Group 1: Consumer Market Performance - In August, the total retail sales of consumer goods reached 39,668 billion yuan, with a year-on-year growth of 3.4% and a month-on-month increase of 0.17% [2] - From January to August, the total retail sales amounted to 323,906 billion yuan, showing a year-on-year increase of 4.6%, with service retail sales growing by 5.1% [2] - The "old-for-new" policy has positively impacted sales, particularly in sectors like furniture, home appliances, and electric vehicles, with significant retail growth observed [4] Group 2: Investment Trends - Fixed asset investment from January to August grew by 0.5%, marking a continuous decline for five months, reaching a historical low outside the pandemic lockdown period [7] - Private fixed asset investment decreased by 2.3% during the same period, heavily influenced by a 16.7% drop in real estate development investment [7] - Equipment investment showed resilience, with a 14.4% increase in equipment and tools purchases, contributing to a 2.1 percentage point growth in fixed asset investment [8] Group 3: Policy Impact and Future Outlook - The government is implementing measures to stimulate private investment, focusing on easing entry barriers and enhancing support for new infrastructure and emerging service sectors [9] - Upcoming consumer policies, including childcare subsidies and free preschool education, are expected to enhance consumer capacity and willingness [5] - The upcoming Mid-Autumn Festival and National Day holidays are anticipated to further boost consumer spending [5]

Core Viewpoint - In August, China's economy showed short-term fluctuations due to export pressures but demonstrated strong resilience and vitality, with expectations for macro policies to continue supporting growth [3][11]. Economic Performance - In August, the industrial added value of large-scale enterprises grew by 5.2% year-on-year, a slight decrease of 0.5 percentage points from July, marking the lowest since September 2024 [3]. - The total retail sales of consumer goods increased by 3.4% year-on-year, down 0.3 percentage points from July, representing the lowest growth rate this year [3]. - From January to August, fixed asset investment increased by 0.5% year-on-year, slowing down by 1.1 percentage points compared to the first seven months of the year [3]. New Growth Points - High-tech manufacturing added value grew by 9.5% year-on-year from January to August, with integrated circuit manufacturing and aerospace equipment manufacturing increasing by 22.3% and 14.6%, respectively [5]. - The production of industrial robots and civilian drones surged by 29.9% and 53.7%, respectively, indicating steady progress in intelligent and green transformation [5]. - Despite a nominal decline of 0.4% in industrial enterprises' export delivery value in August, the overall industrial production remained stable with ongoing cultivation of new productive forces [5][6]. Consumption Trends - The retail sales of consumer goods increased by 4.6% year-on-year from January to August, with service retail sales growing by 5.1% [8]. - In August, the retail sales of consumer goods rose by 3.4%, with non-automotive consumer goods retail sales increasing by 3.7% [8]. - The implementation of consumption promotion policies, such as trade-in programs, has stimulated consumer demand, leading to significant growth in related product sales [9]. Investment Landscape - From January to August, fixed asset investment (excluding rural households) reached 326.1 billion yuan, with a year-on-year growth of 0.5% [11]. - Manufacturing investment grew by 5.1% year-on-year, while infrastructure investment (excluding certain utilities) increased by 2.0% [11][12]. - Real estate investment continued to decline, with a cumulative drop of 12.9% in the first eight months, although signs of stabilization are emerging in the market [13]. Policy Outlook - Analysts expect new significant measures to be introduced in the fourth quarter, focusing on fiscal stimulus, interest rate cuts, and stronger support for the real estate market [3][14]. - The macro policy is characterized by a gradual and supportive approach, with an emphasis on stabilizing investment and promoting consumption to counteract economic pressures [14].

受出口下行压力显现等因素影响，8月份中国经济出现短期波动，但依然展现出强大韧性和活力。 国家统计局9月15日发布的经济数据显示，8月份规模以上工业增加值同比增长5.2%，比7月小幅回落0.5 个百分点，为2024年9月以来最低；社会消费品零售总额同比增长3.4%，比7月回落0.3个百分点，为年 内最低。今年1～8月，全国固定资产投资同比增长0.5%，比1～7月放缓1.1个百分点。 国家统计局新闻发言人付凌晖15日在国务院新闻办发布会上表示，宏观政策持续发力，工业和服务业保 持较快增长，消费、进出口规模仍然在扩大，就业、物价总体稳定，新质生产力培育壮大，三季度经济 运行有望保持稳中有进发展态势。 7月底召开的中央政治局会议指出，宏观政策要持续发力、适时加力。8月经济数据落地之后，政策加码 的预期上升。东方金诚首席宏观分析师王青对第一财经表示，四季度可能推出新的重大增量措施，核心 是财政加力、央行降息，以及更大力度推动房地产市场止跌回稳，这些方面都有充分的政策空间。这将 在很大程度上对冲外需放缓影响，遏制经济下行势头，确保顺利实现全年经济增长目标。 经济新增长点涌现 随着创新引领作用不断增强，科技创新和产业创新不 ...

