In May, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments thoroughly implemented the decisions and arrangements of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully, accurately and comprehensively implemented the new development philosophy, accelerated the creation of a new development pattern, earnestly carried out more proactive macro policies, and effectively responded to external shocks and challenges. Production and supply rose steadily, employment and prices remained generally stable, the resilience of foreign trade continued to manifest, new driving forces grew stronger, and the national economy sustained a generally stable development trajectory with improvement and upgrading. Data from the National Bureau of Statistics (NBS) showed that in May, the value added of industrial enterprises above designated size grew by 4.5% YoY in real terms, 0.4 percentage point faster than the previous month. On a MoM basis, the value added of industrial enterprises above designated size increased by 0.40% from April. For January-May, it grew by 5.4% YoY. Value Added of Industrial Enterprises Above Designated Size Grew by 4.5% in May 2026 In May, the value added of industrial enterprises above designated size grew by 4.5% YoY in real terms (the real growth rates of value added are calculated after deducting price factors), 0.4 percentage point faster than the previous month. On a MoM basis, the value added of industrial enterprises above designated size increased by 0.40% from April. From January to May, it rose by 5.4% YoY. By sector, in May, the value added of the mining industry grew by 2.3% YoY, manufacturing by 4.4%, and the production and supply of electricity, heat, gas and water by 7.6%. By ownership, in May, the value added of state-holding enterprises grew by 3.7% YoY; joint-stock enterprises by 5.2%, enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan by 1.9%; and private enterprises by 2.7%. By industry, in May, the value added of 28 out of the 41 major industries registered YoY growth. Among them, coal mining and washing grew by 3.5%, petroleum and natural gas extraction by 1.5%, agricultural and sideline food processing by 1.5%, wine, beverages and refined tea manufacturing fell by 2.7%, the textile industry grew by 2.6%, chemical raw materials and chemical products manufacturing by 0.3%, non-metallic mineral products fell by 5.6%, ferrous metals smelting and rolling processing grew by 1.6%, non-ferrous metals smelting and rolling processing fell by 4.5%, general equipment manufacturing grew by 6.7%, special equipment manufacturing by 9.1%, automobile manufacturing by 8.3%, railway, shipbuilding, aerospace and other transport equipment manufacturing by 7.4%, electrical machinery and equipment manufacturing by 4.7%, computer, communication and other electronic equipment manufacturing by 17.0%, and electricity and heat production and supply by 8.7%. By product, in May, among the 626 products of industrial enterprises above designated size, 300 saw YoY output growth. Specifically, steel output was 123.03 million mt, down 2.8% YoY; cement 149.91 million mt, down 8.1%; ten non-ferrous metals 6.98 million mt, up 2.2%; ethylene 3.38 million mt, up 2.1%; automobiles 2.582 million units, down 3.2%, of which NEVs 1.489 million units, up 17.8%; power generation 784.3 billion kWh, up 4.2%; crude oil processing volume 53.72 million mt, down 9.1%. In May, the product sales ratio of industrial enterprises above designated size was 96.0%, down 0.1 percentage point YoY; the export delivery value of industrial enterprises above designated size reached 1,388.4 billion yuan, a nominal YoY increase of 10.1%. In May, National Economy Operated Generally Stable, with New and Quality Development In May, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments earnestly implemented the decisions and plans of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully and faithfully applied the new development philosophy, accelerated the creation of a new development pattern, effectively implemented more proactive macro policies, and effectively responded to external shocks and challenges. Production supply was stable with an upward trend, employment and prices were generally stable, the resilience of foreign trade continued to be demonstrated, and new growth drivers grew stronger. The national economy continued its development trend of overall stability with new and quality improvements. 