China’s economic fundamentals remain stable and indicators continue to show growth, according to data released by the National Bureau of Statistics on June 13.
“Production, market, employment and prices all remain stable,” Sheng Laiyun, the spokesman for the NBS, said at a news conference.
Data shows that industrial production increased 6 percent in May year-on-year, which is the same as April. The income of producer services rose 9.4% and high-tech services increased 13.2% in the Jan-April period, 0.4% higher than the first quarter, respectively. CPI increased 2% year-on-year in May, 0.3% lower than that in April.
According to the data released by Ministry of Human Resources and Social Security, 5.77 million jobs were created from January to May, having achieved 57.7% of the annul target.
Meanwhile, China’s industrial structure continues to upgrade, the NBS said. Service industry is growing faster than manufacturing, which means that service sector is accounting for more share of GDP. And, high-tech and advanced equipment manufacturing industry are growing fast, increasing 11.5% and 8.5% respectively in May. “The data shows that China is striding towards high-end manufacturing industry at a higher speed,” Sheng Laiyun said.
The private investment growth, meanwhile, is slowing, growing just 3.9% from January to May, 1.3% lower than that from January to April. According to Sheng, the deceleration of the private investment growth shows that the economy still lacks of endogenous impetus.
He also said that the government has sent nine inspection groups to 18 provinces and cities to find solutions to this problem.
However, although investment growth is slowing down, the investment structure keeps being optimized. The investment in high-tech and service industry is accelerating, while the investment in energy-intensive and over-capacity industries is slowing down.