国务院新闻办今天（15日）举行新闻发布会，国家统计局相关负责人表示，今年，我国实施更加积极有为的宏观政策，促进了经济保持稳中有进的发展态 势。 关键词：增长 今年以来，我国第三批消费品以旧换新政策资金下达，接力发挥政策效能，促进了居民消费需求的释放，带动相关商品销售较快增长。8月份，限额以上单 位商品零售额中，家用电器和音像器材类、家具类、文化办公用品类商品零售额继续保持两位数增长。大规模设备更新对投资的带动作用继续显现，前8个 月，设备工器具购置投资同比增长14.4%，拉动固定资产投资增长2.1个百分点。 国家统计局新闻发言人 付凌晖：生产带动效能持续释放。扩内需政策效能向生产端传导，相关行业的生产较快增长。8月份汽车用锂离子动力电池、充电 桩、电动自行车产量均保持了两位数增长。 付凌晖表示，在市场需求扩大、生产增长带动下，生产要素流通改善，经济增长动能得到增强。 8月份，规模以上集成电路制造、电子专用材料制造行业增加值增速都超过了20%。"人工智能+"行动深入实施，智能终端产品日益受到青睐，数字经济发展 向好。 8月份，工业机器人、机器人减速器、民用无人机等新产品产量都保持了较快增长。 关键词：改善 在发 ...

Core Insights - The total retail sales of consumer goods increased by 4.6% year-on-year from January to August, with service retail sales growing by 5.1%, indicating a continuous expansion in market sales [1] - Various regions and departments have implemented special actions to boost consumption, supported by targeted policies and funding, leading to an increase in market sales scale and structural optimization [1] Retail Sales Performance - In August, the retail sales of goods grew by 3.6% year-on-year, showing stable growth, supported by policies encouraging consumers to replace old products and the upgrading of consumer spending [1] - Service consumption showed stable growth, with significant demand for travel and leisure activities during the summer, resulting in a 5.1% year-on-year increase in service retail sales from January to August, outpacing the growth rate of goods retail sales [1] New Consumption Trends - Online retail sales increased by 9.6% year-on-year from January to August, surpassing the growth rate of total retail sales of consumer goods, indicating a positive trend in new consumption [1] - Emerging sectors such as digital consumption, green consumption, and health consumption are maturing and becoming new growth drivers, with the retail volume of new energy passenger vehicles increasing by over 20% year-on-year in the first eight months [1]

国家统计局新闻发言人付凌晖在9月15日召开的国新办发布会上表示，在提振消费专项行动各项措施作 用下，市场销售稳步回升，以旧换新相关商品销售增势较好，网络直播带货、即时零售等新型消费快速 增长，服务消费持续扩大，假日出行增加，文旅消费升温，体育赛事、电影演出市场等较为活跃。下阶 段，随着提振消费专项行动深入实施，消费品以旧换新政策继续优化，育儿补贴、免费学前教育等民生 政策逐步推行，将有助于增强居民的消费能力和消费意愿。中秋和国庆假日即将到来，将进一步带动假 日消费，消费有望继续扩容提质。 0:00 ...

Group 1: Overall Economic Performance - The retail sales of social consumer goods increased by 4.6% year-on-year from January to August, with service retail sales growing by 5.1%, indicating a continuous expansion of market sales [1][3] - In August, the retail sales of goods increased by 3.6% year-on-year, supported by policies encouraging consumers to upgrade their purchases and the sales of related products [1][2] Group 2: Consumer Trends - The demand for goods consumption continued to grow, with significant increases in retail sales of home appliances, cultural and office supplies, and furniture, all exceeding 10% year-on-year in August [1][2] - Service consumption showed stable growth, with a year-on-year increase of 5.1% from January to August, driven by tourism and recreational activities during the summer [2][3] Group 3: New Consumption Patterns - Online retail sales increased by 9.6% year-on-year from January to August, outpacing the overall retail sales growth, with physical goods online retail sales growing by 6.4% [2] - The retail volume of new energy vehicles in the passenger car market grew by over 20% year-on-year in the first eight months [2]