1. Industrial Production Accelerated, with Equipment and High-Tech Manufacturing Growing Rapidly In May, the value added of industrial enterprises above designated size increased by 4.5% YoY, 0.4 percentage points faster than the previous month; it grew 0.40% MoM. By the three major categories, the value added of mining grew 2.3% YoY, manufacturing grew 4.4%, and production and supply of electricity, heat, gas, and water grew 7.6%. The value added of equipment manufacturing grew 9.5% YoY, and high-tech manufacturing grew 15.1%, accelerating by 1.2 and 2.3 percentage points respectively from the previous month. By type of ownership, the value added of state-controlled enterprises grew 3.7% YoY; joint-stock enterprises grew 5.2%, foreign, Hong Kong, Macau, and Taiwan invested enterprises grew 1.9%; private enterprises grew 2.7%. By product, the output of 3D printing equipment, lithium-ion batteries, and industrial robots grew 54.4%, 40.0%, and 27.9% YoY respectively. In the January-May period, the value added of industrial enterprises above designated size grew 5.4% YoY. In May, the manufacturing PMI was 50.0%, and the index of enterprise production and operation expectations was 53.9%. In the first four months, the total profits of industrial enterprises above designated size reached 2,435.8 billion yuan, up 18.2% YoY. II. Services Grew Steadily, Modern Services Developed Soundly In May, the national services production index grew 4.4% YoY, 0.1 percentage point faster than the previous month. By sector, the production indices of information transmission, software and IT services, leasing and business services, financial services, and transport, storage and postal services grew 11.3%, 10.9%, 7.0%, and 4.8% YoY, respectively. In January-May, the national services production index rose 4.8% YoY. In January-April, the operating revenue of service enterprises above the designated size increased 6.4% YoY. In May, the business activity index for services stood at 50.3%, and the business activity expectations index for services was 55.4%. Among them, the business activity indices for railway transport, telecommunications, radio and television, and satellite transmission services, and insurance were in the relatively high prosperity range of above 55.0%. III. Market Sales Maintained Growth, Service Retail Maintained Sound Momentum In January-May, total retail sales of consumer goods and services grew 2.8% YoY, with retail sales of services up 5.4% and retail sales of goods up 1.2%. In January-May, total retail sales of consumer goods reached 20,603.1 billion yuan, up 1.4% YoY. In January-May, nationwide online retail sales of goods and services reached 8,317.7 billion yuan, up 5.9% YoY, of which online retail sales of goods were 5,271.8 billion yuan, up 5.0%, and online retail sales of services were 3,045.9 billion yuan, up 7.6%. In May, total retail sales of consumer goods amounted to 4,109 billion yuan, down 0.6% YoY and down 0.38% MoM. By location of business establishments, retail sales of consumer goods in urban areas came in at 3,574.1 billion yuan, down 0.9% YoY; retail sales in rural areas were 534.9 billion yuan, up 1.5% YoY. By type of consumption, retail sales of goods stood at 3,648.5 billion yuan, down 0.7% YoY; catering revenue was 460.5 billion yuan, up 0.6% YoY. Sales of daily necessities and some upgraded goods maintained growth. Retail sales of beverages, clothing, footwear, hats and textiles, and cosmetics by enterprises above the designated size increased 6.1%, 3.8%, and 2.5% YoY, respectively. IV. Infrastructure Investment Maintained Growth, Investment in Intellectual Property Products Accelerated In January-May, national fixed-asset investment (excluding rural households) reached 17,851.2 billion yuan, down 4.1% YoY; excluding real estate development, fixed-asset investment fell 1.2%. Among this, investment in intellectual property products grew 9.3% YoY, 0.4 percentage points faster than in January-April. By sector, infrastructure investment rose 0.6% YoY, manufacturing investment fell 0.4%, and real estate development investment dropped 16.2%. The floor space of newly built commercial buildings sold nationwide was 313.2 million m², down 10.8% YoY; the sales value of newly built commercial buildings was 2,936.6 billion yuan, down 13.5% YoY. By industry, investment in the primary sector rose 5.9% YoY, investment in the secondary sector edged up 0.1% YoY, and investment in the tertiary sector fell 6.8% YoY. Private investment declined 7.1% YoY; excluding real estate development, private investment dropped 3.5% YoY. Investment in high-tech industries grew 4.5% YoY, with investment in computer and office equipment manufacturing, aviation and spacecraft and equipment manufacturing, and information services up 18.3%, 16.7%, and 13.8%, respectively. In May, fixed asset investment (excluding rural households) fell 1.91% MoM. V. Rapid Growth in Goods Imports and Exports with Continued Optimization of Trade Structure In May, total goods imports and exports reached 4,451.6 billion yuan, up 16.9% YoY, accelerating 