tax reductions and fee cuts are expected to continue playing a positive role, enhancing corporate innovation capabilities and better serving the construction of a modern industrial system [3]

Group 1 - The manufacturing sector in China showed significant growth in April, with a year-on-year increase of 9.8% in the value added of large-scale equipment manufacturing, contributing 55.9% to the overall industrial production growth [3] - High-tech manufacturing and digital product manufacturing also experienced a year-on-year increase of 10%, driven by strong demand for servers and industrial robots, with server production nearly doubling and industrial robot production increasing by 51.5% [3] - The government plans to continue implementing policies to enhance the quality and scope of new industries, accelerate the "AI+" initiative, and expand effective investment to promote sustained growth in the industrial economy [3] Group 2 - China and the ten ASEAN countries have completed negotiations for the upgraded version 3.0 of the China-ASEAN Free Trade Area, which includes nine new chapters focusing on digital economy, green economy, and supply chain connectivity [5] - The 3.0 version aims to deepen regional economic integration and enhance the integration of production and supply chains, providing greater certainty for regional and global trade amid significant economic challenges [5] - Both parties will actively promote domestic approval processes to facilitate the formal signing of the upgraded agreement by the end of the year [5] Group 3 - The Fourth China-Africa Economic and Trade Expo is scheduled to be held from June 12 to 15 in Changsha, Hunan, with participation from over 12,000 individuals from 44 African countries and six international organizations [6][7] - The expo will feature various sectors including mining technology, clean energy, and modern agricultural machinery, along with special exhibitions showcasing well-known brands and products from Africa [7] - The Chinese government will support all least developed countries that have diplomatic relations with China by offering zero tariffs on 100% of product categories, allowing them to benefit from the Chinese market [7]

华夏时报（www.chinatimes.net.cn）记者 张智 北京报道 4月份，面对外部冲击影响加大、内部困难挑战叠加的复杂局面，我国经济顶住压力稳定增长，延续向新向好态 势。 5月19日，国家统计局新闻发言人、国民经济综合统计司司长付凌晖表示，4月我国经济生产需求平稳增长，就业 形势总体稳定，新动能积聚成长。 毕马威中国发布的2025年二季度《中国经济观察》报告指出："内需方面，得益于国内政策前置发力，居民消费、 企业投资显现出较强韧性；外需方面，在4月对等关税预期之下，企业抢出口活动热度较高。内需修复，外需走 强，国内生产热度也同步回升。" 不过，毕马威中国经济研究院院长蔡伟也对本报记者提醒，后续经济表现仍存隐忧。内需方面，当前国内生产仍 然强于需求，物价仍在低位波动，一季度GDP平减指数为-0.8%，已经连续第八个季度为负；房企库存压力不减， 房地产企稳的前景仍不明朗；耐用消费品以旧换新消费政策刺激效果或将减弱。外需方面，短期因中美贸易谈判 取得实质性进展，关税降幅超预期，二季度我国出口仍有支撑，但后续中美博弈或长期拉锯，国际贸易形势依然 复杂多变，需要政府和企业提前布局。 "下阶段，要坚持稳中求进 ...