Industrial added value in May increased by 4.5% year-on-year, higher than market expectations.

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**【Caixin】**In May 2026, driven by exports and AI-related demand, domestic industrial production continued to maintain relatively rapid growth.

The National Bureau of Statistics released data on June 16 showing that, after deducting price factors, the value-added of industrial enterprises above the designated size grew by 4.5% year-on-year in May, an increase of 0.4 percentage points from the previous month. Looking at the month-on-month growth rate, which better reflects trends, industrial value-added increased slightly by 0.4% in May, accelerating by 0.4 percentage points from the previous month, indicating a marginal acceleration in industrial production.

Industrial production performed better than market expectations. According to a recent survey of 11 domestic and international institutions by Caixin, the average forecast of economists surveyed for the year-on-year growth rate of industrial value-added in May was 4.3%, with a forecast range of 3.8% to 4.9%.

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