2.7 percentage points from the previous month. Exports stood at 2,587.8 billion yuan, up 13.8% YoY, while imports totaled 1,863.8 billion yuan, up 21.5% YoY. From January to May, total goods imports and exports amounted to 20,682.7 billion yuan, up 15.3% YoY. Exports came to 11,913.7 billion yuan, up 11.8% YoY, and imports hit 8,769.1 billion yuan, up 20.5% YoY. From January to May, imports and exports under Ordinary Trade rose 8.3% YoY. Imports and exports with Belt and Road partner countries grew 13.6% YoY. Imports and exports by private enterprises increased 15.5% YoY. Exports of mechanical and electrical products expanded 18.4% YoY. VI. Generally Stable Employment with a Decline in the Surveyed Urban Unemployment Rate From January to May, the surveyed urban unemployment rate averaged 5.2%. In May, the surveyed urban unemployment rate was 5.1%, down 0.1 percentage points MoM. The surveyed unemployment rate for the local household labor force was 5.2%, and that for the non-local household labor force was 4.9%, with the rate for the non-local agricultural household labor force at 4.9%. The surveyed urban unemployment rate across 31 major cities was 5.1%, down 0.1 percentage points MoM. The average weekly working hours of employees in enterprises nationwide was 48.2 hours. VII. Mild Rise in Consumer Prices and Widening YoY Increase in Producer Prices In May, the national consumer price index (CPI) rose 1.2% YoY, the same growth as the previous month, and fell 0.1% MoM. By category, prices for food, tobacco, alcohol, and dining out fell 0.9% YoY, clothing prices rose 1.4% YoY, housing prices edged down 0.2% YoY, prices for household articles and services increased 1.8% YoY, transportation and communication prices climbed 5.4% YoY, education, culture, and entertainment prices went up 1.3% YoY, healthcare prices grew 2.1% YoY, and prices for other goods and services surged 9.9% YoY. Among food, tobacco, alcohol, and dining-out prices, pork prices fell 16.1%, fresh fruit prices dropped 2.2%, grain prices edged down 0.3%, while fresh vegetable prices rose 1.6%. Core CPI, which excludes food and energy prices, posted a 1.1% YoY increase. For January–May, national consumer prices rose 1.0% YoY. In May, national industrial producer EXW prices rose 3.9% YoY, with the growth rate widening by 1.1 percentage points from the previous month, and rose 0.5% MoM. National industrial producer purchasing prices rose 5.8% YoY and 1.3% MoM. For January–May, national industrial producer EXW prices and purchasing prices rose 1.0% and 1.6% YoY, respectively. Overall, the national economy operated stably in May, with development resilience continuing to show. However, it should also be noted that the external environment has become more complex and volatile, the contradiction of strong domestic supply and weak demand remains pronounced, some enterprises face considerable operating pressure, and the foundation for sustained economic improvement still needs consolidation. In the next stage, efforts should focus on adhering to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as guidance, maintaining the principle of pursuing progress while ensuring stability, improving quality and efficiency, strengthening counter-cyclical and cross-cyclical adjustments, continuously expanding domestic demand and optimizing supply, enhancing increments and revitalizing existing assets, developing new quality productive forces according to local conditions, deepening the building of a unified national market, working to stabilize employment, enterprises, markets, and expectations, and promoting effective qualitative improvement and reasonable quantitative growth of the economy. Recommended reading:

[SMM Tin Morning Brief: The most-traded SHFE tin contract maintains a downward trend in the night session, and the spot market has essentially come to a standstill]

Data from the National Bureau of Statistics (NBS) showed that in May, the manufacturing PMI stood at 50.0%, down 0.3 percentage points MoM. The composite PMI output index was 50.5%, up 0.4 percentage points MoM, indicating that overall business production and operations in China remained in expansion. The non-manufacturing business activity index was 50.1%, up 0.7 percentage points MoM, with the non-manufacturing prosperity level rebounding. China's PMI Performance in May 2026 I. China's Manufacturing PMI Performance In May, the manufacturing PMI stood at 50.0%, down 0.3 percentage points MoM, sitting at the threshold level. By enterprise size, the PMI for large enterprises was 51.1%, up 0.9 percentage points MoM, above the threshold; the PMIs for medium and small enterprises were 48.6% and 48.5% respectively, down 1.9 and 1.6 percentage points MoM, both below the threshold. By