Xinhua Headlines: China's foreign trade rebounds amid stronger economic recovery momentum(3)

Photo taken on May 1, 2022 shows a container vessel docking at the Qianwan Container Terminal in Qingdao, east China's Shandong Province. (Xinhua/Li Ziheng)

ROBUST RECOVERY ON THE WAY

The May trade figure also adds to the evidence indicating that the Chinese economy is gradually shaking off the COVID-19 impacts and regaining momentum.

In another sign of recovery, the China Bulk Merchandise Index, a gauge of domestic bulk commodity market growth, gained 1.6 percentage points in May from the previous month to stand at 101.3 percent, showing improvements in both factory production and market demand.

Fast-moving overseas investors have already started to buy more equities in China as the policy stimulus and hints of a strong recovery boosted their confidence.

According to data from the Institute of International Finance, foreign capital has been pulling out of the emerging markets in May, but China's equities posted about 2.7 billion U.S. dollars in inflows.

In its latest China Economic Update released Wednesday, the World Bank said that helped by its policy stimulus to mitigate the economic downturn, China's growth momentum is expected to rebound in the second half of this year.

Structural reforms to encourage a shift toward consumption, address social inequality, and rekindle innovation and productivity growth, including technologies vital for China's dual carbon goals, would help achieve a more balanced, inclusive, and sustainable growth trajectory for the country, the report said.