宏观政策发力显效 国民经济稳中有进

Economic Performance Overview - In July, China's national economy maintained a steady and progressive development trend, with continuous growth in production and demand, stable employment and prices, and significant achievements in high-quality development [2][3] - The industrial production and service sectors experienced rapid growth, with industrial added value increasing by 5.7% year-on-year and the service production index rising by 5.8% [2] - The total retail sales of consumer goods increased by 3.7% year-on-year, while fixed asset investment grew by 1.6% from January to July [2] Trade and Export Resilience - China's total goods import and export value increased by 6.7% year-on-year in July, with exports rising by 8%, indicating strong resilience and vitality in the face of a changing global trade environment [2][3] Employment and Price Stability - The urban unemployment rate remained stable at 5.2%, and the Consumer Price Index (CPI) was flat year-on-year, with core CPI (excluding food and energy) rising by 0.8% [3] New Growth Drivers - High-tech manufacturing added value increased by 9.5% from January to July, with significant growth in integrated circuit manufacturing and smart product manufacturing [4] - The production of new energy products, such as electric vehicles and lithium-ion batteries, saw year-on-year increases of 17.1% and 29.4%, respectively [4] Support for Economic Stability - The implementation of proactive macro policies is expected to support stable economic performance in the second half of the year, with a focus on expanding market demand and enhancing new productive forces [6][7] - Retail sales of home appliances and communication equipment supported by consumption upgrades grew by 30.4% and 22.9% year-on-year, respectively [6] International Outlook - The International Monetary Fund (IMF) raised its growth forecast for China's economy by 0.8 percentage points, and several international investment banks upgraded their ratings on Chinese assets to "overweight" [7]