Core Viewpoint - In June 2025, the national industrial producer price index showed a year-on-year decline of 3.6% for ex-factory prices and a 0.4% month-on-month decline, indicating a continued downward trend in industrial pricing pressures [1]. Group 1: Year-on-Year Changes in Industrial Producer Prices - In June, the ex-factory prices of industrial producers saw a decline in production materials by 4.4%, contributing approximately 3.26 percentage points to the overall decrease in ex-factory prices. The mining industry experienced a significant drop of 13.2%, while raw materials and processing industries saw declines of 5.5% and 3.2%, respectively [3]. - Prices for living materials decreased by 1.4%, impacting the overall ex-factory price level by about 0.35 percentage points. Food prices fell by 2.0%, while clothing prices increased by 0.1%, and general daily goods prices rose by 0.8%. Durable consumer goods prices, however, decreased by 2.7% [3]. Group 2: Month-on-Month Changes in Industrial Producer Prices - In June, the month-on-month ex-factory prices of industrial producers showed a 0.6% decline in production materials, affecting the overall price level by approximately 0.42 percentage points. The mining industry prices decreased by 1.2%, raw materials by 0.7%, and processing industry prices by 0.5% [7]. - Living materials prices saw a slight decline of 0.1%, contributing about 0.02 percentage points to the overall price level decrease. Food prices fell by 0.3%, while clothing prices remained stable, and general daily goods prices increased by 0.1% [7]. Group 3: Changes in Industrial Producer Purchase Prices - In June, the purchase prices for industrial producers showed a significant decline in fuel and power categories by 10.4%, black metal materials by 8.0%, and chemical raw materials by 6.2%. Agricultural products also saw a decrease of 4.2%, while construction materials and non-metallic categories dropped by 2.6% [6]. - The textile raw materials category experienced a decline of 2.4%, while prices for non-ferrous metal materials and wires increased by 2.4% [6].

Group 1: Service Trade Growth - In the first five months of 2025, China's service trade grew steadily, with a total import and export value of 32,543.6 billion yuan, an increase of 7.7% year-on-year [4] - Service exports reached 14,033.7 billion yuan, growing by 15.1%, while imports were 18,509.9 billion yuan, increasing by 2.7% [4] - The service trade deficit was 4,476.2 billion yuan, a decrease of 1,352.2 billion yuan compared to the same period last year [4] Group 2: Knowledge-Intensive Services - Knowledge-intensive service trade maintained growth, with imports and exports totaling 12,492.7 billion yuan, up by 5.0% [4] - Major contributors included other business services and telecommunications, computer, and information services, with respective trade values of 5,384.1 billion yuan and 4,400.6 billion yuan, growing at 3.2% and 10.7% [4] - Knowledge-intensive service exports were 7,196.5 billion yuan, increasing by 6.6%, while imports were 5,296.2 billion yuan, up by 2.9%, resulting in a surplus of 1,900.3 billion yuan, an increase of 293 billion yuan year-on-year [4] Group 3: Travel Services - Travel services experienced the fastest growth, with total imports and exports reaching 9,200.5 billion yuan, a growth of 12.2%, making it the largest sector in service trade [5] - Travel service exports surged by 74.2%, while imports grew by 5.3% [5]