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China's quick economic recovery in May predicts a promising future
Updated: Jun 20, 2022
By Yang Yang
chinadaily.com.cn
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The Chinese economy has recovered with strong upward momentum in May, demonstrating its resilience and great potential for further development in following months, CCTV app reported on Thursday.
China's industrial production has transformed from decline to growth, with the added value of industries above designated size nationwide turning from a year-on-year decrease of 2.9 percent in April to a year-on-year increase of 0.7 percent, according to data from National Bureau of Statistics.
The industrial production data indicates the positive recovering effect will be transmitted to other industries to support their further recovery and development, said Dong Yu, executive vice-president of China Development Planning Institute at Tsinghua University.
China's import and export increased 8.3 percent year-on-year in the first five months of this year with the background of global economy being heavily impacted.
On the one hand, China has taken some international markets that were previously not held, due to effective epidemic prevention and control. Chinese products have also been well recognized in international markets, Dong said.
On the other hand, China has insisted on promoting high-level opening-up and increasing the proportion of high-quality products in exports. This made China's exports more resilient and strengthened the international reputation of "Made in China" products, Dong added.
Consumption, real estate industry and digital economy transformation are the main areas that China need to further repair in the following months.
People-intensive businesses, such as the catering industry, need to further realize their consumption potential and try out new ways for digital transformation and upgrading, the report said.
China's economic performance is expected to further improve in June with the implementation of a package of policies and measures to stabilize growth, said Fu Linghui, spokesperson of the National Bureau of Statistics during a State Council Information Office news conference on Wednesday.
