Economic Overview - The core viewpoint is that despite facing risks and challenges, China's economy is showing steady progress with new growth drivers emerging, supported by effective macro policies and expanding market demand [2][10]. New Productive Forces - In July, the added value of high-tech manufacturing above designated size increased by 9.3% year-on-year, outpacing the overall industrial growth by 3.6 percentage points [3]. - The digital economy is rapidly developing, with the added value of digital product manufacturing increasing by 8.4% in July [3]. - Production of green and low-carbon products is also on the rise, with new energy vehicles, lithium-ion batteries, and wind turbine generators seeing year-on-year growth of 17.1%, 29.4%, and 19.3% respectively [3]. Foreign Trade - In July, the total value of goods imports and exports grew by 6.7% year-on-year, with exports increasing by 8% and imports by 4.8% [4]. - The diversification of trade partners is evident, with exports to ASEAN, the EU, and Belt and Road countries growing by 14.8%, 8.2%, and 11.7% respectively from January to July [4]. - The export of high-tech products increased by 7.2%, with integrated circuit exports rising by 21.8% [4]. Consumption - Retail sales of consumer goods in July grew by 3.7% year-on-year, with service retail sales increasing by 5.2% from January to July [5][6]. - The "trade-in" policy has positively impacted sales, with significant growth in home appliances, furniture, and communication equipment retail sales [5]. - Tourism and leisure-related consumption saw double-digit growth, indicating a recovery in consumer demand [6]. Investment - Fixed asset investment grew by 1.6% year-on-year from January to July, with actual growth (adjusted for price factors) estimated between 4% and 5% [7][8]. - Manufacturing investment increased by 6.2%, with high-tech industries such as aerospace and information services seeing substantial investment growth of 33.9% and 32.8% respectively [8]. - Infrastructure investment in key areas like water management grew by 12.6%, indicating ongoing support for economic transformation [8]. Price Trends - In July, the Consumer Price Index (CPI) showed positive changes, with a month-on-month increase of 0.4% and a core CPI year-on-year increase of 0.8% [9]. - The Producer Price Index (PPI) saw a month-on-month decline of 0.2%, but the rate of decline has narrowed, marking the first reduction in the rate since March [9].

Economic Overview - In July, major economic indicators maintained overall stability, with new growth drivers emerging, supporting steady economic development despite existing risks and challenges [1] - The macroeconomic policies are showing effectiveness, leading to expanded market demand and enhanced market vitality [1] New Quality Productivity - The added value of high-tech manufacturing above designated size increased by 9.3% year-on-year in July, outpacing the overall industrial growth by 3.6 percentage points [2] - The digital economy is rapidly developing, with the added value of digital product manufacturing increasing by 8.4% year-on-year in July [2] - Production of green low-carbon products is also on the rise, with new energy vehicles, lithium-ion batteries, and wind turbine generators seeing production increases of 17.1%, 29.4%, and 19.3% respectively [2] Foreign Trade - In July, the total value of goods imports and exports grew by 6.7% year-on-year, with exports increasing by 8% and imports by 4.8% [3] - The diversification of trade is evident, with exports to ASEAN, the EU, and Belt and Road countries growing by 14.8%, 8.2%, and 11.7% respectively from January to July [3] - The export of integrated circuits surged by 21.8%, reflecting enhanced international competitiveness due to improved R&D capabilities [3] Consumption - Retail sales of consumer goods increased by 3.7% year-on-year in July, with service retail sales growing by 5.2% from January to July [4] - The "old-for-new" policy has positively impacted sales, with significant growth in retail sales of home appliances, furniture, and communication equipment [4] - Tourism and leisure-related consumption saw rapid growth during the summer, with double-digit increases in retail sales for travel services and recreational activities [5] Investment - Fixed asset investment grew by 1.6% year-on-year from January to July, with actual growth (adjusted for price factors) estimated between 4% and 5% [6] - Manufacturing investment rose by 6.2%, significantly outpacing overall investment growth [6] - Investment in high-tech industries, particularly in aerospace and information services, saw substantial increases of 33.9% and 32.8% respectively [6] Price Trends - In July, the Consumer Price Index (CPI) showed positive changes, with a month-on-month increase of 0.4% [7] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, indicating a strengthening market demand [7] - The Producer Price Index (PPI) saw a month-on-month decline of 0.2%, but the rate of decline has narrowed, marking the first reduction in the decline since March [7]

