Economic Growth - In July, the industrial added value increased by 5.7% year-on-year, down from 6.8% in June, with a cumulative growth of 6.3% from January to July[1] - The total retail sales of consumer goods grew by 3.7% year-on-year in July, a decrease from 4.8% in June, with a cumulative growth of 4.8% from January to July[1] - Fixed asset investment increased by 1.6% year-on-year from January to July, down from 2.8% in the previous period, with an annual growth target of 3.2%[1] Industrial Production - The industrial added value growth rate slowed by 1.1 percentage points in July, primarily due to weak domestic demand and external pressures[3] - Mining industry added value grew by 5.0%, down 1.1 percentage points, while manufacturing added value increased by 6.2%, down 1.2 percentage points[4] - Export delivery value only grew by 0.8% in July, a significant drop of 3.2 percentage points from the previous month[4] Consumer Spending - Retail sales growth slowed to 3.7% in July, primarily due to the suspension of the old-for-new consumption policy in some regions[6] - The retail sales of furniture, home appliances, and cultural office supplies increased by 20.6%, 28.7%, and 13.8% respectively, but growth rates decreased compared to June[6] - Cumulative retail sales growth from January to July was 4.8%, an increase of 1.3 percentage points compared to the same period last year[7] Investment Trends - Fixed asset investment growth from January to July was 1.6%, down 1.2 percentage points, with declines in infrastructure, manufacturing, and real estate investments[8] - Manufacturing investment growth was 6.2%, down 1.3 percentage points, influenced by external environment fluctuations and the implementation of anti-"involution" policies[8] - Real estate investment saw a cumulative decline of 12.0% from January to July, with a worsening drop of 0.8 percentage points compared to the previous period[10] Future Outlook - Economic growth momentum is expected to remain weak in August, with potential policy measures anticipated in the fourth quarter to stabilize the economy[12] - The macroeconomic policy may include increased fiscal support, interest rate cuts, and stronger measures to stabilize the real estate market[12] - The overall economic growth target for the year is around 5.0%, with expectations of a decline in industrial production growth due to weakening export momentum[12]

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]

Core Insights - The industrial added value for July increased by 5.7% year-on-year and 0.38% month-on-month [1] By Industry Category - Mining industry grew by 5.0% [1] - Manufacturing industry saw an increase of 6.2% [1] - Electricity, heat, gas, and water production and supply industry rose by 3.3% [1] By Economic Type - State-owned enterprises increased by 6.5% [2] - Shareholding enterprises grew by 5.4% [2] - Foreign and Hong Kong, Macao, and Taiwan enterprises increased by 5.0% [2] - Private enterprises saw a growth of 2.8% [2] By Specific Industries - Out of 41 major industries, 35 maintained year-on-year growth [3] - Coal mining and washing industry grew by 4.2% [3] - Oil and natural gas extraction increased by 4.1% [3] - Agricultural and sideline food processing industry grew by 5.6% [3] - Chemical raw materials and chemical products manufacturing increased by 7.2% [3] - Black metal smelting and rolling processing industry rose by 8.6% [3] - General equipment manufacturing increased by 8.4% [3] - Automotive manufacturing grew by 8.5% [4] By Product - Among 623 industrial products, 335 saw year-on-year growth [4] - Automotive production reached 2.51 million units, an increase of 8.4% [5] - New energy vehicles reached 1.176 million units, growing by 17.1% [5] - Power generation was 926.7 billion kWh, up by 3.1% [5] - Crude oil processing volume was 63.06 million tons, an increase of 8.9% [5]

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].

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]

Economic Overview - In July, under the strong leadership of the Central Committee, the national economy maintained a steady growth trend, with production and demand continuing to rise, and overall employment and prices remaining stable [1][9] 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% 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 managers' index was at 49.3, indicating a slight contraction in manufacturing activity [2] Service Sector - The service production index rose 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 services was at 50.0, indicating stable activity levels [3] Retail 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 accounting for 70,790 billion yuan, a 6.3% increase [4] Fixed Asset Investment - From January to July, fixed asset investment (excluding rural households) totaled 288,229 billion yuan, a year-on-year increase of 1.6% [5] - Manufacturing investment grew by 6.2%, while real estate development investment declined by 12.0% [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% [6] - Exports amounted to 23,077 billion yuan, growing by 8.0%, while imports were 16,026 billion yuan, increasing by 4.8% [6] Employment - The urban survey unemployment rate averaged 5.2% from January to July, with July's rate at 5.2%, a 0.2 percentage point increase from the previous month [7] Consumer Prices - In July, the 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, rose by 0.8%, indicating a slight increase in underlying inflation pressures [8]

