How did China's major economic indicators perform in August, and what distinctive features does the national economy currently exhibit? How should we assess the trajectory of economic trends in the coming phases? At a press conference held by the State Council Information Office on the 15th, the spokesperson for the National Bureau of Statistics addressed these critical questions.
The national economy maintained a broadly stable performance. Fu Linghui, spokesperson for the National Bureau of Statistics, stated that in August, despite ongoing international geopolitical conflicts and frequent natural disasters in several domestic regions, China's economy withstood these pressures and sustained a generally stable development trend characterized by innovation and improvement. Viewed through key monthly indicators, economic performance showcased a pattern of "three stabilizations and two accelerations."
Production remained stable. In August, despite fluctuations in the international crude oil market and tight supplies of some essential raw materials, the value-added output of enterprises above the designated size grew by 5.2% year-on-year, while the services production index rose by 4.1%, both maintaining overall stability. Employment also stayed stable, with the surveyed urban unemployment rate in August coming in at 5.3%. Employment in the manufacturing sector remained broadly steady, while the information transmission, software, and information technology services sectors saw notable job gains.
Prices were similarly stable. The Consumer Price Index (CPI) increased by 0.8% year-on-year in August, and the Producer Price Index (PPI) for industrial products rose by 3.8%, which remains at a relatively moderate level by international standards. In terms of growth, emerging industries advanced rapidly. In August, the value-added output of high-tech manufacturing and digital product manufacturing above the designated size grew by 16.7% and 15.7% year-on-year, respectively, with new drivers such as high-tech and digital manufacturing expanding quickly.
Foreign trade also grew swiftly, with total goods imports and exports increasing by 19.8% year-on-year in August, maintaining rapid growth. "Despite a turbulent external environment with numerous destabilizing factors, our economy has overcome difficulties to maintain stable operation, with new drivers of growth continuing to expand. Its resilience and vitality underscore its role as a key global growth pole and source of stability," Fu Linghui remarked.
Looking ahead, the trend toward innovation and improvement is set to continue, with new drivers contributing over 60% to the growth of industrial output above the designated size in August. "The supporting and leading role of new drivers, represented by high-tech manufacturing and digital product manufacturing, is exceptionally prominent. In August, the value-added output of the equipment manufacturing industry grew by 12.1% year-on-year. High-tech manufacturing continues to lead, with sectors like integrated circuit manufacturing and smart vehicle equipment manufacturing maintaining growth rates above 20%," noted Wang Guanhua, spokesperson for the National Bureau of Statistics.
The economy is becoming more innovation-intensive and greener. In August, energy consumption per unit of value-added output in industry above the designated size fell by 7.2% year-on-year, while clean energy sources—including hydropower, wind power, nuclear power, and solar power—saw their share of total electricity generation rise by 2.4 percentage points year-on-year. This dual shift reflects a promising synergy in the industrial economy between carbon reduction, green expansion, and growth.
Structural improvements on the demand side are equally noteworthy, with the share of services consumption and quality-oriented consumption increasing. From January to August, services retail sales grew by 4.9% year-on-year, outpacing overall market sales growth, and retail sales of wearable smart devices at units above the designated size maintained rapid growth. "Diversification in foreign trade markets continues to solidify. In the first eight months, our imports and exports with ASEAN, the EU, Africa, and Latin America grew by 20.6%, 8.1%, 18.5%, and 14.5% year-on-year, respectively, while trade with Belt and Road partner countries rose by 15.9%. This diversified trade landscape provides vital support in cushioning against fluctuations in any single market," Fu Linghui explained.
Addressing investment pressures, Wang Guanhua indicated that frequent extreme weather events—such as high summer temperatures, typhoons, and floods—have hindered project construction in some areas. Concurrently, the complex external environment and the ongoing transition between old and new growth drivers domestically have led to more cautious corporate investment decisions. "In the first eight months, fixed asset investment reached nearly 30 trillion yuan, a substantial figure. Investment in new drivers has bucked the trend to grow, with accelerated growth in several sectors. Investment is pivoting from sheer scale expansion toward greater emphasis on technological innovation, industrial upgrading, and foundational support. This optimization in capital deployment is precisely what we anticipate and require for advancing high-quality development," Wang Guanhua added.
The fundamentals supporting China's long-term economic growth remain unchanged. Fu Linghui stated that despite current pressures and challenges, the economy's positive long-term trajectory persists, with momentum and vitality gathering strength, leaving the economy well-positioned to continue running smoothly and progressing toward innovation and optimization. "While the economy faces certain pressures in scale and structure, these challenges are surmountable through concerted effort. Policies across various regions and departments to expand domestic demand and support enterprises are already showing results. For instance, the large-scale equipment renewal and trade-in programs for consumer goods launched this year have driven a 9.3% year-on-year increase in investment in equipment and tools procurement in the first eight months, while retail sales of communication equipment at units above the designated size grew by 16.3%," Fu Linghui said.
Moreover, the landscape of stable economic operation remains intact, with the trend toward innovation and optimization strengthening. In terms of growth, value-added output of industry above the designated size and the services production index rose by 5.3% and 4.7% year-on-year, respectively, in the first eight months, suggesting our growth rate is likely to continue outperforming major developed economies. On employment and prices, conditions remain broadly stable, providing a favorable environment for steady economic performance. Regarding the balance of payments, foreign trade maintains brisk growth, with foreign exchange reserves stabilizing above $3.4 trillion. In terms of development quality, new drivers are expanding, industrial upgrading continues, and sectors such as artificial intelligence and new energy products exhibit promising momentum.
Fu Linghui highlighted that relevant departments have recently accelerated fiscal spending and the utilization of bond proceeds, promoted major national strategies and security capacity building, advanced the construction of a unified national market, and expanded mutually beneficial international economic and trade cooperation. As these measures are progressively implemented, they are expected to generate policy synergy and strengthen upward momentum in the economy. "This year, major international organizations have generally revised down their global growth forecasts for 2026, yet some have simultaneously raised their projections for China's growth, reflecting confidence in the resilience of our economy," Fu Linghui observed.
Looking forward, Fu Linghui emphasized the need to maximize the effectiveness of macro policies, deepen reform and opening-up, accelerate the transition between old and new growth drivers, and continuously reinforce the internal driving forces for economic development.
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