Core Viewpoint - In July, the service industry production index grew by 5.8% year-on-year, supported by macro policy effects, contributing significantly to stable economic performance [1]. Group 1: Service Industry Performance - The service industry added value increased by 5.5% year-on-year in the first half of the year, contributing 60.2% to economic growth, highlighting its importance as a growth driver [1]. - The modern service sector experienced rapid growth, with the information transmission, software, and IT services production index rising by 11.9%, significantly outpacing the overall service industry growth [2]. - The rental and business services production index grew by 8% year-on-year, maintaining a strong growth trajectory [2]. Group 2: Emerging Services and Digital Transformation - New service sectors are emerging, with rapid advancements in artificial intelligence and humanoid robots enhancing productivity in scientific research and technical services [2]. - From January to June, the revenue of information services and R&D services saw double-digit growth, indicating a robust expansion in these areas [2]. - The digital transformation is accelerating, with cultural and sports digital services growing rapidly, as evidenced by a more than 10% increase in transaction volume for leading cultural and sports service platforms from January to July [2]. Group 3: Tourism and Financial Services - The tourism and travel-related services showed increased activity, with the transportation, warehousing, and postal services production index rising by 5.5% year-on-year, reflecting a 0.4 percentage point acceleration from the previous month [2]. - Railway passenger volume increased by 6.6% year-on-year, and international flight passenger volume grew by 15.7%, indicating a rebound in travel demand [2]. - The financial services sector also saw robust growth, with the financial industry production index increasing by 8.7% year-on-year, up 1.4 percentage points from the previous month [3]. Group 4: Future Outlook - The service industry is expected to continue its growth due to favorable conditions such as industrial upgrades increasing demand for R&D services and changes in consumer spending patterns boosting demand for leisure services [3]. - The business activity expectation index for the service industry was 56.6% in July, indicating a positive outlook among service sector enterprises [3]. - The government aims to implement policies to support the service industry's development, ensuring sustained growth and high-quality economic development [3].

Economic Overview - In July, the national economy maintained a steady and progressive development trend, with industrial added value increasing by 5.7% year-on-year and retail sales of consumer goods reaching 38,780 billion yuan, up 3.7% year-on-year [1][2][10] Industrial Production - The industrial added value for July increased by 5.7% year-on-year and 0.38% month-on-month, with mining, manufacturing, and electricity sectors growing by 5.0%, 6.2%, and 3.3% respectively [3] - High-tech manufacturing and equipment manufacturing saw significant growth, with increases of 9.3% and 8.4% year-on-year, respectively [3] - The manufacturing purchasing managers' index was recorded at 49.3, indicating a slight contraction in manufacturing activity [3] Service Sector - The service sector production index rose by 5.8% year-on-year in July, with notable growth in information transmission, finance, and business services [4] - The business activity index for the service sector was at 50.0, indicating stability, while the business activity expectation index was at 56.6, suggesting positive future expectations [4] Retail Sales - Retail sales of consumer goods totaled 38,780 billion yuan in July, marking a 3.7% year-on-year increase, with urban and rural retail sales growing by 3.6% and 3.9%, respectively [5] - Online retail sales reached 86,835 billion yuan, up 9.2% year-on-year, with physical goods accounting for 24.9% of total retail sales [5] Fixed Asset Investment - Fixed asset investment (excluding rural households) reached 288,229 billion yuan from January to July, growing by 1.6% year-on-year, with manufacturing investment increasing by 6.2% [6] - Infrastructure investment grew by 3.2%, while real estate development investment saw a decline of 12.0% [6] Trade and Exports - In July, the total value of goods imports and exports was 39,102 billion yuan, up 6.7% year-on-year, with exports increasing by 8.0% and imports by 4.8% [7] - From January to July, the total value of goods imports and exports was 256,969 billion yuan, a 3.5% increase year-on-year [7] Employment and Prices - The urban survey unemployment rate was stable at 5.2% in July, with a slight seasonal increase [8] - The Consumer Price Index (CPI) remained flat year-on-year in July, with core CPI rising by 0.8% [9]

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]

