China's economic recovery quickens amid improving leading indicators
China's economic activities are picking up the pace of resumption, as shown by several leading indicators including the number of cargo volume, power generation and consumption, and excavator sales, reported Economic Information Daily Thursday.
Data from the China Academy of Transportation Sciences showed that cargo transport rebounded to the previous average level in April as economic activities are accelerating restoration nationwide.
In the period, the China Transportation Services Index stood at 131.5 points with the contraction narrowing 6.6 basis points from the previous month, and the sub-index for cargo transport fell 1.2 percent from a year ago.
In another sign of recovery, daily electricity generation edged up 1.17 percent year on year last month to 18.21 billion kilowatt-hours, seeing a monthly growth of 3.01 percent.
Amid the positive trend for the epidemic containment, growth momentum is also gathering in electricity consumption, which is expected to rise by 2 percent in April from the previous year, according to the State Grid Energy Research Institute.
Transaction on the excavator market became more active, with sales for 25 leading excavator makers soaring 59.9 percent from one year ago to 45,400 last month, marking a growth rate of over 50 percent after 13 months, data from the China Construction Machinery Association showed.
Considering investment growth in infrastructure and real estate sectors and the spread of the epidemic overseas, Lv Juan, an analyst with the China Securities, predicted a 17.74 percent growth in excavator sales in 2020.
In May, this sector will maintain a year-on-year increase of more than 50 percent, Lv estimated.
As domestic production and demand showed significant signs of recovery last month, several institutes expected macroeconomic data to further improve in the period, with the value-added industrial output returning to positive growth.