Key facts
- China's industry ministry called for analyzing economic operations by looking beyond surface data.
- The directive was issued during a meeting with local industry officials.
- May's industrial output data beat expectations, but other indicators showed a slowdown.
- The ministry urged officials to ensure stable industrial operations and meet annual targets.
- Balancing supply and demand and preparing for summer energy needs were highlighted.
BEIJING, June 17 (Reuters) - China's Ministry of Industry and Information Technology (MIIT) has instructed local industry officials to look beyond raw data when assessing economic performance. The guidance was given during a meeting chaired by Vice Industry Minister Xin Guobin, following the release of May economic data that showed industrial output exceeding expectations.
The MIIT's readout emphasized the need to "accurately analyse the actual conditions and trend changes in economic operations by looking beyond the surface of data." This comes as China aims for a 2026 economic growth target of 4.5%-5%, a slight reduction from the previous year's pace, signaling a focus on addressing industrial overcapacity and rebalancing the economy.
While a global AI boom has boosted demand for Chinese electronics and related goods, supporting advanced manufacturing sectors, other economic indicators have shown weakness. Data indicated a slowdown in the second quarter, with lukewarm domestic demand and a drop in fixed-asset investment. Factory activity also stalled in May, marked by contracting new export orders and rising input costs.