sub-indices, among the five sub-indices constituting the manufacturing PMI, the production index was above the threshold, while the new orders index, raw material inventory index, employment index, and supplier delivery time index were all below the threshold. The production index was 51.2%, down 0.3 percentage points MoM, but still above the threshold, indicating that manufacturing production activity remained in expansion. The new orders index was 49.9%, down 0.7 percentage points MoM, indicating that the prosperity level of manufacturing market demand pulled back somewhat. The raw material inventory index was 48.6%, down 0.7 percentage points MoM, indicating a decline in the inventory of major raw materials in manufacturing. The employment index was 48.6%, down 0.2 percentage points MoM, indicating that the prosperity level of manufacturing employment pulled back somewhat. The supplier delivery time index was 49.2%, down 0.3 percentage points MoM, indicating that the delivery time of manufacturing raw material suppliers continued to lengthen MoM. II. China's Non-manufacturing PMI Performance In May, the non-manufacturing business activity index was 50.1%, up 0.7 percentage points MoM, with the non-manufacturing prosperity level rebounding. By sector, the construction business activity index was 48.8%, up 0.8 percentage points MoM; the services business activity index was 50.3%, up 0.7 percentage points MoM. Within the services sector, industries such as railway transportation, telecommunications, broadcasting, television and satellite transmission services, and insurance all had business activity indices in the relatively high prosperity range of above 55.0%; industries such as air transportation and real estate had business activity indices below the threshold. The new orders index was 45.0%, up 0.7 percentage points from the previous month, indicating that the non-manufacturing market demand improved. By sector, the construction new orders index was 43.5%, up 1.9 percentage points from the previous month; the services new orders index was 45.3%, up 0.5 percentage points from the previous month. The input price index was 52.2%, up 0.5 percentage points from the previous month, indicating that the overall input prices for non-manufacturing business operations continued to rise. By sector, the construction input price index was 53.7%, down 1.2 percentage points from the previous month; the services input price index was 52.0%, up 0.8 percentage points from the previous month. The selling price index was 48.8%, up 0.7 percentage points from the previous month, indicating that the decline in overall selling prices of non-manufacturing enterprises narrowed. By sector, the construction selling price index was 48.6%, down 0.4 percentage points from the previous month; the services selling price index was 48.9%, up 1 percentage point from the previous month. The employment index was 45.6%, up 0.1 percentage points from the previous month, indicating that employment conditions in non-manufacturing enterprises improved slightly. By sector, the construction employment index was 41.4%, up 1.8 percentage points from the previous month; the services employment index was 46.4%, down 0.1 percentage points from the previous month. The business activity expectations index was 54.8%, up 0.1 percentage points from the previous month, indicating that non-manufacturing enterprises' confidence in market development strengthened. By sector, the construction business activity expectations index was 51.5%, up 1 percentage point from the previous month; the services business activity expectations index was 55.4%, unchanged from the previous month. III. China Composite PMI Output Index In May, the composite PMI output index was 50.5%, up 0.4 percentage points from the previous month, indicating that China's overall enterprise production and business activities remained in expansion. Composite PMI Output Index Remained in Expansion in May — Interpretation of China's PMI for May 2026 by Huo Lihui, Chief Statistician of the Service Industry Survey Center, National Bureau of Statistics (NBS) On May 31, 2026, the Service Industry Survey Center of the NBS and the China Federation of Logistics and Purchasing released China's PMI. Huo Lihui, Chief Statistician of the Service Industry Survey Center of the NBS, provided an interpretation of the data. In May, the manufacturing PMI was 50.0%, down 0.3 percentage points from the previous month; the non-manufacturing business activity index and the composite PMI output index were 50.1% and 50.5% respectively, up 0.7 and 0.4 percentage points from the previous month. China's overall economic output remained in expansion. I. Manufacturing PMI at the Threshold In May, the manufacturing PMI stood