China's economy shows stable growth in May amid multiple challenges

China's economy continued to grow steadily in May, demonstrating resilience amid ongoing external and domestic challenges, according to key economic indicators released by the National Bureau of Statistics (NBS) on Monday.

In May, the industrial output of major enterprises rose by 5.8 percent year-on-year, with a 0.61 percent increase from the previous month. This steady growth in industrial production underpinned overall economic stability, driven by the sustained recovery of the manufacturing sector and the momentum of emerging industries.

The services sector also maintained its upward trend, with the services production index increasing by 6.2 percent year-on-year. This reflects continued strength in sectors such as finance and technology, supporting broader confidence among consumers and businesses.

Consumer activity remained robust. In May, total retail sales of consumer goods reached 4.13 trillion yuan ($574.9 billion), a year-on-year increase of 6.4 percent and a month-on-month rise of 0.93 percent. The strong performance highlights improving domestic demand, aided by policy support and rising household confidence.

From January to May, fixed-asset investment stood at 19.19 trillion yuan, marking a 3.7 percent increase year-on-year. Investment in key areas such as infrastructure and high-tech manufacturing continued to provide solid support for long-term economic transformation and development.

The average surveyed urban unemployment rate for the first five months of the year was 5.2 percent, unchanged from the same period last year. This indicates a generally stable employment situation, supported by targeted policies aimed at stabilizing the labor market.