In August, all regions and departments earnestly implemented the decisions and deployments of the Party Central Committee and the State Council, adhered to the general principle of seeking progress while maintaining stability, fully, accurately, and comprehensively implemented the new development philosophy, accelerated the construction of a new development pattern, actively strengthened macroeconomic policy adjustments, deepened the construction of a nationally unified market, focused on strengthening the domestic cycle, maintained basically stable production and demand, overall stable employment and prices, cultivated and expanded new growth drivers, and kept the national economy generally stable with a trend of steady progress.
I. Industrial Production Grew Relatively Fast, with Equipment Manufacturing and High-Tech Manufacturing Showing Good Growth Momentum
In August, the value added of industrial enterprises above the designated size increased by 5.2 percent year-on-year, and by 0.37 percent month-on-month. By sector, mining increased by 5.1 percent year-on-year, manufacturing grew by 5.7 percent, and the production and supply of electricity, heat, gas, and water increased by 2.4 percent. The value added of equipment manufacturing and high-tech manufacturing increased by 8.1 percent and 9.3 percent year-on-year, respectively, 2.9 and 4.1 percentage points faster than that of all industrial enterprises above the designated size. By ownership, the value added of state-controlled enterprises increased by 4.7 percent year-on-year; share-holding enterprises grew by 6.0 percent, and enterprises funded by foreign investors and investors from Hong Kong, Macao, and Taiwan increased by 2.3 percent; private enterprises grew by 4.6 percent. In terms of products, the output of 3D printing equipment, new energy vehicles, and industrial robots increased by 40.4 percent, 22.7 percent, and 14.4 percent year-on-year, respectively. From January to August, the value added of industrial enterprises above the designated size increased by 6.2 percent year-on-year. In August, the Purchasing Managers’ Index (PMI) for the manufacturing sector was 49.4 percent, up 0.1 percentage points from the previous month; the production and business activity expectation index was 53.7 percent, up 1.1 percentage points. From January to July, the total profits of industrial enterprises above the designated size reached 4,020.4 billion yuan, a decrease of 1.7 percent year-on-year.
II. Services Industry Grew Relatively Fast, with Modern Services Developing Favorably
In August, the national services production index increased by 5.6 percent year-on-year. By sector, the production indices for information transmission, software and information technology services; financial services; and leasing and business services increased by 12.1 percent, 9.2 percent, and 7.4 percent year-on-year, respectively, 6.5, 3.6, and 1.8 percentage points faster than the services production index. From January to August, the national services production index increased by 5.9 percent year-on-year. From January to July, the operating revenue of services enterprises above the designated size increased by 7.4 percent year-on-year. In August, the business activity index for the services sector was 50.5 percent, up 0.5 percentage points from the previous month; the business activity expectation index was 57.0 percent, up 0.4 percentage points. Among these, the business activity indices for railway transport, water transport, air transport, telecommunication, radio and television and satellite transmission services, and capital market services were in the high景气区间 above 60.0 percent.
III. Market Sales Grew Steadily, with Service Retail Growing Relatively Fast
In August, the total retail sales of consumer goods reached 3,966.8 billion yuan, an increase of 3.4 percent year-on-year; month-on-month growth was 0.17 percent. By location, urban retail sales of consumer goods were 3,438.7 billion yuan, up 3.2 percent year-on-year; rural retail sales of consumer goods were 528.1 billion yuan, up 4.6 percent. By type of consumption, retail sales of goods were 3,517.2 billion yuan, up 3.6 percent; catering revenue was 449.6 billion yuan, up 2.1 percent. Sales of basic living necessities and some upgraded goods showed good growth, with retail sales of daily necessities, grain, oil, and food, and sports and recreation goods by units above the designated size increasing by 7.7 percent, 5.8 percent, and 16.9 percent, respectively. The policy of replacing old consumer goods with new ones continued to show
