八月份宏观政策协同发力，转型升级持续——经济运行呈现多方面积极特点

Core Insights - The national economy showed stable growth in August, with industrial added value increasing by 5.2% year-on-year and the service production index rising by 5.6% [1][2] - Domestic demand continues to expand, with retail sales of consumer goods increasing by 3.4% year-on-year, and fixed asset investment growing by 0.5% in the first eight months [2][4] - The external trade environment remains positive, with total goods import and export value increasing by 3.5% year-on-year, and foreign exchange reserves rising by $29.9 billion [2][3] Economic Performance - Industrial production remains stable, with significant growth in smart vehicle equipment manufacturing (17.7%) and integrated circuit manufacturing (23.5%) [3] - The service sector is also performing well, with information transmission and software services growing by 12.1% [3] - The unemployment rate in urban areas was reported at 5.3%, indicating stable employment conditions [3] Policy Impact - Government policies aimed at boosting consumption and investment are showing positive effects, particularly in the consumer electronics and home appliance sectors, which saw double-digit growth [4][5] - The "old for new" consumption policy has effectively stimulated consumer demand, contributing to a 14.4% increase in equipment investment [4] Long-term Outlook - Despite external uncertainties, the long-term fundamentals supporting China's economic growth remain intact, with ongoing macroeconomic policy effectiveness and deepening reforms [8] - The real estate market is stabilizing, with a narrowing decline in sales and prices, indicating progress towards recovery [8]