China Retail Sales, Industrial Output Post Strong Growth
China’s retail sales and industrial output grew strongly in May amid heavy stimulus spending, data showed Friday, in a positive sign for efforts to boost economic growth despite a collapse in trade.
Retail sales rose 15.2 percent from the same month last year, up from April’s 14.8 percent rate, the National Bureau of Statistics reported. Industrial output expanded by 8.9 percent, rebounding from April’s lackluster 7.3 percent and exceeding March’s 8.3 percent rate.
The government is trying to shield China from the global downturn by injecting money into the economy through heavy spending on construction projects. That has helped to revive demand for industrial goods.
Analysts say relatively strong consumer spending also is a positive sign for growth.
The government reported Thursday that May trade plunged by a record margin but domestic investment soared by 32.9 percent in the first five months of the year, boosted by stimulus spending.
6/11/2009 10:44 PM BEIJING (AP)
Two women walk through a shopping center in Beijing, China, Friday, June 12, 2009. China's retail sales and industrial output grew strongly in May as the government spent heavily on a stimulus to boost growth in the world's third-largest economy as exports plunged. (AP Photo/Greg Baker)