国内观察：2024年7月经济数据：生产相对较强，内需仍待提振

Consumption - In July, the total retail sales of consumer goods increased by 2.7% year-on-year, up from 2.0% in the previous month, but below the expected 3.1%[6] - The retail sales growth reflects weak consumer recovery, with the three-year compound growth rate for July at 2.6%[9] - Restaurant revenue in July grew by 3.0%, down from 5.4% in June, indicating a decline in consumer spending in the food service sector[9] Investment - Fixed asset investment (FAI) growth slowed to 3.6% year-on-year in July, down from 3.9% previously, and below the expected 3.88%[6] - Manufacturing investment remains strong, with a cumulative year-on-year growth of 9.3%, although it slightly decreased from 9.5%[15] - Real estate development investment fell by 10.2% year-on-year, worsening from a decline of 10.1% in the previous month[15] Supply - The industrial production growth rate for July was 5.1%, a slight decrease from 5.3% in June, indicating a minor slowdown in industrial activity[6] - The service sector showed slight improvement, with the service production index growing by 4.8% year-on-year in July, up from 4.7% in June[6] Risks - Potential risks include a greater-than-expected decline in overseas demand and insufficient implementation of growth-stabilizing policies[6]