National Bureau of Statistics (NBS): China has sufficient reserves in its policy toolbox, and macro policies have contingency plans.

The State Council Information Office held a press conference at 10 a.m. today. Fu Linghui, spokesperson for the National Bureau of Statistics (NBS) and Director of the Department of Comprehensive Statistics of National Economy, introduced the performance of China's national economy in May 2025 and answered questions from journalists.

NBS: Economic Performance in May Generally Stable, with Continued Improvement in Some Indicators

At the press conference held by the State Council Information Office, Fu Linghui stated that the economy performed generally stable in May, with continued improvement in some indicators. New growth drivers expanded, and the momentum of high-quality development continued, demonstrating the strong resilience and vitality of China's economy. In May, influenced by factors such as the trade-in policy for consumer goods, market sales growth accelerated. Total retail sales of consumer goods in May increased by 6.4% YoY, with the growth rate accelerating by 1.3 percentage points compared to the previous month. From January to May, service retail sales increased by 5.2%, accelerating by 0.1 percentage point compared to the January-April period. The acceleration of consumption growth, especially the expansion of service consumption, is also boosting related service industries. In May, the production indices of the wholesale and retail trade, accommodation and catering industries all accelerated compared to the previous month. Meanwhile, new growth drivers such as high-end manufacturing, the digital economy, and the new energy industry continued to expand, effectively promoting industrial transformation and ensuring stable economic performance.

NBS: China's Policy Toolbox is Well-Stocked, with Macro Policies Held in Reserve

At the press conference held by the State Council Information Office, Fu Linghui stated that since the beginning of this year, China has implemented more proactive macro policies, intensified counter-cyclical adjustments, and accelerated the implementation of major national strategies and the development of security capabilities in key areas ("two majors") and the program of large-scale equipment upgrades and consumer goods trade-ins ("two news"). These efforts have effectively enhanced the vitality of consumption, driven production growth, and promoted transformation and upgrading, fully demonstrating the important role of macro policies in stabilizing economic performance. In the next stage, China's policy toolbox is well-stocked, with macro policies held in reserve. They can be dynamically adjusted and actively responded to according to changes in the situation, and will continue to safeguard the stable operation of the economy.

NBS: Youth Unemployment Rate Declines for Three Consecutive Months, Employment Situation Remains Stable

At the press conference held by the State Council Information Office, Fu Linghui stated that the surveyed urban unemployment rate in China was 5.0% in May, a decrease of 0.1 percentage point from the previous month. Among them, the unemployment rate of the main employment group remained stable, and the youth unemployment rate declined for three consecutive months, indicating a continued stable employment situation.

NBS: The Decline in China's Goods Imports is the Result of Multiple Factors

At the press conference held by the State Council Information Office, Fu Linghui stated that since the beginning of this year, the decline in China's goods imports is the result of multiple factors. Since the beginning of this year, affected by the uncertainty of international trade policies, the growth momentum of the global economy has weakened, and global trade growth has also slowed down, which inevitably affects the growth of China's imports. Meanwhile, some countries have intensified trade restrictive measures, which have also had some adverse impacts on China's imports. In addition, international commodity prices have declined significantly this year, particularly energy prices. As a major importer of energy and raw materials, the decline in commodity prices has affected the growth of China's import value, as seen in the import values of products such as iron ore, crude oil, coal, and soybeans. Fu Linghui stated that while the import value of some commodities has declined, China's imports of major industrial products have maintained growth. In the first five months, the import value of mechanical and electrical products increased by 6% YoY, with imports of automatic data processing equipment and its parts, as well as integrated circuits, increasing by 69% and 7.3%, respectively. In the next stage, with the continuous expansion of domestic demand and the orderly expansion of independent and unilateral opening-up, China's vast market will undoubtedly provide greater opportunities and more choices for the world.

National Bureau of Statistics (NBS): The real estate market continues to move towards stabilizing and recovering

Fu Linghui stated at a press conference held by the State Council Information Office that since the beginning of this year, with the accelerated implementation of various policies to stabilize the real estate market, the market has continued to move towards stabilizing and recovering. Judging from the situation in May, the real estate market has generally operated smoothly. The YoY decline in housing prices in 70 large and medium-sized cities has continued to narrow, and the inventory of commercial housing has continued to decrease. From the perspective of market transactions, under the influence of various policies to stabilize the real estate market, real estate sales have remained generally stable. From January to May, the sales area and sales volume of newly-built commercial housing decreased by 2.9% and 3.8% YoY, respectively, which was basically flat compared to January-April. Market transactions in some first-tier and second-tier cities have been relatively active, with the sales area and sales volume of commercial housing maintaining growth. From the perspective of market prices, the YoY decline in the selling prices of newly-built commercial residential buildings has continued to narrow. In May, the YoY decline in the selling prices of commercial residential buildings in most of the 70 large and medium-sized cities continued to narrow. Among them, the YoY decline in the selling prices of newly-built commercial residential buildings in first-tier, second-tier, and third-tier cities narrowed by 0.4, 0.4, and 0.5 percentage points, respectively, compared to the previous month. The YoY decline in the selling prices of second-hand residential buildings narrowed by 0.5, 0.4, and 0.5 percentage points, respectively. From the perspective of commercial housing inventory, the area of commercial housing pending sale in May decreased by 7.15 million m² compared to month-end April, marking a decline for three consecutive months. Fu Linghui emphasized that, overall, the policies to promote the stabilization and recovery of the real estate market have continued to show effects, and the real estate market operated generally smoothly in May. However, it should be noted that the real estate market is still in the process of adjustment, market confidence needs to be continuously restored, and the supply-demand relationship in the market still needs to be improved. Continuous efforts are still required to promote the stabilization and recovery of the real estate market.

