Core Viewpoint - The article emphasizes the need to revise the GDP growth forecast for the second quarter, projecting it to be between 5.2% and 5.4% due to strong performance in industrial and service sectors, alongside a notable rebound in consumer spending [2][5]. Economic Overview - In May, industrial production growth was recorded at 5.8%, while the service sector's production index grew by 6.2%. Consumer spending showed a year-on-year increase of 6.4%, up from 5.1% in April [20][25]. - Investment growth has slowed, with fixed asset investment growth at 2.7% in May, down from 3.5% in April. Real estate investment continued to decline, with a year-on-year drop of 12.0% [20][38]. Consumer Spending Insights - The article identifies several factors contributing to the unexpected rise in consumer spending, including accelerated "trade-in" programs, early promotional activities for the 618 shopping festival, and an increase in holidays compared to the previous year [6][10]. - Specific categories such as home appliances saw a significant increase in sales, with a 53% growth in May. Online shopping also surged, with an 8.2% increase compared to the previous year [27][28]. Consumer Potential Analysis - The article highlights five groups with increasing consumer potential: retirees, individuals with dividend income from listed companies, urban operators, rural wage earners, and those engaging in preventive savings [3][7]. - However, it also notes that certain groups, such as borrowers and urban private sector employees, require additional support to enhance their consumption potential [17][18]. Detailed Economic Data - The report provides a detailed analysis of May's economic data, indicating that the consumer price index (CPI) remained stable at -0.1%, while the producer price index (PPI) decreased by 3.3% [21][22]. - The unemployment rate in urban areas decreased to 5.0%, reflecting a slight improvement in the job market [22]. Investment Trends - Fixed asset investment growth has been primarily driven by sectors such as infrastructure and manufacturing, with manufacturing investment growth at 8.5% for the first five months of the year [38][40]. - The report also notes a decline in real estate investment, with new construction area down by 19.3% year-on-year in May [29][30].