at 50.0%, indicating that overall business production and operations remained stable. (i) Enterprise production maintained expansion. The production index was 51.2%, above the threshold, as manufacturing production activities continued to expand; the new orders index was 49.9%, suggesting that market demand somewhat slowed down. By sector, the production and new orders indices for industries such as pharmaceuticals, railway, shipbuilding, aerospace equipment, and computer, communications, and electronic equipment were all above 53.0%, with both production and demand sides of these industries remaining relatively active; the two indices for industries such as petroleum, coal, and other fuel processing, chemical fibers, rubber and plastic products, and non-metallic mineral products remained below the threshold, with both supply and demand sides still showing insufficiency. (ii) New momentum continued to develop favorably. The PMIs for high-tech manufacturing and equipment manufacturing were 52.9% and 52.1%, respectively, up 0.7 and 0.3 percentage points from the previous month, both remaining consistently above the threshold. In particular, the PMI for high-tech manufacturing had stayed in expansion territory for 16 consecutive months, with related industries maintaining strong growth and the leading role of new momentum continuing to emerge; the PMIs for consumer goods industries and high energy-consuming industries were 49.7% and 47.1%, respectively, down 1 and 0.8 percentage points from the previous month, with market activity somewhat weakening. (iii) Large enterprise PMI remained consistently above the threshold. The PMI for large enterprises was 51.1%, up 0.9 percentage points from the previous month, staying in expansion territory throughout the year, as large enterprises sustained a favorable production and operation trend; the PMIs for medium and small enterprises were 48.6% and 48.5%, respectively, with business conditions pulling back. (iv) Price indices fluctuated at high levels. The raw material purchase price index and the ex-factory price index were 60.5% and 51.9%, respectively, both pulling back 3.2 percentage points from the previous month but remaining at relatively high levels in recent periods. Both indices stayed in expansion territory for five consecutive months, as overall market price levels in manufacturing continued to rise. By sector, the two price indices for industries such as textiles, chemical fibers, rubber and plastic products, and ferrous metals smelting and rolling processing remained above 55.0% for three consecutive months, with overall purchase and sales price levels in related industries continuing to rise. II. Non-manufacturing Business Activity Index Rose above the Threshold In May, the non-manufacturing business activity index was 50.1%, up 0.7 percentage points from the previous month, as the non-manufacturing business conditions rebounded. (i) The services business activity index rose into expansion territory. The services business activity index was 50.3%, up 0.7 percentage points from the previous month, with market activity in the services sector somewhat improving. By industry, the business activity indices for industries such as railway transportation, telecommunications, radio, television and satellite transmission services, and insurance were all above the relatively high prosperity range of 55.0%, with rapid growth in total business volume; the business activity indices for industries such as air transportation and real estate were below the critical point, indicating relatively low prosperity levels in these industries. In terms of market expectations, the service sector business activity expectations index was 55.4%, remaining in the relatively high prosperity range, indicating that most service sector enterprises held generally optimistic expectations for near-term market development. (2) The construction sector business activity index rebounded. The construction sector business activity index was 48.8%, up 0.8 percentage points from the previous month, with improved prosperity levels. In terms of market expectations, the construction sector business activity expectations index was 51.5%, up 1 percentage point from the previous month, indicating that construction enterprises' confidence in future industry development recovered somewhat. 3. Composite PMI Output Index Continued to Expand In May, the composite PMI output index was 50.5%, up 0.4 percentage points from the previous month, indicating that China's enterprise production and business activities generally maintained expansion. The manufacturing production index and non-manufacturing business activity index, which constitute the composite PMI output index, were 51.2% and 50.1%, respectively.

