China’s policy package, which is aimed at steering the economy back on track, is starting to pay off. With the COVID-19 impact wearing thin, major economic indicators showed marginal improvements. In May, China’s exports increased, better-than-expected, 15.3% YoY, while industrial output grew 0.7% from a year earlier, rebounding from a 2.9% decline in April. Retail sales were down 6.7% YoY, compared with 11.1% decline in April. Analysts pointed out that the country’s pro-growth policies in supporting private investments, applying tax rebates on retail businesses, and easing restrictions on real estate are not just helpful for immediate economic recovery, but will also benefit long-term growth by prioritizing structural adjustment and sustainability.