Core Viewpoint - In July, under the strong leadership of the Central Committee of the Communist Party of China, the national economy maintained a steady and progressive development trend, with continuous growth in production demand, stable employment and prices, and new achievements in high-quality development [1]. Group 1: Industrial Production - In July, the industrial added value above designated size increased by 5.7% year-on-year and 0.38% month-on-month. The mining industry grew by 5.0%, manufacturing by 6.2%, and electricity, heat, gas, and water production and supply by 3.3% [2]. - The equipment manufacturing industry saw an 8.4% year-on-year increase, while high-tech manufacturing grew by 9.3%, outperforming the overall industrial growth by 2.7 and 3.6 percentage points respectively [2]. - The manufacturing purchasing manager index was at 49.3%, and the business activity expectation index was at 52.6% [2]. Group 2: Service Sector - The national service production index increased by 5.8% year-on-year in July, with significant growth in information transmission, software and IT services (11.9%), finance (8.7%), and leasing and business services (8.0%) [3]. - The business activity index for the service sector was at 50.0%, while the business activity expectation index was at 56.6% [3]. Group 3: Market Sales - In July, the total retail sales of consumer goods reached 38,780 billion yuan, a year-on-year increase of 3.7% [4]. - Online retail sales amounted to 86,835 billion yuan, growing by 9.2% year-on-year, with physical goods online retail sales at 70,790 billion yuan, a 6.3% increase [4]. - The sales of essential and some upgraded consumer goods showed strong growth, with significant increases in categories such as home appliances and furniture [4]. Group 4: Fixed Asset Investment - From January to July, fixed asset investment (excluding rural households) reached 288,229 billion yuan, a year-on-year increase of 1.6% [5]. - Manufacturing investment grew by 6.2%, while real estate development investment decreased by 12.0% [5]. - High-tech industries such as aerospace and information services saw substantial investment growth, with increases of 33.9% and 32.8% respectively [5]. Group 5: Trade and Employment - In July, the total value of goods imports and exports reached 39,102 billion yuan, a year-on-year increase of 6.7% [6]. - The average urban survey unemployment rate from January to July was 5.2%, with a slight increase in July compared to the previous month [7]. Group 6: Consumer Prices - In July, the national consumer price index (CPI) remained flat year-on-year, with a month-on-month increase of 0.4% [8]. - Core CPI, excluding food and energy prices, rose by 0.8% year-on-year, indicating a slight increase in inflationary pressure [8].

Core Viewpoint - In July, the national economy maintained a steady and progressive development trend, with continuous growth in production and demand, overall stability in employment and prices, and significant achievements in high-quality development [2][11]. Group 1: Industrial Production - In July, the industrial added value of large-scale enterprises increased by 5.7% year-on-year and 0.38% month-on-month [3]. - The manufacturing sector grew by 6.2%, with equipment manufacturing and high-tech manufacturing increasing by 8.4% and 9.3%, respectively [3]. - The profit of large-scale industrial enterprises from January to June was 34,365 billion yuan, a year-on-year decrease of 1.8% [3]. Group 2: Service Sector - The service production index increased by 5.8% year-on-year in July, with significant growth in information transmission, software, and financial services [4]. - The business activity index for the service sector was at 50.0%, indicating stable business conditions [4]. Group 3: Market Sales - In July, the total retail sales of consumer goods reached 38,780 billion yuan, a year-on-year increase of 3.7% [5]. - Online retail sales amounted to 86,835 billion yuan, growing by 9.2% year-on-year, with physical goods online retail sales at 70,790 billion yuan [6]. Group 4: Fixed Asset Investment - From January to July, fixed asset investment (excluding rural households) was 288,229 billion yuan, a year-on-year increase of 1.6% [7]. - Manufacturing investment grew by 6.2%, while real estate development investment decreased by 12.0% [7]. Group 5: Trade and Exports - In July, the total value of goods imports and exports reached 39,102 billion yuan, a year-on-year increase of 6.7% [8]. - Exports grew by 8.0%, while imports increased by 4.8% [8]. Group 6: Employment - The urban surveyed unemployment rate in July was 5.2%, with a seasonal increase of 0.2 percentage points from the previous month [9]. - The average weekly working hours for employees were 48.5 hours [9]. Group 7: Consumer Prices - In July, the Consumer Price Index (CPI) remained flat year-on-year, with a month-on-month increase of 0.4% [10]. - The core CPI, excluding food and energy prices, rose by 0.8% year-on-year [11].

Economic Overview - In July, China's economy showed steady progress with improved economic data, driven by effective policies to stabilize growth [1][4] - The industrial production, consumption, and service sectors all experienced certain improvements, contributing to a stronger capital market [1][4] Industrial Production - In July, the industrial added value for large-scale enterprises grew by 5.7% year-on-year and 0.38% month-on-month [1] - The equipment manufacturing and high-tech manufacturing sectors performed particularly well, with year-on-year growth rates of 8.4% and 9.3%, respectively [1] Service Sector - The service sector production index increased by 5.8% year-on-year in July, with notable growth in information transmission, software, and financial services [2] - Social retail sales reached 38,780 billion yuan, a year-on-year increase of 3.7%, with online retail sales growing by 9.2% [2] Fixed Asset Investment - From January to July, fixed asset investment rose by 1.6% year-on-year, with a 5.3% increase when excluding real estate development investment [3] - Real estate development investment continued to decline, dropping by 12% year-on-year in July [3] Trade Performance - 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 4.81% [3] - The trade structure is improving, with a notable upgrade in the value-added of export products [3] Consumer Prices - The Consumer Price Index (CPI) remained flat year-on-year in July, with a month-on-month increase of 0.4% [3] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, indicating a need for measures to boost consumption and investment [3] Capital Market Dynamics - The capital market is showing signs of strength, with the Shanghai Composite Index surpassing 3,700 points, indicating increasing investor confidence [1][4] - New stock accounts opened in July approached 2 million, and trading volume has significantly increased, reflecting a growing willingness of outside funds to enter the market [4] Investment Opportunities - Compared to the U.S. stock market, which is at historical highs, A-shares and Hong Kong stocks remain below historical average valuations, presenting a favorable investment opportunity [5] - Investors are encouraged to consider quality stocks or funds to capitalize on the current market conditions for wealth growth [5]

