Core Viewpoint - The economic indicators for July show a stable yet progressive development despite external uncertainties and domestic structural issues, with five key characteristics highlighting the resilience of production, consumption, and investment growth [1][2]. Group 1: Economic Characteristics - The economic operation in July exhibited five main characteristics: stable growth in production supply, continued growth in consumption and investment, resilient foreign trade, overall stability in employment and prices, and steady growth of new development momentum [2]. - In July, the industrial added value above designated size increased by 5.7% year-on-year, maintaining a rapid growth rate [2]. - The urban survey unemployment rate in July was 5.2%, reflecting a seasonal increase of 0.2 percentage points from the previous month, but remained stable compared to the same period last year [2]. Group 2: Consumption and Investment - In July, the total retail sales of consumer goods increased by 3.7% year-on-year, with retail sales of goods growing by 4% [4]. - From January to July, the retail sales of services grew by 5.2%, with significant growth in tourism, transportation, and cultural services [4]. - Investment growth slowed due to extreme weather and project construction delays, but the scale of investment continued to expand, with equipment investment increasing by 15.2% from January to July [4]. Group 3: New Development Momentum - The high-tech manufacturing sector showed positive development, with the added value of high-tech manufacturing above designated size increasing by 9.3% year-on-year, outpacing overall industrial growth [5]. - The production index for information transmission, software, and IT services, as well as leasing and business services, grew by 11.9% and 8% respectively [5]. - The online retail of physical goods increased by 6.3% year-on-year from January to July, indicating a rapid development in online consumption [6].

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 with five key characteristics: stable production supply, growing consumption and investment, resilient foreign trade, stable employment and prices, and the steady growth of new development momentum [1][3]. Group 1: Economic Characteristics - The economic operation in July displayed 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 development momentum [3][4][8]. Group 2: Consumption Trends - 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 rose by 5.2%, indicating a stable overall trend [6][7]. - The summer season saw a concentrated release of consumer demand for travel, with various regions actively developing new models for cultural and tourism consumption, contributing to a vibrant market for sports events, movies, and performances [7][8]. Group 3: Investment Insights - Investment growth showed a slight decline due to extreme weather and project construction slowdowns, but the overall investment scale continued to expand. From January to July, investment in equipment and tools increased by 15.2% [7][8]. Group 4: New Development Momentum - The high-tech manufacturing sector performed well, with the value added of high-tech manufacturing industries growing by 9.3% year-on-year, outpacing the overall industrial growth rate. The production indices for information transmission software and IT services, as well as leasing and business services, increased by 11.9% and 8%, respectively [9][10]. - Online consumption also saw rapid growth, with the online retail sales of physical goods increasing by 6.3% year-on-year from January to July, reflecting a 0.3 percentage point acceleration compared to the first half of the year [10].

Economic Performance Overview - In July, China's economy maintained a steady growth trend, with key indicators showing positive performance [1][2] - The industrial added value for large-scale enterprises increased by 5.7% year-on-year, while the added value of large-scale equipment manufacturing rose by 8.4%, significantly outpacing the overall industrial growth [2] - The service sector also saw growth, with the service production index increasing by 5.8% year-on-year in July, driven by increased tourism during the summer [2][7] Consumption and Investment - Retail sales of consumer goods grew by 3.7% year-on-year in July, with commodity retail sales increasing by 4% [2] - Fixed asset investment rose by 1.6% year-on-year from January to July, despite a slowdown due to adverse weather and project delays [2] - Investment in equipment and tools saw a notable increase of 15.2% year-on-year during the same period [2] Foreign Trade - China's total goods import and export value increased by 6.7% year-on-year in July, with exports growing by 8% and imports rising by 4.8% [5][6] - Trade with ASEAN, the EU, and Belt and Road Initiative countries saw significant growth, with respective increases of 14.8%, 8.2%, and 11.7% from January to July [6] Employment and Prices - The urban unemployment rate was stable at 5.2% in July, consistent with the same period last year [2] - The Consumer Price Index (CPI) rose by 0.4% month-on-month in July, while the Producer Price Index (PPI) saw a slight decrease of 0.2%, marking the first narrowing of the decline since March [4] New Growth Drivers - The high-tech manufacturing sector's added value grew by 9.3% year-on-year in July, continuing to outpace overall industrial growth [3] - The production of new energy vehicles surged by 17.1% in July, indicating a strong performance in this emerging sector [3] Service Sector Contribution - The service sector contributed over 60% to economic growth in the first half of the year, with a year-on-year increase of 5.5% in added value [7] - The transportation and postal services sector saw a production index increase of 5.5% in July, with significant growth in railway and international passenger transport [7]

