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Speakers:

Mr. Fu Linghui, spokesperson and chief economist of the National Bureau of Statistics (NBS) and director general of the Department of Comprehensive Statistics of the NBS

Ms. Wang Guanhua, spokesperson of the NBS and deputy director general of the Department of Comprehensive Statistics of the NBS

Chairperson:

Mr. Zhou Jianshe, deputy director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO

Date:

May 18, 2026

Zhou Jianshe:

Ladies and gentlemen, good morning. Welcome to this press conference held by the State Council Information Office (SCIO). This is a regular briefing on China's economic data. Today, we are joined by Mr. Fu Linghui, spokesperson and chief economist of the National Bureau of Statistics (NBS) and director general of the Department of Comprehensive Statistics of the NBS, and Ms. Wang Guanhua, spokesperson of the NBS and deputy director general of the Department of Comprehensive Statistics of the NBS, to brief you on China's economic performance in April 2026 and then take your questions. Now, I'll give the floor to Mr. Fu for his introduction.

Fu Linghui:

Thank you. Friends from the media, good morning. As usual, I will start by briefing you on the main economic indicators for this April, and then we will take your questions.

The national economy maintained steady growth momentum in the first four months.

From January to April, under the strong leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, all regions and departments fully implemented the decisions and arrangements made by the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully and faithfully applied the new development philosophy on all fronts, and moved faster to foster a new pattern of development. All regions and departments implemented more proactive and effective macro policies and focused on keeping employment, enterprise operations, markets and expectations stable. As a result, production and supply grew steadily, market sales expanded, foreign trade demonstrated strong resilience, employment and prices were generally stable, new growth drivers witnessed robust development, and high-quality development advanced toward greater innovation and stronger performance.

First, industrial production grew rapidly, as did equipment manufacturing and high-tech manufacturing.

In the first four months, the total value added of industrial enterprises above designated size grew by 5.6% year on year. In terms of sectors, the value added of mining increased by 5.5% year on year, that of manufacturing grew by 5.8%, and that of the production and supply of electricity, thermal power, gas and water went up by 4.5%. The value added of equipment manufacturing increased by 8.7% year on year and that of high-tech manufacturing increased by 12.6%, which were 3.1 percentage points and 7.0 percentage points faster than that of industrial enterprises above designated size, respectively. In terms of ownership, the value added of state-controlled enterprises was up by 4.4% year on year; that of share-holding enterprises was up by 6.0%; that of enterprises funded by foreign investors and investors from Hong Kong, Macao and Taiwan was up by 3.9%; and that of private enterprises was up by 5.2%. In terms of products, the production of 3D printing devices, lithium-ion batteries and industrial robots grew by 50.9%, 36.0% and 25.7% year on year, respectively. In April, the value added of industrial enterprises above designated size increased by 4.1% year on year, or up by 0.05% month on month. In April, the Manufacturing Purchasing Managers' Index stood at 50.3%; and the Production and Operation Expectation Index was 54.5%, 1.1 percentage points higher than that of the previous month. In the first three months, the total profits made by industrial enterprises above designated size were 1,696.0 billion yuan, up by 15.5% year on year.

Second, the service sector grew steadily and modern services developed well.

In the first four months, the Index of Services Production grew by 4.9% year on year. Specifically, that of information transmission, software and information technology services, leasing and business services and finance grew by 10.9%, 9.3% and 6.7% year on year, respectively. In April, the Index of Services Production increased by 4.3% year on year. In the first three months, the business revenue of service enterprises above designated size grew by 6.5% year on year. In April, the Business Activity Index for Services stood at 49.6%; and the Business Activity Expectation Index for Services was 55.4%, 0.6 percentage point higher than the previous month. Specifically, the Business Activity Index for railway transportation, postal services, and telecommunication, broadcast, television and satellite transmission services stayed within the high expansion range of 55.0% and above.

Third, market sales expanded and the growth of service retail sales accelerated.

In the first four months, the total retail sales of consumer goods reached 16,494.1 billion yuan, up by 1.9 % year on year. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 14,292.1 billion yuan, up by 1.8% year on year, and that in rural areas stood at 2,202.0 billion yuan, up by 2.8%. Grouped by consumption patterns, the retail sales of goods were 14,605.8 billion yuan, up by 1.7%; and catering revenue was 1,888.3 billion yuan, up by 3.8%. Sales of essential goods and certain upgraded goods grew quickly. The retail sales of grain, oil and food, of clothes, shoes, hats and textiles, and of communication equipment by enterprises above designated size increased by 8.6%, 8.1% and 17.7% year on year, respectively. In April, the total retail sales of consumer goods went up by 0.2% year on year, or down by 0.48% month on month. In the first four months, the retail sales of services went up by 5.6% year on year, 0.1 percentage point faster than that of the first three months. Specifically, that of communication and information services, tourism consulting and rental services, cultural, sports and leisure services and transportation and mobility services grew quickly. In the first four months, the online retail sales of goods and services reached 6,530.8 billion yuan, up by 6.6% year on year. Specifically, the online retail sales of goods were 4,118.5 billion yuan, up by 5.7%, accounting for 25.0% of the total retail sales of consumer goods; and the online retail sales of services totaled 2,412.3 billion yuan, up by 8.3%.