Core Viewpoint - The article highlights the steady growth of China's economy in July, driven by robust industrial production, service sector expansion, and increasing consumer demand, despite facing external challenges and domestic issues [3][13]. Group 1: Industrial Production - In July, the industrial added value of large-scale enterprises increased by 5.7% year-on-year and 0.38% month-on-month [4] - The manufacturing sector grew by 6.2%, with equipment manufacturing and high-tech manufacturing increasing by 8.4% and 9.3% respectively, outperforming the overall industrial growth [4] - The profit of large-scale industrial enterprises totaled 34,365 billion yuan from January to June, showing a year-on-year decline of 1.8% [4] Group 2: Service Sector - The service sector production index rose by 5.8% year-on-year in July, with significant growth in information transmission, finance, and business services [5][6] - From January to July, the service sector production index increased by 5.9%, and the revenue of large-scale service enterprises grew by 7.5% [5][6] Group 3: Market Sales - In July, the total retail sales of consumer goods reached 38,780 billion yuan, marking a year-on-year increase of 3.7% [7] - Online retail sales amounted to 86,835 billion yuan, with a year-on-year growth of 9.2%, and physical goods online retail sales grew by 6.3% [7] Group 4: Fixed Asset Investment - From January to July, fixed asset investment (excluding rural households) was 288,229 billion yuan, up 1.6% year-on-year, with manufacturing investment increasing by 6.2% [8] - Infrastructure investment grew by 3.2%, while real estate development investment saw a decline of 12.0% [8] Group 5: Trade and Employment - In July, the total import and export value reached 39,102 billion yuan, with exports growing by 8.0% and imports by 4.8% [9] - The urban surveyed unemployment rate was stable at 5.2% in July, with a slight seasonal increase [10][11] Group 6: Consumer Prices - In July, the Consumer Price Index (CPI) remained flat year-on-year, with a month-on-month increase of 0.4% [12] - Core CPI, excluding food and energy, rose by 0.8% year-on-year, indicating a slight increase in inflationary pressure [12]

Group 1: Industrial Production - In July, the industrial added value of large-scale enterprises increased by 5.7% year-on-year and 0.38% month-on-month [1] - The manufacturing sector grew by 6.2%, with equipment manufacturing and high-tech manufacturing increasing by 8.4% and 9.3% respectively [1] - The profit of large-scale industrial enterprises from January to June was 34,365 billion yuan, a year-on-year decrease of 1.8% [1] Group 2: Service Industry - In July, the service production index increased by 5.8% year-on-year, with significant growth in information transmission, finance, and business services [2] - The business activity index for the service industry was at 50.0%, indicating stable activity levels [2] - From January to July, the service production index grew by 5.9% year-on-year [2] Group 3: Market Sales - In July, the total retail sales of consumer goods reached 38,780 billion yuan, a year-on-year increase of 3.7% [3] - Online retail sales amounted to 86,835 billion yuan, growing by 9.2% year-on-year, with physical goods online retail accounting for 24.9% of total retail sales [3] - The retail sales of household appliances and audio-visual equipment increased by 28.7% year-on-year [3] Group 4: Fixed Asset Investment - From January to July, fixed asset investment (excluding rural households) was 288,229 billion yuan, a year-on-year increase of 1.6% [4] - Manufacturing investment grew by 6.2%, while real estate development investment decreased by 12.0% [4] - High-tech industries such as aerospace and information services saw significant investment growth of 33.9% and 32.8% respectively [4] Group 5: Trade and Exports - In July, the total import and export value reached 39,102 billion yuan, a year-on-year increase of 6.7% [5] - Exports grew by 8.0% year-on-year, while imports increased by 4.8% [5] - Private enterprises accounted for 57.1% of total imports and exports, with a growth rate of 7.4% [5] Group 6: Employment - The urban surveyed unemployment rate in July was 5.2%, showing a seasonal increase [6] - The average working hours for employees in enterprises was 48.5 hours per week [6] - The unemployment rate for local registered labor was 5.3%, while for migrant labor it was 5.1% [6] Group 7: Consumer Prices - In July, the Consumer Price Index (CPI) remained flat year-on-year, with a month-on-month increase of 0.4% [7] - Core CPI, excluding food and energy, rose by 0.8% year-on-year, indicating a slight increase in inflationary pressure [7] - The Producer Price Index (PPI) for industrial producers decreased by 3.6% year-on-year [7] Group 8: Overall Economic Outlook - The macroeconomic policies have shown effectiveness, maintaining a stable growth trend despite external challenges [8] - The focus remains on stabilizing employment, businesses, and market expectations while promoting domestic demand [8] - The government aims to implement policies thoroughly to ensure steady and healthy economic development [8]

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 ...