21世纪经济报道见习记者冉黎黎 北京报道 8月15日，国家统计局发布数据显示，7月份，规模以上工业增加值同比实际增长5.7%（增加值增速均 为扣除价格因素的实际增长率）。其中，装备制造业增加值同比增长8.4%，高技术制造业增加值增长 9.3%，分别快于全部规模以上工业增加值2.7和3.6个百分点。从产品来看，消费品以旧换新政策带动 下，7月份电动自行车产量增长45.3%。 受访专家表示，7月份我国工业生产较快增长，装备制造业和高技术制造业增长较为迅速，制造业结构 仍在升级优化。总体上，7月份国民经济保持了较强的韧性和活力。 同日，国新办就2025年7月份国民经济运行情况举行新闻发布会，国家统计局新闻发言人、总经济师、 国民经济综合统计司司长付凌晖在会上表示，7月份规模以上工业增加值同比增长5.7%，继续保持较快 增长。产业升级发展带动下，装备制造业增势较好，有力支撑工业增长。总体上，7月份工业生产总体 平稳，发展质量继续提升。 国家统计局数据显示，7月份，规模以上工业增加值同比实际增长5.7%。从环比看，7月份，规模以上 工业增加值比上月增长0.38%。1—7月份，规模以上工业增加值同比增长6.3%。 中国民 ...

Economic Overview - In July, the national economy maintained a steady and progressive development trend, with industrial production and service sectors growing rapidly, market sales continuing to increase, and fixed asset investment expanding [1][2] - The overall employment situation remained stable, and the consumer price index year-on-year remained flat [2] Support Factors for Economic Growth - Key support factors for the domestic economy in the second half of the year include expanded market demand, the positive development of new productive forces, deepening reform and opening-up, and the sustained effectiveness of macro policies [3] - The chief economist of Minsheng Bank noted that international complexities and extreme weather conditions had short-term impacts on economic operations, with service sectors outperforming industrial sectors and external demand stronger than internal demand [3] Industrial and Manufacturing Performance - In July, the industrial added value above designated size grew by 5.7% year-on-year and 0.38% month-on-month, while the cumulative growth from January to July was 6.3% [5] - The manufacturing sector's added value increased by 6.2%, continuing to outpace the overall industrial growth, with equipment manufacturing playing a crucial role [5] - High-tech manufacturing and green products are steadily growing, driven by technological and industrial innovation [5] Consumer Market Trends - In July, the total retail sales of consumer goods reached 38,780 billion yuan, a year-on-year increase of 3.7% [8] - Online retail and emerging consumption trends are developing positively, with significant growth in new consumption models such as live streaming sales [9][10] - The government’s consumption-boosting policies, including subsidies for replacing old products, have effectively stimulated demand in various consumer goods categories [10] Fixed Asset Investment - From January to July, fixed asset investment (excluding rural households) reached 288,229 billion yuan, with a year-on-year growth of 1.6% [13] - Investment in high-tech industries, such as aerospace and information services, saw significant year-on-year growth rates of 33.9% and 32.8%, respectively [16] - Despite fluctuations in investment data due to extreme weather and other factors, the investment structure continues to optimize, supporting economic transformation and upgrading [15]

Economic Overview - In July, the international environment was complex and severe, with extreme weather conditions impacting economic operations, yet key economic indicators remained stable overall [1][8] - The industrial production increased by 5.7% year-on-year in July, while the retail sales of consumer goods grew by 3.7% year-on-year [1][3] Industrial Production - The industrial production showed a steady and relatively fast growth, with the added value of large-scale industries increasing by 5.7% year-on-year in July [3] - The equipment manufacturing sector performed well, with an increase of 8.4% in added value, and high-tech manufacturing saw a growth of 9.3%, outpacing the overall industrial growth by 2.7 and 3.6 percentage points respectively [3] - The "two new" policies continued to show positive effects, with significant growth in specific industries such as shipbuilding and electric motor manufacturing, which grew by 29.7% and 15.9% respectively [3] Investment Trends - From January to July, fixed asset investment increased by 1.6% year-on-year, with actual growth estimated between 4% to 5% after adjusting for price factors [3][4] - Manufacturing investment grew by 6.2% year-on-year, significantly higher than the overall investment growth rate, with aerospace and computer equipment manufacturing investments increasing by 33.9% and 16% respectively [4] Consumer Market - In July, the retail sales of consumer goods increased by 3.7% year-on-year, although the growth rate decreased by 1.1 percentage points compared to June [6] - The sales of home appliances and communication devices saw substantial growth, with increases of 28.7% and 14.9% respectively [6] - Service retail maintained stability, with a year-on-year growth of 5.2% from January to July, supported by active markets in sports events, movies, and cultural tourism [6] Future Outlook - The economic foundation remains stable with strong potential for growth, supported by effective macroeconomic policies and increased market demand [8][9] - The government plans to implement policies to lower credit costs for personal consumption and service industry loans, which is expected to stimulate consumption and promote service sector growth [9] - The International Monetary Fund has raised its growth forecast for China's economy by 0.8 percentage points, indicating increased international confidence in China's economic development [9]

