（经济观察）8月中国经济数据折射政策效应释放

Group 1 - China's economic policies this year focus on boosting consumption and improving investment efficiency, with recent data indicating positive effects from these policies [1] - The third batch of funds for replacing old consumer goods has stimulated demand, leading to double-digit growth in retail sales of home appliances, furniture, and cultural office supplies in August [1] - Service consumption is also on the rise, with a 5.1% year-on-year increase in service retail sales over the first eight months, outpacing goods retail growth [1] Group 2 - The expansion of domestic demand policies is positively impacting production, with significant year-on-year increases in manufacturing sectors such as boiler and motor manufacturing, at 11.9% and 14.8% respectively in August [2] - High-tech manufacturing and equipment manufacturing sectors are experiencing growth rates of 9.3% and 8.1%, respectively, indicating a structural upgrade in the manufacturing industry [2] - The Producer Price Index (PPI) remained stable in August, reflecting improved production factor circulation and a better supply-demand relationship in various industries [2] Group 3 - In September, new policies are being introduced to enhance market efficiency and promote private investment, including pilot reforms in ten regions [3] - The current macroeconomic policy is characterized by a gradual and supportive approach, with expectations for increased policy intensity in response to last year's economic data base [3]