China.org.cn | July 27, 2026
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:
June 16, 2026
Zhou Jianshe:
Good morning, ladies and gentlemen. Welcome to this press conference of 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 May 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 May, and then my colleague and I will take your questions.
China's economy remained stable in May while making steady progress toward innovation-driven, high-quality development.
In May, 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 earnestly implemented the decisions and plans of the CPC Central Committee and the State Council, adhered to the general principle of seeking progress while maintaining stability, fully and faithfully implemented the new development philosophy on all fronts, accelerated efforts to foster a new development pattern, earnestly implemented more proactive and effective macro policies, and effectively responded to external shocks and challenges. Production and supply steadily increased, employment and prices remained generally stable, foreign trade continued to demonstrate resilience, new growth drivers gained strength, and the national economy maintained stable growth, with further progress toward innovation-driven, high-quality development.
First, industrial production accelerated, with equipment manufacturing and high-tech manufacturing expanding rapidly.
In May, the total value added of industrial enterprises above designated size grew 4.5% year on year, 0.4 percentage point faster than the previous month, and rose 0.4% month on month. In terms of sectors, the value added of mining went up 2.3% year on year, that of manufacturing was up 4.4%, and that of the production and supply of electricity, thermal power, gas and water was up 7.6%. The value added of equipment manufacturing increased 9.5% year on year, and that of high-tech manufacturing rose 15.1%, up 1.2 percentage points and 2.3 percentage points, respectively, from the previous month. In terms of ownership, the value added of state holding enterprises went up 3.7% year on year; that of share-holding enterprises was up 5.2%; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up 1.9%; and that of private enterprises was up 2.7%. In terms of products, the production of 3D printing devices, lithium-ion batteries and industrial robots grew 54.4%, 40% and 27.9% year on year, respectively. In the first five months, the total value added of industrial enterprises above designated size grew 5.4% year on year. In May, the Manufacturing Purchasing Managers' Index stood at 50%, and the Production and Operation Expectation Index was 53.9%. In the first four months, the total profits made by industrial enterprises above designated size were 2,435.8 billion yuan ($359.29 billion), up 18.2% year on year.
Second, the service sector grew steadily and modern services developed well.
In May, the Index of Services Production increased 4.4% year on year, 0.1 percentage point faster than that of the previous month. Specifically, the production index of information transmission, software and information technology services, of leasing and business services, of finance, and of transportation, storage and postal services grew 11.3%, 10.9%, 7% and 4.8%, respectively. In the first five months, the Index of Services Production grew 4.8% year on year. In the first four months, the business revenue of service enterprises above designated size grew 6.4% year on year. In May, the Business Activity Index for Services was 50.3%, and the Business Activity Expectation Index for Services was 55.4%. Specifically, the Business Activity Index for railway transportation, for telecommunication, broadcast, television and satellite transmission services, and for insurance all stayed within the high expansion range of 55% and above.
Fu Linghui:
Third, market sales continued to expand, while service retail sales recorded robust growth.
In the January-May period, total retail sales of consumer goods and services rose 2.8% year on year, with service retail sales increasing 5.4% and retail sales of goods growing 1.2%. In the first five months, the total retail sales of consumer goods reached 20,603.1 billion yuan, up 1.4% year on year; the online retail sales of goods and services reached 8,317.7 billion yuan, up 5.9% year on year. Specifically, online retail sales of goods reached 5,271.8 billion yuan, an increase of 5%; online service retail sales reached 3,045.9 billion yuan, an increase of 7.6%. In May, the total retail sales of consumer goods reached 4,109 billion yuan, down 0.6% year on year, or down 0.38% month on month. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 3,574.1 billion yuan, down 0.9% year on year; and that in rural areas reached 534.9 billion yuan, up 1.5%. Grouped by consumption patterns, the retail sales of goods were 3,648.5 billion yuan, down 0.7%; and the income of catering was 460.5 billion yuan, up 0.6%. Sales of essential goods and certain upgraded goods continued to grow. The retail sales of beverages, of clothes, shoes, hats and textiles, and of cosmetics by enterprises above designated size increased 6.1%, 3.8% and 2.5% year on year, respectively.
Fourth, infrastructure investment maintained growth while investment in intellectual property products accelerated.
