Business
22:05, 15-Jun-2018
NDRC: economy is stable in May
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02:10
China’s national macroeconomic performance maintained a positive and stable growth momentum in May, said National Development and Reform Commission (NDRC) on Friday.
Food prices fell slightly in May. The average price of 61 closely monitored food items decreased by 1 percent with pork and vegetable prices declining about 4 percent and 7 percent respectively, compared with the previous month.
Meanwhile, electricity consumption increased 11.4 percent year on year, with experts saying hot weather warranted more use of air conditioning. The prices of industrial products such as steel and product oil rapidly increased, at around 18 and 19 percent year on year respectively.
NDRC said the improvement of steel industry was thanks to the strengthening measures of troubleshooting issues like low-quality steel made from scrap metal and excess capacity of steel. Recently, the NDRC organized the special inspection groups to go to 21 cities nationwide and check if these issues were still in the steel companies.