Economic Overview - In July, key economic indicators showed fluctuations due to multiple factors, but overall growth remained stable, reflecting strong resilience and vitality in high-quality development [2] - The international environment remains complex and severe, with trade protectionism and extreme weather impacting economic operations [2] Industrial Production - In July, the industrial added value above designated size grew by 5.7% year-on-year, with manufacturing value-added increasing by 6.2%, indicating continued rapid growth [3] - The equipment manufacturing sector showed significant growth, with an 8.4% increase in added value, supporting overall industrial growth [3] - High-tech manufacturing added value rose by 9.3%, with notable growth in integrated circuits (26.9%) and electronic materials (21.7%) [3] Consumption Trends - Retail sales of consumer goods increased by 3.7% year-on-year in July, with a notable impact from the "old-for-new" consumption policy [5] - Sales of home appliances and communication devices saw significant growth, with increases of 28.7% and 14.9% respectively [5] - The service retail sector also experienced growth, particularly in tourism and cultural services, driven by increased consumer demand during the summer [6] Future Outlook - Despite facing risks and challenges, the foundation of the economy remains strong, with the International Monetary Fund raising China's economic growth forecast by 0.8 percentage points [7] - The expansion of market demand is supported by ongoing consumption initiatives and diversification in foreign trade [7] - Continued emphasis on technological innovation and digital transformation is expected to foster new growth points in the economy [8]

Economic Overview - In July, key economic indicators showed fluctuations due to multiple factors, but overall growth remained stable, reflecting strong resilience and vitality in high-quality development [1] - The international environment remains complex and severe, with trade protectionism and extreme weather impacting economic operations [1] Industrial Growth - In July, the industrial added value of large-scale enterprises grew by 5.7% year-on-year, with manufacturing value-added increasing by 6.2% [2] - The equipment manufacturing sector showed robust growth, with an 8.4% increase in added value, significantly supporting overall industrial growth [2] - High-tech manufacturing saw a 9.3% increase, with notable growth in integrated circuits (26.9%) and electronic materials (21.7%) [2] Digital and Intelligent Transformation - The digital product manufacturing sector grew by 8.4% year-on-year, outpacing overall industrial growth [3] - The production of industrial robots and service robots increased by 24% and 12.8%, respectively, indicating rapid advancement in artificial intelligence applications [3] Consumer Market Dynamics - Retail sales of consumer goods increased by 3.7% year-on-year in July, with a notable impact from the "old-for-new" consumption policy [4] - Sales of home appliances and cultural products saw significant growth, with increases of 28.7% and 13.8%, respectively [4] - The service retail sector also experienced growth, particularly in tourism and cultural services, driven by increased consumer demand during the summer [5] Emerging Consumption Trends - Online retail and new consumption models, such as live streaming sales, are gaining traction, with physical goods online retail growing by 6.3% year-on-year [6] - The demand for digital entertainment and information services continues to expand, contributing to a robust service retail environment [6] Economic Support Factors - The International Monetary Fund has raised its growth forecast for China's economy by 0.8 percentage points, reflecting increased confidence in China's economic development [7] - The expansion of market demand, driven by consumption and diversified export markets, is creating favorable conditions for stable economic operation [7] Policy and Reform Initiatives - The government is committed to deepening reforms and expanding high-level openness, which is improving economic circulation and enhancing foreign trade resilience [8] - Active macroeconomic policies are being implemented to boost production demand and stabilize economic growth [8]

Economic Overview - In July, the industrial added value above designated size increased by 5.7% year-on-year, with manufacturing added value growing by 6.2%, indicating a stable growth trend despite some fluctuations in economic indicators [2][3] - The overall economic operation remains stable, supported by strong resilience and vitality, with new growth drivers steadily developing [2][8] Industrial Performance - The equipment manufacturing sector showed robust growth, with added value increasing by 8.4% year-on-year, significantly supporting the overall industrial growth [3] - High-tech manufacturing added value rose by 9.3%, with notable increases in integrated circuits (26.9%) and electronic special materials (21.7%) [3] - The production of green and low-carbon products is rapidly increasing, with new energy vehicles, lithium-ion batteries, and wind turbine generators growing by 17.1%, 29.4%, and 19.3% respectively [3] Digital and Intelligent Transformation - The digital product manufacturing sector saw an 8.4% year-on-year increase, outpacing overall industrial growth, with smart device manufacturing and electronic components growing by 13.4% and 11% respectively [4] - The production of industrial robots and service robots increased by 24% and 12.8%, reflecting the rapid advancement of artificial intelligence applications [4] Consumer Market Trends - In July, total retail sales of consumer goods grew by 3.7% year-on-year, with a notable increase in sales of home appliances and communication equipment due to the old-for-new consumption policy [5] - The retail sales of cultural and sports goods increased by 13.7% and 8.2%, indicating a growing demand for quality consumer goods [5][6] - Online retail and new consumption models are thriving, with physical goods online retail sales increasing by 6.3% year-on-year [7] Economic Outlook - Despite facing risks and challenges, the foundation for economic growth remains strong, with the International Monetary Fund raising China's economic growth forecast by 0.8 percentage points [8] - The expansion of market demand is supported by ongoing consumption stimulus actions and the diversification of foreign trade markets [8][9] - Continued efforts in reform and opening up are expected to enhance economic resilience and vitality, promoting stable economic growth [9]

