工业消费双疲软，透视8月经济数据，财政政策该背锅？

Economic Overview - The economic data released in August 2025 indicates a significant fluctuation in China's economy, with many key indicators showing weak growth [1] - Various sectors, including manufacturing, consumer spending, and real estate investment, are facing challenges, leading to a prolonged downward trend [3] Manufacturing Sector - The growth rate of industrial enterprises' added value slowed to 5.2%, which is considered unimpressive [3] - Manufacturing investment has weakened due to conservative approaches following recent "anti-involution" policies aimed at industrial transformation [9] Consumer Spending - Social retail sales increased by only 3.4%, reflecting a decline in consumer enthusiasm and business activity [3][4] - The Consumer Price Index (CPI) has shown a downward trend, indicating cautious behavior among buyers and sellers [4] Real Estate Market - Real estate investment has significantly declined, with both development investment and transaction volumes dropping for several months [5][11] - The government's previous bond issuance efforts have not been sufficient to maintain market confidence, leading to increased liquidity pressure in the second half of the year [11] Government Response - The government recognizes the need for substantial adjustments, including increasing fiscal support and lowering loan thresholds to stimulate demand [12] - There is a call for timely and decisive incremental policies to restore confidence and activate capital flow in the economy [13] Financial Environment - External trade friction has negatively impacted domestic credit demand, with both enterprises and individuals showing reduced willingness to take loans [9] - The government is encouraged to relax the use of special bonds to address corporate debt issues and alleviate market liquidity pressure [14]