9月经济数据点评：9月社会消费品零售总额同比增速显著加快

Economic Performance - In the first three quarters of 2024, China's GDP grew by 4.8% year-on-year, slowing down by 0.2 percentage points compared to the first half of the year[2] - In September, the industrial added value above designated size increased by 5.4% year-on-year, up by 0.9 percentage points from the previous value[2] - From January to September, fixed asset investment (excluding rural households) rose by 3.4% year-on-year[2] Consumer and Investment Trends - The retail sales of consumer goods in September increased by 3.2% year-on-year, a significant acceleration of 1.1 percentage points compared to the previous value[2] - From January to September, infrastructure investment grew by 4.1% year-on-year, while manufacturing investment increased by 9.2%, up by 0.1 percentage points from the previous value[2] - The retail sales of passenger vehicles turned positive, boosted by vehicle replacement subsidy policies, with a month-on-month increase of 5.4 percentage points[2] Policy and Future Outlook - The report indicates that stronger fiscal policies and large-scale equipment updates are expected to further boost industrial production[2] - The implementation of macro policies such as interest rate cuts and mortgage rate reductions is anticipated to enhance domestic demand and stabilize the real estate market[2] - The central government's focus on effective policy implementation aims to achieve a 5% GDP growth target for the year[3]