Economic Overview - In July, major economic indicators maintained overall stability, with new growth drivers emerging, supporting steady economic development [1] - Despite facing risks and challenges, macro policies are showing effectiveness, leading to expanded market demand and enhanced market vitality [1] New Productive Forces - The added value of high-tech manufacturing above designated size increased by 9.3% year-on-year in July, outpacing the overall industrial growth by 3.6 percentage points [2] - The digital economy is rapidly developing, with the added value of digital product manufacturing growing by 8.4% in July [2] - Production of green low-carbon products is increasing, with new energy vehicles, lithium-ion batteries, and wind turbine generators seeing production growth of 17.1%, 29.4%, and 19.3% respectively [2] Foreign Trade - In July, the total value of goods imports and exports grew by 6.7% year-on-year, with exports increasing by 8% and imports by 4.8% [3] - The diversification of trade is evident, with exports to ASEAN, the EU, and Belt and Road countries growing by 14.8%, 8.2%, and 11.7% respectively from January to July [3] - The export of integrated circuits surged by 21.8%, reflecting enhanced international competitiveness [3] Consumption - Retail sales of consumer goods increased by 3.7% year-on-year in July, with service retail sales growing by 5.2% from January to July [4] - The "old-for-new" policy is showing positive effects, with significant growth in retail sales of home appliances, furniture, and communication equipment [4] - Tourism and leisure-related consumption saw rapid growth during the summer, with double-digit increases in various service sectors [5] Investment - Fixed asset investment grew by 1.6% year-on-year from January to July, with actual growth (adjusted for price factors) estimated at 4% to 5% [6] - Manufacturing investment increased by 6.2%, significantly outpacing overall investment growth [6] - Investment in high-tech industries, particularly in aerospace and information services, saw substantial increases of 33.9% and 32.8% respectively [6] Price Trends - In July, the Consumer Price Index (CPI) showed positive changes, with a month-on-month increase of 0.4% [7] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, indicating a strengthening market demand [7] - The Producer Price Index (PPI) saw a month-on-month decline of 0.2%, but the rate of decline has narrowed, marking the first reduction in decline since March [7]

Economic Performance - In July, the industrial added value of large-scale enterprises increased by 5.7% year-on-year, while the total retail sales of consumer goods grew by 3.7% year-on-year [1] - From January to July, fixed asset investment rose by 1.6% year-on-year, indicating a steady economic development despite external and domestic challenges [1] Consumption Trends - The retail sales of consumer goods and services showed a combined growth of approximately 5% from January to July, reflecting a sustained expansion in consumption [1] - The sales of home appliances, cultural office supplies, furniture, and communication equipment saw significant year-on-year increases of 28.7%, 13.8%, 20.6%, and 14.9% respectively in July, driven by consumption promotion policies [1][2] Service Sector Growth - The service retail sector experienced rapid growth, particularly in cultural and tourism-related services, supported by increased consumer demand during the summer [2] - New consumption models such as online retail and live-streaming sales are gaining popularity, contributing to the emergence of new growth points in consumption [2][3] Industrial Production - In July, 35 out of 41 major industrial sectors reported year-on-year growth, with a growth coverage of 85.4%, indicating overall stability in industrial production [2] - High-tech manufacturing added value increased by 9.3% year-on-year, with significant growth in the production of green products such as new energy vehicles and lithium batteries [3] Economic Outlook - The economic foundation remains strong with significant potential for growth, supported by proactive macroeconomic policies and expanding market demand [3][4] - Upcoming policies aimed at stabilizing economic growth are expected to accelerate project funding and boost local infrastructure investment [4]

