China’s industrial production rose in January-May 2026, but growth was concentrated in emerging sectors, while traditional drivers – most importantly, steel – continued to struggle. While overall industrial output grew 5.4% y-o-y during January-May, high-tech manufacturing expanded 13.1% and equipment manufacturing rose 9.5%, according to National Bureau of Statistics (NBS) data. In contrast, crude steel output fell 3.9% during the period, while real estate development contracted by 16.2% y-o-y and infrastructure investment growth slowed to 0.6%.
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