Chinese economic data indicates the pace of the country's recovery is slowing, which comes amid growing concern about employment as the jobless rate for young people hit a record high.
The National Bureau of Statistics says industrial production rose 3.5 percent in May from a year earlier. That's slower than April's 5.6 percent.
Domestic demand was sluggish as property investments remained weak.
There was also a drop in exports due to economic slowdowns overseas.
Retail sales gained 12.7 percent in May year-on-year. Restaurants saw a big improvement from the pandemic low, but the overall margin was smaller than the 18.4 percent in the previous month.
The jobless rate among people aged 16 to 24 in urban areas last month came in at 20.8 percent. That's a record since comparable data became available in 2018.
The National Bureau of Statistics says industrial production rose 3.5 percent in May from a year earlier. That's slower than April's 5.6 percent.
Domestic demand was sluggish as property investments remained weak.
There was also a drop in exports due to economic slowdowns overseas.
Retail sales gained 12.7 percent in May year-on-year. Restaurants saw a big improvement from the pandemic low, but the overall margin was smaller than the 18.4 percent in the previous month.
The jobless rate among people aged 16 to 24 in urban areas last month came in at 20.8 percent. That's a record since comparable data became available in 2018.
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Summary
Chinese economic recovery slows, with industrial production growth decreasing from 5.6% in April to 3.5% in May. Domestic demand remains weak, particularly in property investments. Exports are down due to global economic slowdowns. Retail sales increased by 12.7%, though less than the previous
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ID: 8a3b1d11-9859-445f-ba5e-d61d7990b4e4
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20230615_30/
Date: June 15, 2023
Created: 2023/06/16 07:25
Updated: 2025/12/09 02:52
Last Read: 2023/06/16 08:41