China's factories stepped up production for a second straight month in May, as the country shook off the economic torpor of the coronavirus, although the weaker-than-expected gain suggested the recovery remained fragile.
BEIJING - China’s factories stepped up production for a second straight month in May, as the country shook off the economic torpor of the coronavirus, although the weaker-than-expected gain suggested the recovery remained fragile.
Global leaders are closely watching China to see how long it takes to get back on its feet as they begin to relax their own stringent anti-virus measures and reboot their economies. Industrial output growth quickened to 4.4% in May from a year earlier, the highest reading since December, official data showed on Monday. Analysts polled by Reuters had expected a 5.0% rise from 3.9% in April, the first expansion since the virus emerged in China late last year.
“There are still restrictions in some demand areas, people remain worried and not many are traveling or going to cinemas, plus there are some virus flare-ups, which will have some impact on consumption,” said Tang Jianwei, senior economist at Bank of Communications in Shanghai. Private sector fixed-asset investment, which accounts for 60% of total investment, fell 9.6% in January-May, compared with a 13.3% decline in the first four months of the year.
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China's economic recovery continued in MayBEIJING--China's production-led economic recovery continued in May, even as Beijing struggled to lift investment and consumption amid the coronavirus pandemic. Value-added industrial production grew 4.4% in May, following a 3.9% expansion in April, the National Bureau of Statistics said Monday. May's growth was slower than a median forecast of 5.0% growth by economists polled by The Wall Street Journal.
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