Economic Overview - China's economic indicators showed fluctuations in July, but the overall growth rate remains stable, with employment and prices generally stable, indicating a steady economic operation [1] - The foundation for long-term economic growth remains strong, with significant potential and resilience, despite facing risks and challenges [1] Market Demand - Consumer demand is supported by ongoing initiatives to boost consumption, with retail sales of consumer goods increasing by 4.8% year-on-year from January to July, and service retail sales growing by 5.2% [1] - Exports have also shown resilience, with a 7.3% increase in goods exports during the same period, and a notable 9.3% growth in electromechanical product exports [1] New Productive Forces - The development of new productive forces is actively promoted through technological and industrial innovation, with high-tech industries growing rapidly [2] - From January to July, the added value of high-tech manufacturing increased by 9.5%, with specific sectors like electronic and communication equipment manufacturing growing by 12.8% [2] Reform and Opening Up - Continuous deepening of reforms and high-level opening up has improved economic circulation and enhanced the resilience of foreign trade [2] - The contribution rate of final consumption expenditure to economic growth reached 52% in the first half of the year, an increase of 7.5 percentage points compared to the previous year [2] Macroeconomic Policies - Proactive macroeconomic policies have been implemented to expand production demand and stabilize economic growth [3] - Retail sales of home appliances and communication equipment supported by consumption upgrade policies saw significant year-on-year growth of 30.4% and 22.9%, respectively [3] - The International Monetary Fund has raised its forecast for China's economic growth by 0.8 percentage points, reflecting increased confidence in China's economic development [3]

7月份国民经济保持稳中有进发展态势。 据国家统计局消息，7月份，在以习近平同志为核心的党中央坚强领导下，各地区各部门认真贯彻落实 党中央、国务院决策部署，坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，加快构建新发展 格局，加紧实施更加积极有为的宏观政策，纵深推进全国统一大市场建设，国民经济保持稳中有进发展 态势，生产需求持续增长，就业物价总体稳定，新质生产力培育壮大，高质量发展取得新成效。 一、工业生产较快增长，装备制造业和高技术制造业发展较好 7月份，全国规模以上工业增加值同比增长5.7%，环比增长0.38%。分三大门类看，采矿业增加值同比 增长5.0%，制造业增长6.2%，电力、热力、燃气及水生产和供应业增长3.3%。装备制造业增加值同比 增长8.4%，高技术制造业增加值增长9.3%，分别快于全部规模以上工业增加值2.7和3.6个百分点。分经 济类型看，国有控股企业增加值同比增长5.4%；股份制企业增长6.5%，外商及港澳台投资企业增长 2.8%；私营企业增长5.0%。分产品看，3D打印设备、工业机器人、新能源汽车产品产量同比分别增长 24.2%、24.0%、17.1%。1—7月份，全国规模以上工业 ...

Economic Overview - The national economy is maintaining a steady and progressive development trend, with continuous growth in production demand, stable employment and prices, and significant advancements in new productive forces [1] Industrial Production - The industrial added value of large-scale enterprises increased by 5.7% year-on-year and 0.38% month-on-month [2] - Key sectors such as 3D printing equipment, industrial robots, and new energy vehicles saw production increases of 24.2%, 24.0%, and 17.1% respectively [2] Service Sector Growth - The service industry is experiencing rapid growth, with the national service production index rising by 5.8% year-on-year [5] - Specific sectors like information transmission, software and IT services, finance, and leasing and business services reported year-on-year growth rates of 11.9%, 8.7%, and 8.0% respectively [5] Retail Sales - The total retail sales of consumer goods reached 38,780 billion yuan, marking a year-on-year increase of 3.7% [7] - Retail sales in categories such as grain and oil, daily necessities, sports and entertainment products, and gold and silver jewelry grew by 8.6%, 8.2%, 13.7%, and 8.2% respectively [7] Fixed Asset Investment - Fixed asset investment (excluding rural households) totaled 288,229 billion yuan from January to July, reflecting a year-on-year growth of 1.6% [8] Trade Performance - The total import and export value of goods reached 39,102 billion yuan, with a year-on-year increase of 6.7% [9]

Economic Overview - In July, China's national economy maintained a steady and progressive development trend, with industrial production and service sectors showing significant growth [2][4] - The industrial added value for large-scale enterprises increased by 5.7% year-on-year and 0.38% month-on-month, with equipment manufacturing and high-tech manufacturing growing by 8.4% and 9.3% respectively [2] - The service sector's production index rose by 5.8% year-on-year, indicating robust growth in modern services [2] Consumer Market - The total retail sales of consumer goods reached 38,780 billion yuan in July, reflecting a year-on-year growth of 3.7% [3] - From January to July, the retail sales of consumer goods increased by 4.8%, with service retail sales growing by 5.2%, demonstrating overall stability in consumption [8] Supportive Factors for Economic Growth - Market demand is expanding, supported by consumption-boosting initiatives, with a notable increase in household appliance and communication equipment retail sales by 30.4% and 22.9% respectively from January to July [9] - High-tech manufacturing added value grew by 9.5% year-on-year, with significant contributions from electronic and communication equipment manufacturing, as well as aerospace manufacturing [8] - The contribution rate of final consumption expenditure to economic growth reached 52% in the first half of the year, an increase of 7.5 percentage points compared to the previous year [9] Policy Impact - The implementation of more proactive macroeconomic policies has effectively stimulated production demand and supported stable economic growth [9] - The International Monetary Fund has raised its forecast for China's economic growth by 0.8 percentage points, reflecting increased confidence from the international community [10]