Core Viewpoint - In May, China's economy demonstrated resilience and stability, with positive growth in industrial production, service sectors, and fixed asset investments, supported by proactive macro policies [1][6]. Industrial Production - In May, the industrial added value for large-scale enterprises increased by 5.8% year-on-year and 0.61% month-on-month [2]. - From January to May, the industrial added value grew by 6.3% year-on-year [2]. - The manufacturing purchasing managers' index was at 49.5, up by 0.5 percentage points from the previous month, indicating a slight improvement in manufacturing activity [2]. Service Sector - The service production index rose by 6.2% year-on-year in May, accelerating by 0.2 percentage points compared to the previous month [3]. - From January to May, the service production index increased by 5.9% year-on-year [3]. - The business activity index for the service sector was at 50.2, indicating stable growth, while the business activity expectation index was at 56.5, suggesting positive future expectations [3]. Consumer Market - The total retail sales of consumer goods reached 41,326 billion yuan in May, growing by 6.4% year-on-year, with a month-on-month increase of 0.93% [4]. - The "old-for-new" consumption policy significantly boosted sales in various categories, with home appliances and communication equipment seeing growth rates of 53.0% and 33.0%, respectively [4]. - Online retail sales amounted to 60,402 billion yuan, with a year-on-year growth of 8.5%, accounting for 24.5% of total retail sales [4]. Fixed Asset Investment - From January to May, fixed asset investment (excluding rural households) totaled 191,947 billion yuan, with a year-on-year increase of 3.7% [5]. - Infrastructure investment grew by 5.6%, while manufacturing investment saw a robust increase of 8.5% [5]. - High-tech industries, such as information services and aerospace manufacturing, experienced significant investment growth rates of 41.4% and 24.2%, respectively [5]. Overall Economic Outlook - The combination of policy effects has led to a stable economic environment, showcasing China's economic resilience and vitality [6]. - However, challenges remain, including external uncertainties and the need to strengthen domestic demand [6].

Economic Overview - In May, the manufacturing Purchasing Managers' Index (PMI) rose by 0.5 percentage points to 49.5%, indicating an improvement in economic conditions [1][2] - The comprehensive PMI output index increased by 0.2 percentage points, reflecting overall economic expansion [1][4] Manufacturing Sector - The new export orders index increased by 2.8 percentage points to 47.5%, suggesting a slowdown in the decline of manufacturing exports [2] - The new orders index rose by 0.6 percentage points to 49.8%, indicating stable market demand [2] - The manufacturing production index returned to the expansion zone at 50.7%, up by 0.9 percentage points [2] - The raw material purchasing index increased by 1.3 percentage points to 47.6%, showing a recovery in procurement activities [2] Key Industries - High-tech manufacturing PMI stood at 50.9%, remaining in the expansion zone for four consecutive months [3] - Equipment manufacturing PMI rose to 51.2%, and consumer goods PMI increased to 50.2%, reflecting improvements of 1.6 and 0.8 percentage points respectively [3] - Large enterprises' PMI increased by 1.5 percentage points to 50.7%, with production and new orders indices at 51.5% and 52.5% respectively [3] Non-Manufacturing Sector - The non-manufacturing business activity index was at 50.3%, slightly down by 0.1 percentage points but still indicating expansion [4] - The service industry business activity index rose by 0.1 percentage points to 50.2%, while the construction industry index decreased by 0.9 percentage points to 51% [4] - The non-manufacturing business activity expectation index was at 55.9%, indicating optimism among businesses [4]