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Continued to Climb During the Night Session, Spot Market Trading Expected to Cool Down]

The National Economy Maintained Steady Progress in January–April In January–April, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments earnestly implemented the decisions and deployments of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully and faithfully applied the new development philosophy, accelerated the construction of a new development pattern, effectively implemented more proactive and impactful macro policies, and focused on stabilizing employment, enterprises, markets, and expectations. Production and supply grew steadily, market sales continued to expand, foreign trade resilience was further demonstrated, employment and prices remained generally stable, new momentum grew stronger, and high-quality development advanced toward new and better directions. I. Industrial Production Grew Rapidly, with Equipment Manufacturing and High-tech Manufacturing Growing at a Faster Pace In January–April, the value added of industrial enterprises above designated size nationwide increased by 5.6% YoY. By three major categories, the value added of the mining industry grew 5.5% YoY, manufacturing grew 5.8%, and the production and supply of electricity, heat, gas, and water grew 4.5%. The value added of equipment manufacturing grew 8.7% YoY, and that of high-tech manufacturing grew 12.6%, which were 3.1 and 7 percentage points faster than the overall value added of industrial enterprises above designated size, respectively. By economic type, the value added of state-holding enterprises grew 4.4% YoY; joint-stock enterprises grew 6.0%, foreign-invested and Hong Kong, Macao, and Taiwan-invested enterprises grew 3.9%; and private enterprises grew 5.2%. By product, the production of 3D printing equipment, lithium-ion batteries, and industrial robots grew 50.9%, 36.0%, and 25.7% YoY, respectively. In April, the value added of industrial enterprises above designated size nationwide grew 4.1% YoY and 0.05% MoM. In April, the manufacturing PMI was 50.3%; the business activity expectations index of enterprises was 54.5%, up 1.1 percentage points from the previous month. In January–March, the total profits of industrial enterprises above designated size nationwide reached 1,696 billion yuan, up 15.5% YoY. II. The Service Sector Grew Steadily, with Modern Services Developing Well In January–April, the national service sector production index grew 4.9% YoY. By industry, the production indices of information transmission, software and information technology services, leasing and business services, and the financial industry grew 10.9%, 9.3%, and 6.7% YoY, respectively. In April, the national service sector production index grew 4.3% YoY. In January–March, the operating revenue of service enterprises above designated size grew 6.5% YoY. In April, the business activity index of the service sector was 49.6%; the business activity expectations index of the service sector was 55.4%, up 0.6 percentage points from the previous month. Among them, industries such as railway transport, postal services, and telecommunications, radio, television and satellite transmission services had business activity indices in the relatively high prosperity range of above 55.0%. III. Market Sales Scale Expanded, Service Retail Growth Accelerated From January to April, total retail sales of consumer goods reached 16,494.1 billion yuan, up 1.9% YoY. By location of business units, urban consumer goods retail sales were 14,292.1 billion yuan, up 1.8% YoY; rural consumer goods retail sales were 2,202 billion yuan, up 2.8%. By consumption type, commodity retail sales were 14,605.8 billion yuan, up 1.7%; catering revenue was 1,888.3 billion yuan, up 3.8%. Sales of basic living necessities and some upgraded goods grew relatively fast, with retail sales of grain, oil and food, clothing, footwear, hats, knitwear and textiles, and communication equipment by units above the designated size up 8.6%, 8.1%, and 17.7% YoY respectively. In April, total retail sales of consumer goods were up 0.2% YoY and down 0.48% MoM. From January to April, service retail sales were up 5.6% YoY, with the growth rate accelerating by 0.1 percentage point compared with January to March. Among them, retail sales of communication and information services, tourism, consulting and rental services, culture, sports and leisure services, and transportation services grew relatively fast. From January to April, national online retail sales of goods and services reached 6,530.8 billion yuan, up 6.6% YoY. Of this, online goods retail sales were 4,118.5 billion yuan, up 5.7%, accounting for 25.0% of total retail sales of consumer goods; online service retail sales were 2,412.3 billion yuan, up 8.3%. IV. Fixed Asset Investment Declined YoY, High-Tech Industry Investment Grew Relatively Fast From January to April, national fixed asset investment (excluding rural households) was 14,129.3 billion yuan, down 1.6% YoY; excluding real