8月经济数据点评：政策加力和改革是破局的关键

Demand Side - In August, the retail sales of consumer goods increased by 0.4% month-on-month, slightly down from 0.5% in July[12] - Fixed asset investment rebounded with a month-on-month increase of 0.9%, compared to a decrease of 5.5% in July[24] - Real estate sales continued to decline, with a month-on-month drop of 4.9% in August[22] Production Side - The industrial added value maintained a month-on-month growth of 0.5% in August, consistent with the previous month[32] - Electricity generation saw a significant increase of 3.0% month-on-month, up from 0.6% in July[34] - The export delivery value rebounded with a month-on-month growth of 0.5%, compared to a decline of 0.7% in July[35] Employment and Economic Outlook - The urban surveyed unemployment rate rose to 5.3% in August, up by 0.1 percentage points from July[40] - Despite some improvements in demand and production, economic growth momentum remains weak, necessitating stronger policy and reform efforts to achieve a GDP growth rate exceeding 1.2%-1.3%[44] - The need for policy adjustments and structural reforms is critical for the economy to return to a recovery trajectory[46]