Group 1 - In July, the industrial added value of large-scale industries increased by 5.7% year-on-year, a slight decline of 1.1 percentage points compared to the first half of the year [1] - From January to July, the industrial added value grew by 6.3% year-on-year [1] - Among the three major sectors, mining increased by 5.0%, manufacturing by 6.2%, and electricity, heat, gas, and water production and supply by 3.3% in July [1] Group 2 - In July, 35 out of 41 major industries maintained year-on-year growth in added value, with notable increases in chemical manufacturing (7.2%), transportation equipment manufacturing (13.7%), electrical machinery (10.2%), and computer and electronic equipment manufacturing (10.2%) [1] - The equipment manufacturing sector saw an 8.4% increase in added value, while high-tech manufacturing grew by 9.3%, both exceeding the overall industrial growth rate by 2.7 and 3.6 percentage points respectively [1] - The policy for equipment updates has stimulated demand across industries for upgrading equipment, supported by financial assistance and policy incentives [1] Group 3 - The National Development and Reform Commission announced that 188 billion yuan of special government bonds for equipment updates have been allocated, supporting approximately 8,400 projects across various sectors, leading to a total investment exceeding 1 trillion yuan [2] - Analysts predict that industrial production momentum may weaken in the second half of the year due to declining exports and increased domestic consumption and investment efforts [3] - The overall industrial production growth rate is expected to slow down, potentially aligning with or slightly below GDP growth, indicating a shift in economic growth drivers towards the service sector [3] Group 4 - The Ministry of Industry and Information Technology plans to introduce growth stabilization measures for key industries such as steel, non-ferrous metals, petrochemicals, and building materials [4] - The ministry aims to support major industrial provinces in implementing supportive policies, fostering new growth points, and enhancing industrial transformation to stabilize industrial economic operations [4]

2025年1—7月份，全国固定资产投资（不含农户）288229亿元，同比增长1.6%（按可比口径计算，详 见附注7）。其中，民间固定资产投资同比下降1.5%。从环比看，7月份固定资产投资（不含农户）下 降0.63%。 分产业看，第一产业投资5646亿元，同比增长5.6%；第二产业投资104455亿元，增长8.9%；第三产业 投资178128亿元，下降2.3%。 第二产业中，工业投资同比增长9.0%。其中，采矿业投资增长3.0%，制造业投资增长6.2%，电力、热 力、燃气及水生产和供应业投资增长21.5%。 第三产业中，基础设施投资（不含电力、热力、燃气及水生产和供应业）同比增长3.2%。其中，水上 运输业投资增长18.9%，水利管理业投资增长12.6%，铁路运输业投资增长5.9%。 分地区看，东部地区投资同比下降2.4%，中部地区投资增长3.2%，西部地区投资增长3.6%，东北地区 投资下降3.0%。 分登记注册类型看，内资企业固定资产投资同比增长1.7%，港澳台企业固定资产投资增长3.5%，外商 企业固定资产投资下降15.7%。 | | (1) M H M N K | 1 = X >> JH | | | - ...

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）。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%。 分三大门类看，7月份，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%。 分经济类型看，7月份，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%。 分行业看，7月份，41个大类行业中有35个行业增加值保持同比增长。其中，煤炭开采和洗选业增长 4.2%，石油和天然气开采业增长4.1%，农副食品加工业增长5.6%，酒、饮料和精制茶制造业增长0.1%， 纺织业增长1.7%，化学原料和化学制品制造业增长7.2%，非金属矿物制品业下降0.6%，黑色金属冶炼和 压延加工业增长8.6%，有色金属冶炼和压延加工业增长6.8%，通用设备制造业增长8.4%，专用设备制造 业增长3.8%，汽车制造业增长8.5%，铁路、船舶、航空航天和其他运输设备制造业增长13.7%，电气机械 和器材制造业增长10.2%，计算机、通信和其 ...

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]