estate development investment, national fixed asset investment grew 1.3%. Of this, intellectual property product investment was up 8.9% YoY. By sector, infrastructure investment was up 4.3% YoY, manufacturing investment up 1.2%, and real estate development investment down 13.7%. The floor space of newly built commercial buildings sold nationwide was 252.58 million m², down 10.2% YoY; sales revenue of newly built commercial buildings was 2,300 billion yuan, down 14.6%. By industry, primary industry investment was up 10.1% YoY, secondary industry investment up 2.5%, and tertiary industry investment down 4.2%. Private investment was down 5.2% YoY; excluding real estate development investment, private investment was down 1.9%. High-tech industry investment was up 6.1% YoY, of which investment in aviation, spacecraft and equipment manufacturing, computer and office equipment manufacturing, and information services grew 17.9%, 13.9%, and 18.1% respectively. In April, fixed asset investment (excluding rural households) declined 2.36% MoM. V. Goods Imports and Exports Grew Rapidly, Trade Structure Continued to Optimize In January-April, total goods imports and exports reached 16,225.2 billion yuan, up 14.9% YoY. Of this, exports were 9,328 billion yuan, up 11.3%; imports were 6,897.2 billion yuan, up 20.0%. Ordinary Trade imports and exports grew 8.5% YoY. Imports and exports with Belt and Road partner countries grew 13.5%. Private enterprise imports and exports grew 15.9%. Exports of mechanical and electrical products grew 17.6%. In April, total goods imports and exports were 4,377.8 billion yuan, up 14.2% YoY. Of this, exports were 2,481.7 billion yuan, up 9.8%; imports were 1,896 billion yuan, up 20.6%. VI. Employment Situation Remained Generally Stable, Urban Surveyed Unemployment Rate Declined In January-April, the average national urban surveyed unemployment rate was 5.3%. In April, the national urban surveyed unemployment rate was 5.2%, down 0.2 percentage points from the previous month. The surveyed unemployment rate for local household registration labor force was 5.3%; the surveyed unemployment rate for migrant labor force was 5.0%, of which the surveyed unemployment rate for migrant labor force with agricultural household registration was 5.0%. The urban surveyed unemployment rate in 31 major cities was 5.2%, down 0.1 percentage points from the previous month. The average weekly working hours of employed persons in enterprises nationwide was 48 hours. VII. Consumer Prices Saw a Mild Rebound, Producer Prices Saw Expanded Gains In January-April, the national consumer price index (CPI) rose 0.9% YoY. By category, prices of food, tobacco, alcohol and dining out rose 0.2% YoY, clothing prices rose 1.7%, housing prices fell 0.2%, household goods and services prices rose 2.0%, transportation and communication prices rose 0.3%, education, culture and entertainment prices rose 1.1%, healthcare prices rose 1.9%, and other goods and services prices rose 13.3%. Among food, tobacco, alcohol and dining out prices, pork prices fell 12.2%, grain prices fell 0.3%, fresh fruit prices rose 3.0%, and fresh vegetable prices rose 5.7%. Core CPI, excluding food and energy prices, rose 1.2% YoY. In April, the national CPI rose 1.2% YoY, with the increase expanding 0.2 percentage points from the previous month; up 0.3% MoM. In January-April, the national ex-factory prices of industrial producers rose 0.2% YoY. Of this, in April, ex-factory prices rose 2.8% YoY, with the increase expanding 2.3 percentage points from the previous month; up 1.7% MoM. From January to April, the national industrial producer purchase price increased 0.5% YoY. Of which, April was up 3.5% YoY, with the increase expanding 2.7 percentage points from the previous month; up 2.1% MoM. Overall, from January to April, the national economy maintained a steady and progressive development trend, with high-quality development advancing solidly. However, it should be noted that the external environment remains complex and volatile, the domestic imbalance of strong supply and weak demand remains prominent, some enterprises face operational difficulties, and the foundation for steady and positive economic development still needs to be consolidated. In the next phase, it is necessary to adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, maintain the general principle of seeking progress while ensuring stability, fully, accurately, and comprehensively implement the new development philosophy, accelerate the construction of a new development pattern, precisely and effectively implement more proactive fiscal policies and moderately accommodative monetary policies, continuously expand domestic demand and optimize supply, enhance incremental growth and revitalize existing assets, strengthen the endogenous driving force of economic development, further strengthen the domestic circulation, optimize the domestic-international dual circulation, and promote sustained and healthy economic development. Recommended reading:

