FX.co ★ China Industrial Production Growth Tops Forecasts

China’s industrial production rose 4.5% year-on-year in May 2026, up from 4.1% in April—its weakest pace since July 2023—and above market expectations of 4.3%. Growth picked up in both manufacturing (4.4% vs 4.0% in April) and in the production and supply of electricity, heat, gas, and water (7.6% vs 5.3%), while mining growth slowed to 2.3% from 3.8%.

Within manufacturing, 28 of 41 major industries posted gains. Strong increases were seen in computers and communications equipment (17.0%), railway and shipbuilding (7.4%), general equipment (6.7%), special equipment (9.1%), electrical machinery (4.7%), chemicals (0.3%), coal mining and washing (3.5%), agriculture and food processing (1.5%), oil and gas (1.5%), textiles (2.6%), and automotive (8.3%). In contrast, output of non-metallic mineral products declined by 5.6%.

Over the first five months of the year, industrial output grew 5.4%. On a month-on-month basis, industrial production increased 0.4% in May.