Core Viewpoint - The domestic economy continues to slow down in August, with a mix of resilience in production and pressure on demand, highlighting the need for policy support to boost consumption and investment [1] Production Sector - Industrial added value growth has slowed year-on-year but remains at a relatively high level, with policy-related and energy supply industries maintaining vitality [1] - External demand is under pressure, leading to a negative growth rate in export delivery value [1] - There is a divergence within the service sector, with strong performance in technology and finance but weakness in business services [1] Consumption Sector - Retail sales growth has declined year-on-year, although summer economic activities and policy support have bolstered some upgrades and durable goods consumption [1] - Essential consumption and real estate-related consumption are under pressure, indicating insufficient internal recovery momentum [1] Investment Sector - Fixed asset investment growth rates, both cumulative and monthly, are declining across various components, necessitating increased policy measures to stimulate investment [1] Future Outlook - The economy is expected to maintain a slow but stable trajectory with structural optimization, although demand recovery will take time [1] - There is a need for policies to focus on boosting demand, enhancing consumption willingness, optimizing investment structure, and mitigating risks in key areas to ensure stable economic operation [1]

Core Viewpoint - The article emphasizes the resilience of the economy driven by policy support and export growth, while also highlighting the weakening trends in real estate and manufacturing sectors [2][3]. Group 1: Economic Stability - The investment sector shows strong performance, with equipment purchases contributing 64.5% to overall investment growth from January to April, with a year-on-year increase of 18.2% [5][11]. - Consumer demand for durable goods remains robust, with retail sales of home appliances and related categories contributing 27.4% to total retail sales in April, reflecting a growth rate of 10.6% for durable goods [5][11]. - The trade sector continues to perform well, with a trade surplus growth rate of 33.6% in April, supported by an 8.1% year-on-year increase in exports [5][11]. Group 2: Economic Changes - The real estate market shows signs of weakening, particularly in the "strong five cities" (Beijing, Shanghai, Shenzhen, Hangzhou, Chengdu), where the average price of second-hand homes fell by 0.2% in April, compared to a 0.46% increase in March [6][13]. - Manufacturing investment growth is slowing, particularly in the raw materials sector, which saw a significant decline in investment growth to 2.7% from January to April, down from previous levels [7][17]. Group 3: April Economic Data Overview - In April, industrial production growth was recorded at 6.1%, while service sector production index grew by 6.0%. Retail sales growth was 5.1%, down from 5.9% in March [21][22]. - The real estate sector experienced a decline in sales area by 2.1% year-on-year in April, with fixed asset investment growth slowing to 3.5% [21][30]. - The consumer price index (CPI) showed a slight deflation at -0.1%, while the producer price index (PPI) decreased by 2.7% [21][22]. Group 4: Employment and Investment Trends - The urban unemployment rate decreased to 5.1% in April, indicating a slight improvement in the job market [23]. - Fixed asset investment growth was recorded at 3.6% in April, with manufacturing investment showing a cumulative growth of 8.8% from January to April [37].