Work scene of Beijing Benz automobile factory production line on May 13, 2020 in Beijing. REUTERS/Thomas Peter

China's economic activity continued to pick up in May. The National Bureau of Statistics of China announced on Monday that the value added of industrial enterprises above designated size in May increased by 4.4% year-on-year. Although it was less than the median value of 5% estimated by the Reuters survey, it was the second consecutive month of positive growth and the highest in the year; The decline narrowed to 2.8%, and the median value estimated by the Reuters survey fell by 2%.

Analysts pointed out that industrial consumption investment data continued to improve in May, and economic growth in the second quarter is expected to rebound significantly; short-term policy may not continue to increase, and it will enter the policy observation period, and it is expected that fiscal policy-related measures will be implemented as soon as possible and accelerated implementation Therefore, monetary policy will continue to increase directional support and focus on reducing social financing costs.