MNI BRIEF: Beijing Industrial Value Added Picks Up In May

Beijing city’s industrial enterprise added value increased by 6.8% year-on-year during January to May, 0.2 percentage points faster than the first four months, data from the Beijing Municipal Bureau of Statistics showed on Tuesday. 

Automobile manufacturing increased 13.9% y/y, with production and supply of electricity up 4.6% y/y, versus January to April's 14.9% and 3.5%. 

From January to May, the sales area of newly built commercial housing in the city was 3.9 million square meters, a y/y increase of 5.2%, slowing from the 5.8% y/y during the first four months, the data showed. 

China’s industrial electricity demand growth is likely to remain subdued through the rest of the year, local analysts recently told MNI. (See MNI: China's Energy Efficiency Push Squeezes Demand)