CHINA reported another set of heartening news early this week that showed the country’s economic recovery was gaining momentum last month.
Its virus-bitten economy had continued its slow recovery in May, as shown by major economic data released by the National Bureau of Statistics on Monday.Factory activities in May continued to pick up, with the value-added industrial output – an important economic indicator – rising 4.4% year-on-year . May’s industrial output growth was higher than April’s 3.9% growth.
“From the activity data published by the NBS, it is evident that the Chinese economy is recovering, but slowly, ” said ING’s Greater China chief economist Iris Pang in her comment on Monday after the data were released. The latest set of monthly economic figures, though not very exciting, is certainly a piece of encouraging news for Beijing’s planners.
“At a time when the world has been hit hard by the Covid-19 pandemic, China’s steady economic resumption is injecting confidence and impetus into the gloomy global economy, ” Xinhua added in its commentary.Service production index turned positive in May for the first time since the Covid-19 epidemic started and grew by 1% on a yearly basis. This compared with a 4.5% decline in April.
While major economic indicators continued to improve in May, they were still lower than those of the same period last year.As Covid-19 pandemic continues to have negative impact on the global economy, China is not spared of this ill fate. Fu said China will continue to face external uncertainties. “The only investment that grew in May not related to Covid-19 was advanced technology, telecommunication and other electronic equipment, which could be a result of China pushing itself to be more self-reliant on advanced technology, ” Pang wrote in her analysis.
“More economic activity resumed last month as China brought its virus outbreak under control. The economy also got a boost from government policies that expanded infrastructure investment and measures that offered relief to hard-hit businesses, ” commented Caixin, an established business and economic news portal in China.
However, with the world still facing Covid-19 pandemic and Beijing is now hit by new Covid-19 infections, there are challenges and risks ahead for China’s economic recovery.
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