8月经济总体平稳，国家统计局：下一步继续扩内需、稳楼市

Economic Overview - In August, the industrial added value of large-scale enterprises increased by 5.2% year-on-year and 0.37% month-on-month [1] - The service production index rose by 5.6% year-on-year in August [1] - The total retail sales of consumer goods grew by 3.4% year-on-year and 0.17% month-on-month in August [1] - From January to August, fixed asset investment (excluding rural households) increased by 0.5% year-on-year, while excluding real estate development, it grew by 4.2% [1][2] - The total import and export volume in August increased by 3.5% year-on-year, with exports rising by 4.8% and imports by 1.7% [1][6] Real Estate Market - Real estate development investment decreased by 12.9% year-on-year from January to August, with the decline expanding by 0.9 percentage points compared to the previous period [2][3] - Despite fluctuations, the sales of commercial housing and residential prices have shown a narrowing decline, indicating progress in destocking [2] - The government is implementing policies to stabilize the real estate market and promote housing demand [3] Consumer Market - The retail sales of consumer goods showed a growth of 4.6% year-on-year from January to August, with service retail sales increasing by 5.1% [5] - In August, key consumer goods such as furniture and home appliances saw significant sales growth, with increases of 18.6% and 14.3% respectively [6] - The film industry also experienced a surge, with box office revenue and attendance increasing by 48.6% and 66.9% year-on-year in August [6] Export Dynamics - Exports to the U.S. fell by 32.9% in August, which was a significant drag on overall export performance [7] - However, exports to non-U.S. and non-ASEAN regions grew by 6.4% year-on-year, indicating successful market diversification efforts [7] Price Trends - The Producer Price Index (PPI) decreased by 2.9% year-on-year in August, but the decline was less severe than in previous months [8] - Factors contributing to the narrowing PPI decline include improved market competition, increased demand in emerging industries, and effective consumption-boosting policies [8]