Official data released on September 15th reveals the trajectory of the national economy for August. Amidst a complex and shifting external environment and ongoing domestic transformation challenges, the economy maintains a stable overall performance with a clear trend toward innovation and quality improvement. A spokesperson summarized the month's key features with three pillars of stability and two areas of rapid advancement: stable production, employment, and prices, alongside swift growth in emerging industries and foreign trade. These figures highlight profound and positive structural changes taking place within the economy.
The first critical shift is the forceful rise of new growth drivers, now underpinning a significant portion of industrial expansion. In August, the value-added output of large-scale industries grew by 5.2% year-on-year, accelerating by 0.7 percentage points from the previous month. Notably, the equipment manufacturing sector expanded by 12.1%, and high-tech manufacturing surged by 16.7%, outpacing the overall industrial growth rate by 6.9 and 11.5 percentage points, respectively. These new drivers contributed over 60% of the growth in large-scale industries. Production of key high-tech items soared, with lithium-ion batteries increasing by 57.2%, industrial robots by 34.6%, and 3D printing equipment by 29.9%. The industrial sector's increasing focus on innovation is steadily converting into tangible economic gains, marking a smooth transition between old and new growth engines.
The second shift involves a change in investment logic, moving away from mere scale expansion toward an innovation-driven approach. From January to August, fixed asset investment (excluding rural households) saw a year-on-year decline of 7.2%, yet the structural optimization is evident. Investment in intellectual property products grew by 9.2%, accounting for 15.2% of total investment, up 2.3 percentage points year-on-year. Investment in high-tech industries increased by 5.2%, with its cumulative growth rate accelerating for three consecutive months. Furthermore, investment in equipment and tool purchases rose by 9.3%. Capital is increasingly flowing towards R&D, advanced manufacturing, the digital economy, and green, low-carbon sectors, steadily enhancing the quality and overall efficiency of investment.
The third shift highlights the sustained resilience of foreign trade, built upon a diversified market strategy. August saw total goods imports and exports grow by 19.8% year-on-year, with exports up 18.6% and imports up 21.7%. Over the January-August period, trade with ASEAN, Africa, and Latin America grew by 20.6%, 18.5%, and 14.5%, respectively. Imports and exports by private enterprises increased by 17.6%. Cumulatively, high-tech product exports grew by 37.1%, and integrated circuit exports surged by 95.4%. This dual focus on market diversification and product upgrading is demonstrating strong foreign trade resilience.
The fourth shift underscores the overall stability of employment and prices, which solidifies the foundation for people's livelihoods. The national surveyed urban unemployment rate stood at 5.3% in August, a slight increase of 0.1 percentage points from the previous month, mainly due to a seasonal influx of new college graduates. However, the unemployment rate for the core working-age population, those aged 30-59, remained steady at 3.9%, unchanged from both the previous month and the same period last year. The Consumer Price Index rose by 0.8% year-on-year, with the core CPI, excluding food and energy, increasing by 1.0%, indicating a moderate recovery in prices. Stable employment and prices provide room for macroeconomic policy and build a solid base for stable economic performance.
The August data confirms that the Chinese economy is operating smoothly under multiple pressures, with new growth drivers accumulating strength and the industrial structure undergoing iterative upgrades. Looking ahead, as the effectiveness of macro-policies is further unleashed, the construction of a unified national market progresses, targeted policies are implemented meticulously, and reform and opening-up deepen, the Chinese economy is poised to continue its path towards innovation, quality, and improvement, injecting stability and certainty into the global economy.
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