In the first five months, nationwide fixed-asset investment excluding rural households reached 17.8512 trillion yuan, down 4.1% year on year. Fixed-asset investment excluding real estate development fell 1.2%. Specifically, investment in intellectual property products increased 9.3% year on year, 0.4 percentage point faster than in the first four months. By sector, investment in infrastructure grew 0.6% year on year, investment in manufacturing fell 0.4% and investment in real estate development declined 16.2%. The floor space of newly built commercial buildings sold totaled 313.2 million square meters, down 10.8% year on year. Sales of newly built commercial buildings totaled 2.9366 trillion yuan, down 13.5%. By industry, investment in the primary sector rose 5.9% year on year, investment in the secondary sector rose 0.1%, and investment in the tertiary sector fell 6.8%. Private investment fell 7.1% year on year, or 3.5% excluding real estate development. Investment in high-tech industries grew 4.5% year on year. Within that category, investment in computer and office device manufacturing rose 18.3%, aerospace vehicle and equipment manufacturing climbed 16.7% and information services grew 13.8%. In May, fixed-asset investment excluding rural households fell 1.91% month on month.
Fu Linghui:
Fifth, imports and exports of goods grew rapidly, and the trade structure continued to improve.
In May, the total value of imports and exports of goods was 4.4516 trillion yuan, up 16.9% year on year, 2.7 percentage points faster than the previous month. Exports totaled 2.5878 trillion yuan, up 13.8%, while imports totaled 1.8638 trillion yuan, up 21.5%. In the first five months, the total value of imports and exports of goods was 20.6827 trillion yuan, up 15.3% year on year. Specifically, exports totaled 11.9137 trillion yuan, up 11.8%, while imports totaled 8.7691 trillion yuan, up 20.5%. In the first five months, imports and exports of general trade rose 8.3% year on year. Imports and exports with Belt and Road partner countries grew 13.6%. Imports and exports by private enterprises rose 15.5%. Exports of mechanical and electrical products grew 18.4%.
Sixth, employment remained generally stable and the surveyed urban unemployment rate declined.
In the first five months, the surveyed urban unemployment rate averaged 5.2%. In May, the surveyed urban unemployment rate was 5.1%, 0.1 percentage point lower than the previous month. The surveyed unemployment rate for registered local residents was 5.2%, while that for migrant workers was 4.9%. And the rate for rural migrant workers stood at 4.9%. The surveyed urban unemployment rate in China's 31 major cities was 5.1%, 0.1 percentage point lower than the previous month. Employees of enterprises worked an average of 48.2 hours per week.
Fu Linghui:
Seventh, consumer prices rose mildly while producer prices for industrial products saw faster year-on-year growth.
In May, China's consumer price index (CPI) rose 1.2% year on year, unchanged from the previous month, and fell 0.1% month on month. By category, prices for food, tobacco, alcohol and catering services fell 0.9% year on year. Clothing rose 1.4%; housing declined 0.2%; articles and services for daily use rose 1.8%; transportation and communication climbed 5.4%; education, culture and recreation grew 1.3%; medical services and healthcare increased 2.1%; and other articles and services jumped 9.9%. Within food, tobacco, alcohol and dining out, pork dropped 16.1%, fresh fruits declined 2.2%, grain slipped 0.3%, and fresh vegetables rose 1.6%. Core CPI, which excludes food and energy prices, rose 1.1% year on year. In the first five months, the CPI rose 1% year on year.
In May, China's producer price index (PPI) rose 3.9% year on year, 1.1 percentage points faster than the previous month, and increased 0.5% month on month. Purchasing prices for industrial producers rose 5.8% year on year and 1.3% month on month. In the first five months, producer prices for industrial products climbed 1% year on year, while purchasing prices for industrial producers rose 1.6%.
Overall, the national economy remained generally stable in May, with development resilience further evident. However, the external environment remains increasingly complex and volatile, domestic supply continues to outpace demand, some businesses face considerable operating pressure, and the foundation for steady economic growth still needs strengthening. Looking ahead, we must follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, continue to pursue progress while ensuring stability, improve both the quality and performance of growth, and enhance counter- and cross-cyclical adjustments. We must further boost domestic demand, improve supply and optimize the allocation of new resources while making the best use of existing ones. We must also develop new quality productive forces suited to local conditions, advance the development of a unified national market, and provide greater support to keep employment, enterprise operations, markets and expectations stable. These efforts will promote higher-quality economic growth while achieving an appropriate increase in economic output.
Thank you.
