China industrial output expands 6.5% in May

BEIJING - China's value-added industrial output, an important economic indicator, expanded 6.5 percent year on year in May, flat with April, official data showed Wednesday.

The 6.5 percent increase accelerated from the 6 percent increase in the same month last year, according to the National Bureau of Statistics.

In the first five months, industrial output rose 6.7 percent year on year.

Industrial output, officially called industrial value added, is used to measure the activity of certain large enterprises with annual turnover of at least 20 million yuan (about $2.9 million).

Ownership analysis showed that industrial output of state-holding enterprises was up 6.2 percent in May, while output of share-holding enterprises grew 6.8 percent. Meanwhile, industrial output of enterprises funded by overseas investors increased 5.9 percent.

Manufacturing output expanded 6.9 percent year on year in May, while mining output growth rose 0.5 percent year on year.

Industrial enterprises above the designated size reaped profits of 2.3 trillion yuan in the first four months, an increase of 24.4 percent year on year.

The industrial output figures were released by the NBS along with a slew of other major economic indicators for the first five months, including retail sales and fixed-asset investment.

China's economy posted a forecast-beating growth rate in the first quarter of 2017, with gross domestic product up 6.9 percent year on year.

The growth was above the full-year target of 6.5 percent and the 6.8 percent increase registered in the fourth quarter of 2016, according to the NBS.

It is the seventh consecutive quarter that China has maintained economic growth between 6.7 and 6.9 percent, demonstrating its economic stability.