何成军表示，扩大国内需求，短期目标应侧重于应对当前有效需求不足的矛盾，促进经济稳定增长，抵 消外部环境的不确定性。中长期目标应着眼于培育完善的内需体系，促进城乡居民人均收入迈上新台 阶，形成强大国内市场，畅通国内经济循环，为构建新发展格局提供坚实的支撑。 在扩大有效投资方面，何成军表示，要加大制造业有效投资，推动制造业数字化转型升级。加大对科技 创新"专精特新"企业的支持力度，增加关键核心技术领域的研发投入，提升先进制造业核心竞争力。另 外，我国城镇化正在从快速增长期转向稳定发展期，要推动城市内涵式发展，加大城市更新方面的投 资。 低空经济是开辟经济增长的新领域，培育新质生产力的新引擎和产业转型升级的新动能。"低空经济发 展的前提是要能够飞得起来，这就离不开加强低空基础设施建设，但要保证投资是有效的。"何成军强 调，需要统筹平衡好超前、适度超前与过度超前的关系，防止出现低效、无效建设和形式浪费。 在扩大消费需求方面，何成军指出，实现使居民有稳定收入能消费，需要提高居民可支配收入在国民收 入中的比重，提高居民消费占总需求的比重，提高财政支出用于民生的比重。要增强税收调节功能，健 全高质量充分就业促进机制，提高中 ...

Core Viewpoint - The Chinese government emphasizes the importance of expanding domestic demand and consumption as a key component of economic circulation, with a focus on promoting new types of consumption driven by digital, green, and intelligent developments [1][2]. Group 1: New Consumption Development - The "14th Five-Year Plan" period sees rapid growth in China's digital economy, with new information technologies and infrastructure significantly enhancing new consumption through innovation in products, scenarios, and business models [2]. - Emerging consumption trends include online shopping, contactless delivery, ride-hailing, and social e-commerce, which are increasingly appealing to younger consumers who prefer green and health-oriented options [2][3]. - The need to accurately grasp the development trends and characteristics of new consumption is critical for optimizing the consumption environment and promoting healthy growth in this sector [2]. Group 2: Infrastructure and Data Utilization - Increased investment in rural areas and specific sectors is necessary to accelerate digital transformation and improve data resource utilization efficiency [3][4]. - Policies must be tailored to the unique characteristics of various new consumption services, requiring a cross-disciplinary talent pool that understands both professional knowledge and digital technology [3][4]. Group 3: Policy and Market Environment Optimization - Creating a favorable market environment for new consumption involves simplifying licensing processes and allowing market entities to innovate in service content and methods [5][6]. - The establishment of a robust regulatory framework is essential to ensure online and offline integration, enhance real-time supervision, and combat false advertising and counterfeit goods [5][6]. Group 4: Technological Innovation and Standards - Promoting the integration of new information technologies and encouraging the development of smart products and interactive applications are vital for leading new consumption [6]. - The establishment of a digital service standards system and the formulation of national and industry standards for emerging business models are necessary to ensure quality and compliance in the new consumption landscape [6].

Digital Consumption Expansion - In the first seven months of this year, the retail of computer and electronic products in Guizhou province increased by 22.6%, while home audio-visual equipment and communication devices saw a growth of 36.4% [3] - The growth of digital consumption is supported by a significant increase in basic software development by 116.3%, and information technology services and internet-related services growing by 47.8% and 8.2% respectively [2] Green Consumption Trends - Public electric bus services and public bicycle services in Guizhou experienced remarkable growth of 293.9% and 25.2% respectively in the first seven months of this year, while sales of electric vehicle charging increased by 84.8% [4] - The number of new energy vehicles registered in Xinyi city increased by 59.28% year-on-year, with 6,997 new energy passenger vehicles reported for vehicle purchase tax [4] Health Consumption Growth - The sales revenue of sports competitions, sports venues, and fitness and leisure services in Guizhou grew by 48.4%, 18.2%, and 7.3% respectively in the first seven months of this year, with sports goods retail increasing by 90.8% [5] - The "Liupanshui Marathon" attracted 74,000 participants, marking a 16.8% increase, and generated over 20 million yuan in consumption during the event [5] Self-Care Consumption Dynamics - The services of bars and cafes in Guizhou grew by 40% and 19.3% respectively, while camping sites and homestay services increased by 21.8% and 12.5% [7] - The coffee shop "SeekSeeking" in Guiyang has seen daily sales reach up to 500 cups, reflecting a significant increase in customer traffic [7] Overall Consumption Landscape - The integration of digital and cultural tourism, along with the rise of health and green consumption, is creating a vibrant consumption landscape in Guizhou [7]