Economic Performance Overview - In July, China's national economy maintained a steady and progressive development trend, with continuous growth in production and demand, stable employment and prices, and new achievements in high-quality development [2][3] - The industrial production and service sectors experienced rapid growth, with industrial added value increasing by 5.7% year-on-year and the service production index rising by 5.8% [2] Demand and Investment - Market sales continued to grow, with the total retail sales of consumer goods increasing by 3.7% year-on-year in July. Fixed asset investment also expanded, with a year-to-date growth of 1.6% [2] - Despite challenges such as extreme weather and project construction slowdowns, the investment scale continued to expand [2] Trade Resilience - China's goods import and export maintained growth, with a total trade volume increasing by 6.7% year-on-year in July, showcasing strong resilience and vitality [2][6] - Exports grew by 8% year-on-year, marking a continuous acceleration for two consecutive months [2] Employment and Price Stability - The urban unemployment rate stood at 5.2%, unchanged from the previous year, while the Consumer Price Index (CPI) remained stable, indicating overall price stability [3] - The core CPI, excluding food and energy, rose by 0.8%, reflecting positive changes in inflation trends [3] New Growth Drivers - New economic drivers are steadily growing, with high-tech manufacturing value added increasing by 9.5% year-on-year from January to July [4] - Significant growth was observed in the integrated circuit manufacturing and electronic materials sectors, with increases of 26.9% and 21.7% respectively in July [4] Consumer Trends - Emerging consumption trends such as online retail and the silver economy are rapidly developing, contributing to new growth points in consumer spending [4] - The replacement of old appliances and communication equipment saw retail sales increase by 30.4% and 22.9% year-on-year, respectively [6] Policy Impact and Future Outlook - The implementation of proactive macroeconomic policies has effectively supported economic stability and growth, with a focus on expanding market demand and enhancing new productive forces [6][7] - The International Monetary Fund has raised its growth forecast for China's economy by 0.8 percentage points, reflecting confidence in the country's economic fundamentals [7]

Economic Overview - In July, the national economy maintained a steady and progressive development trend, with continuous growth in production and demand, and overall stability in employment and prices [1][4] - The industrial production showed rapid growth, with the industrial added value above designated size increasing by 5.7% year-on-year in July [3][23] Industrial Performance - The equipment manufacturing industry performed well, with its added value increasing by 8.4% year-on-year, significantly outpacing the overall industrial growth rate [3][25] - High-tech manufacturing also showed positive growth, with added value increasing by 9.3% year-on-year in July [3][25] Service Sector Growth - The service sector experienced robust growth, with the service production index rising by 5.8% year-on-year in July [3][26] - Key sectors such as information transmission, software, and IT services saw significant increases, with production indices growing by 11.9% [3][28] Consumer Trends - Consumer spending remained strong, with retail sales of consumer goods increasing by 3.7% year-on-year in July, supported by policies aimed at boosting consumption [3][5] - The demand for upgraded and replacement goods was notable, with categories like home appliances and cultural products seeing substantial sales growth [5][8] Investment Dynamics - Investment in equipment and tools showed a significant increase, with a growth rate of 15.2% year-on-year from January to July [3][11] - The implementation of large-scale equipment renewal policies contributed to this investment growth [11] Export Performance - The total value of goods imports and exports increased by 6.7% year-on-year in July, reflecting strong resilience and vitality in foreign trade [16][18] - Despite challenges such as high tariffs, exports to traditional and emerging trading partners continued to grow, with notable increases to ASEAN and EU [18][19] Digital Economy and Innovation - The digital economy is rapidly developing, with the added value of the digital product manufacturing industry increasing by 8.4% year-on-year in July [20][22] - The integration of artificial intelligence with the real economy is becoming closer, with significant growth in sectors like smart drones and electric vehicles [22][20]

Core Viewpoint - The July economic indicators released by the National Bureau of Statistics show that despite short-term shocks from extreme weather and a complex international environment, the economy is exhibiting stable growth in production supply, consumption, and investment, with new driving forces continuously expanding [1][3]. Economic Operation Characteristics - The economic operation in July has five main characteristics: 1. Stable growth in production supply 2. Continued growth in consumption and investment 3. Resilience in foreign trade 4. Overall stability in employment and prices 5. Steady growth of new driving forces [3][4]. - In July, the industrial added value above designated size increased by 5.7% year-on-year, maintaining rapid growth. The urban survey unemployment rate rose to 5.2%, a seasonal increase of 0.2 percentage points from the previous month, but remained stable compared to the same period last year [3]. Consumption and Investment Trends - Service consumption has driven overall consumption to maintain a steady upward trend. In July, the total retail sales of consumer goods increased by 3.7% year-on-year, with retail sales of goods growing by 4%. From January to July, service retail sales increased by 5.2% [5]. - Investment growth has slowed due to extreme weather and project construction delays, but the scale of investment continues to expand. From January to July, investment in equipment and tools increased by 15.2% [5]. New Quality Productivity and High-Quality Development - High-tech manufacturing has shown positive development, with the added value of high-tech manufacturing above designated size increasing by 9.3% year-on-year, outpacing the growth rate of overall industrial output. The production indices for information transmission software and IT services, as well as leasing and business services, grew by 11.9% and 8%, respectively [6][7]. - The online consumption sector has also seen rapid growth, with the online retail sales of physical goods increasing by 6.3% year-on-year from January to July, accelerating by 0.3 percentage points compared to the first half of the year [7].