Fourth, investment in fixed assets declined year on year, while investment in high-tech industries grew quickly.

From January to April, the country's fixed-asset investment (excluding rural households) reached 14.1293 trillion yuan, down 1.6% year on year. Excluding real estate development investment, fixed-asset investment increased by 1.3%. Specifically, investment in intellectual property products increased by 8.9% year on year. By sector, investment in infrastructure grew by 4.3% year on year, that in manufacturing grew by 1.2%, and that in real estate development declined by 13.7%. The floor space of newly built commercial buildings sold was 252.58 million square meters, down by 10.2% year on year; and the total sales of newly built commercial buildings reached 2.3 trillion yuan, down by 14.6%. By industry, investment in the primary industry went up by 10.1% year on year, that in the secondary industry was up by 2.5%, and that in the tertiary industry was down by 4.2%. Private investment declined by 5.2% year on year. Excluding real estate development investment, private investment declined by 1.9%. Investment in high-tech industries increased by 6.1% year on year. Specifically, investment in the manufacture of aircraft, spacecraft and related equipment, in the manufacture of computers and office equipment, and in information services increased by 17.9%, 13.9% and 18.1%, respectively. In April, fixed-asset investment (excluding rural households) fell 2.36% month on month.

Fifth, imports and exports of goods grew quickly and the trade structure continued to be optimized.

From January to April, the total value of imports and exports of goods was 16.2252 trillion yuan, up by 14.9% year on year. Specifically, exports accounted for 9.328 trillion yuan, up by 11.3%; and imports were 6.8972 trillion yuan, up by 20.0%. General trade imports and exports increased by 8.5% year on year. Imports and exports with Belt and Road partner countries grew 13.5%. Imports and exports by private enterprises increased by 15.9%. Exports of mechanical and electrical products increased by 17.6%. In April, the total value of imports and exports of goods was 4.3778 trillion yuan, up by 14.2% year on year. Specifically, the total value of exports was 2.4817 trillion yuan, up by 9.8%; and the total value of imports was 1.896 trillion yuan, up by 20.6%.

Sixth, employment was generally stable and the surveyed urban unemployment rate declined.

From January to April, the average surveyed urban unemployment rate was 5.3%. In April, the surveyed urban unemployment rate was 5.2%, 0.2 percentage point lower than the previous month. The surveyed unemployment rate of population with local household registration was 5.3%. For the non-local household registration, it was 5.0%, among which, the rate of the population with non-local agricultural household registration was 5.0%. The surveyed urban unemployment rate in 31 major cities was 5.2%, which was 0.1 percentage point lower than the previous month. Employees of enterprises worked an average of 48.0 hours per week.

Seventh, consumer prices increased moderately, while the increase in producer prices widened.

From January to April, the Consumer Price Index (CPI) rose 0.9% year on year. Grouped by commodity categories, prices for food, tobacco, alcohol, and catering services were up by 0.2% year on year; clothing prices rose 1.7%; housing prices fell by 0.2%; articles for daily use and services rose by 2.0%; transportation and communication prices rose 0.3%; education, culture and recreation grew up by 1.1%; medical services and healthcare went up by 1.9%; and other articles and services were up by 13.3%. Within the category of food, tobacco, alcohol and catering services, prices for pork went down by 12.2%, grain down by 0.3%, fresh fruits up by 3.0%, and fresh vegetables up by 5.7%. The core CPI, excluding the prices of food and energy, grew by 1.2% year on year. In April, national CPI rose 1.2% year on year, 0.2 percentage point higher than March, or up 0.3% month on month.

From January to April, the Producer Price Index for industrial products (PPI) increased by 0.2% year on year. Specifically, the prices in April went up by 2.8% year on year, 2.3 percentage points lower than the growth in the previous month, or up by 1.7% month on month. From January to April, the purchasing price index for industrial producers increased by 0.5% year on year. Specifically, the prices in April went up by 3.5% year on year, an increase of 2.7 percentage points from the previous month, and went up by 2.1% month on month.

Overall, the national economy maintained a steady and progressive development trend from January to April, with solid progress in high-quality development. However, it should also be noted that the external situation is complex and volatile, the domestic contradiction of strong supply and weak demand remains pronounced, some enterprises are experiencing operational difficulties, and the foundation for sustained economic improvement needs to be consolidated. In the next stage, we must adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, uphold the general principle of seeking progress while maintaining stability, and fully and faithfully implement the new development philosophy on all fronts. We will move faster to create a new pattern of development, and implement more proactive fiscal policies and moderately loose monetary policies in a targeted and effective manner. We will continue to expand domestic demand and optimize supply, improve incremental growth while revitalizing existing stock, and enhance the internal drivers of economic development. We will further strengthen the domestic economic circulation and optimize the dual circulation of domestic and international markets to promote sustained and sound economic development. Thank you.

Zhou Jianshe:

Thank you for your introduction, Mr. Fu. The floor is now open for questions. Please identify the media outlet you represent before asking your questions.