National Bureau of Statistics (NBS): The Fourth National Agricultural Census is currently in the preparation stage

Fu Linghui stated that the State Council recently issued a notice, deciding to conduct the Fourth National Agricultural Census in 2026. This is a major national survey of national conditions and national strength conducted on the new journey of comprehensively advancing the great rejuvenation of the Chinese nation with Chinese-style modernization. In accordance with the provisions of the Statistics Law of the People's Republic of China and the Regulations on National Agricultural Census, the agricultural census is conducted once every ten years, with the year ending in 6 designated as the census year. In 2026, China will conduct its fourth National Agricultural Census. The main objective is to comprehensively understand the current state of "agriculture, rural areas, and farmers" in the new era, objectively reflect new developments in agricultural development, new appearances in rural construction, new changes in rural life, and new achievements in rural reforms. This census is of great significance for formulating scientific policies on "agriculture, rural areas, and farmers," promoting comprehensive rural revitalization, accelerating the modernization of agriculture and rural areas, and building a strong agricultural country. Currently, the preparations for the fourth National Agricultural Census are underway, primarily focusing on establishing census organizations, developing census plans, and conducting pilot censuses.

National Bureau of Statistics (NBS): Vigorously Increase the Supply of High-Quality Products and Actively Promote the Improvement and Expansion of Service Consumption

Fu Linghui stated at a press conference held by the State Council Information Office that, overall, the economy has maintained stable operation. The effects of the trade-in policy for consumer goods have continued to emerge, and the vitality of the consumer market has gradually strengthened. Looking ahead, new forms and models of consumption, such as live-streaming e-commerce and instant retail, are becoming increasingly mature. The silver-hair economy, first-launch economy, and low-altitude economy are developing rapidly, and new growth points in the consumption economy are constantly emerging. However, it should also be noted that residents' consumption capacity and confidence still need to be improved, and the endogenous momentum of consumption needs to be enhanced. In the next stage, it is necessary to further implement the "Special Action Plan for Boosting Consumption," focus on enhancing residents' consumption capacity and willingness, further improve the consumption environment, vigorously increase the supply of high-quality products, actively promote the improvement and expansion of service consumption, and facilitate the stable development of the consumer market.

National Bureau of Statistics (NBS): Continuously Promote Urban Renewal and Renovation of Dilapidated Houses, and Increase the Construction and Supply of "Good Houses"

Fu Linghui stated at a press conference held by the State Council Information Office that, in the next stage, it is necessary to conscientiously implement the decisions and deployments of the CPC Central Committee and the State Council, actively adapt to the reality of significant changes in the supply-demand relationship in the real estate market, continuously promote urban renewal and renovation of dilapidated houses, increase the construction and supply of "good houses," facilitate the release of rigid and improvement-oriented housing demand, actively construct a new model for real estate development, and promote the steady and healthy development of the real estate market.

National Bureau of Statistics (NBS): Despite Many External Uncertainties and Instabilities, China's Comprehensive Advantages in Foreign Trade Development Remain Evident

Fu Linghui stated at a press conference held by the State Council Information Office that in May, China's foreign trade continued to withstand pressure and maintained steady growth. In May, China's total import and export volume of goods increased by 2.7%, and exports increased by 6.3%, maintaining steady and relatively rapid growth. According to data from market institutions, the new export orders index of the global manufacturing PMI in May was below the 50 mark and remained in contraction territory for two consecutive months. The negative impacts of trade protectionism and uncertainties on global trade growth have gradually emerged. Against this backdrop, China's trade in goods has maintained growth, demonstrating the strong international competitiveness and resilience of its foreign trade. Amid a complex and challenging international environment, with the rise of unilateralism and protectionism severely impacting the international economic and trade order, China's foreign trade has maintained steady growth. This is attributable to China's unwavering commitment to expanding opening-up, actively promoting the diversified development of foreign trade, as well as the high-end, intelligent, and green development of its industries, the upgrading of product structures, and the enhancement of market competitiveness. It is also due to China's active support for the development of foreign trade enterprises, creating favorable conditions for foreign trade development through measures such as improving trade facilitation. In the next stage, there will be many external uncertain and unstable factors, which will bring certain pressure to China's foreign trade growth. However, China's comprehensive advantages in foreign trade development remain evident, and the continuous expansion of high-level opening-up based on mutual benefit and win-win results will continue to support the steady development of foreign trade.