"Tin" Leads the Future: Industrial Transformation and Value Reshaping in a New Cycle **Conference Background** Currently, the global tin industry stands at a historic turning point, where traditional cyclical logic has been fundamentally disrupted and strategic value has become fully prominent. The tin market in 2026 presents an unprecedented complex landscape and profound transformation: **I. Deep Restructuring of the Supply-Demand Pattern with Unprecedented Elevation of Strategic Attributes** The global tin resource static reserve-to-production ratio is only 14 years, with scarcity becoming increasingly prominent. The supply side faces "triple pressures": repeated setbacks in Myanmar's production resumptions, continued tightening of Indonesian policies, and elevated geopolitical risks in the DRC — resource constraints have become the new normal. Meanwhile, the demand structure has undergone a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. **II. Price System Breaking Historical Records with the Industrial Ecosystem Facing Reshaping** In early 2026, SHFE tin prices broke through 470,000 yuan/mt, hitting a record high. This price breakthrough is not only a reflection of supply-demand imbalance but also a hallmark of value reassessment for the tin industry. Traditional trade models, risk management systems, and supply chain collaboration approaches all urgently require innovative breakthroughs. **III. Technology-Driven and Green Transformation Fostering a New Symbiotic Ecosystem** Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade toward low-carbonisation and circular economy models, making recycled tin recovery and green smelting processes an inevitable path. All segments of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026 , Changsha, Hunan , 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for in-depth discussions. Huaxun Group Co., Ltd. (Russia) will attend this grand event, joining industry peers to explore industry development trends and work together to propel the tin industry to new heights. Click the to register now. Join us in witnessing and participating in this extraordinary and far-reaching industry event, and together create a brilliant new chapter! As a benchmark cross-border comprehensive service provider between China and Russia, the group has its core focus on bulk commodity trade supply chains while also expanding into IT, telecommunications, and energy equipment sectors. Leveraging China-Russia dual-line resource integration, a mature logistics and after-sales service system, and its membership in the Russia-China Business Council, the group has established efficient government-enterprise cooperation channels between China and Russia. The group's Russian headquarters is located on the 63rd floor of the Federation Tower in Moscow, while its China division has a dedicated office, with both locations operating in efficient coordination to provide solid support for cross-border business. Shenzhen Yixingtongyuan Trading Co., Ltd. , as the group's China service window, specialises in serving China-Russia bulk commodity trade, helping Chinese enterprises connect with Russia's premium supply chains, and has become a reliable partner in China-Russia cross-border trade through its professionalism and efficiency. With deep expertise in the non-ferrous metal sector, we possess direct upstream procurement advantages and can steadily supply large quantities of metal resources including tin, lead, zinc, silver, copper, antimony, selenium, lead ore powder, zinc ore powder, and tin ore powder. A benchmark comprehensive service provider for China-Russia cross-border cooperation. The Group focuses deeply on bulk commodity trade and supply chain business, while expanding its layout into IT, telecommunications and energy equipment sectors.Leveraging integrated resources from both China and Russia, a mature logistics and after-sales service system, and its membership status in the Russia-China Business Council, the Group builds an efficient cooperation channel for government and enterprise exchanges between the two countries.Headquartered on the 63rd floor of Moscow Federation Tower in Russia, the Group has dedicated office institutions in China, achieving efficient linkage between the two locations to provide solid support for cross-border businesses.As the China regional service window of the Group, Shenzhen Yihang Tongyuan Trading Co., Ltd. specializes in China-Russia bulk commodity trade, assisting domestic enterprises in connecting with high-quality Russian supply chains, and has become a reliable partner for China-Russia cross-border trade with professionalism and high efficiency.With in-depth cultivation in the non-ferrous metal sector, we boast direct upstream procurement advantages and can steadily supply large quantities of resources including tin, lead, zinc, silver, copper, antimony and selenium. Contact Information Qu Shaowei / Qu Shaowei 13756081555 qushaowei@h-xgroup.com www.h-xgroup.ru Long Press to Scan the QR Code to Register Now 2026 SMM (16th) Tin Industry Chain Conference