稳增长和调结构需并重

Economic Growth and Structural Adjustment - July economic growth has slowed, primarily driven by policy and seasonal factors, with industrial value-added growth at 5.7%, down 1.1 percentage points from June[8] - Consumer retail sales growth has also decelerated to 3.7%, reflecting diminishing effects of subsidy policies and increased service consumption during the summer[19] - Fixed asset investment growth for January to July is at 1.6%, with July showing a significant decline of 5.3%, marking a further drop from June's -0.1%[25] Production and Investment Insights - High-end manufacturing remains resilient, but overall industrial production faces challenges from extreme weather and external demand decline[7] - Manufacturing investment has turned negative for the first time since mid-2020, with new export orders PMI dropping to 46.1, indicating reduced external demand[26] - Real estate investment has seen a sharp decline, with July's new construction area down 15.4% year-on-year, reflecting ongoing pressures in the housing market[29] Consumer Behavior and Market Dynamics - Online retail sales have increased by 13.5%, driven by new consumption models, while traditional retail sectors like home appliances are experiencing slower growth due to subsidy reductions[21] - The unemployment rate has risen to 5.2%, influenced by seasonal factors as new graduates enter the job market[15] - The real estate market continues to face significant pressure, with sales area and sales value down 7.8% and 14.1% respectively in July, indicating a need for new supportive policies[29]