Domestic demand continues to expand in July, and the overall trend of the national economy continues to improve
2023-08-16
According to data released by the National Bureau of Statistics on August 15th, although the growth rate of some economic indicators in July slowed down compared to the previous month, overall, production demand remained stable, employment prices remained stable, industrial upgrading steadily advanced, people's livelihood protection was strong and effective, the national economy continued to recover, the quality of development steadily improved, and the overall trend continued to be positive. The growth rate of some indicators has slowed down in July, and the national service industry production index increased by 5.7% year-on-year; The added value of industries above designated size nationwide increased by 3.7% year-on-year and 0.01% month on month; The total retail sales of consumer goods increased by 2.5% year-on-year and decreased by 0.06% month on month; The national urban survey unemployment rate was 5.3%, an increase of 0.1 percentage points from the previous month. Fu Linghui, spokesperson for the National Bureau of Statistics and director of the Department of Comprehensive Statistics of the National Economy, stated that the slowdown in the growth rate of some major indicators is a normal fluctuation between months. Domestic demand continues to expand. The consumption of services such as summer tourism has significantly rebounded, which has a significant supporting effect on expanding consumption. In the first seven months, the retail sales of services increased by 20.3% year-on-year, while the retail sales of consumer goods continued to grow, with a year-on-year increase of 2.5% in July. Investment in key areas has maintained rapid growth, with infrastructure and manufacturing investments increasing by 6.8% and 5.7% respectively in the first seven months, both faster than the growth rate of all investments. The trend of industrial upgrading continues. The investment in high-tech industries has grown rapidly, with a year-on-year increase of 11.5% in the first seven months, significantly faster than the growth rate of all investments. The equipment manufacturing industry has shown good growth momentum, with a year-on-year increase of 6.1% in the first seven months, continuing to be faster than all industries above designated size. The modern service industry is developing well, with the production index of information transmission, software, and information technology services increasing by 11.9% year-on-year in the first seven months. The overall stability of employment prices. The national urban survey unemployment rate in July was 5.3%, which was affected by seasonal factors and increased by 0.1 percentage points compared to the previous month, but was lower than the same period last year by 0.1 percentage points. Affected by the high base in the same period last year, the CPI in July decreased by 0.3% year-on-year, but increased by 0.2% month on month, marking the first increase after five consecutive months of month on month decline this year. Excluding food and energy, the core CPI increased by 0.8% year-on-year, an increase of 0.4 percentage points compared to the previous month. The momentum of innovation and green development is improving. In the first seven months, investment in scientific research and technology services increased by 23.1% year-on-year. In July, the added value of the intelligent consumer goods manufacturing industry increased by 15.3% year-on-year, while the production of new energy vehicles and solar cells increased by 24.9% and 65.1% respectively. The guarantee of people's livelihood is strong and effective. In the face of high temperature weather and severe floods in some areas, all parties actively promote the increase of domestic oil and gas storage and production, strengthen the guarantee of electricity supply during peak summer, and ensure the market supply of key livelihood commodities, ensuring the overall stability of production and life. Pang Ming, Chief Economist and Research Director of Jones Lang LaSalle in Greater China, believes that based on July data, the foundation for a positive economic recovery still needs to be consolidated. Efforts to expand domestic demand, boost confidence, and prevent risks remain the focus of macroeconomic policies. At the same time, there is still room for moderate stimulus, reasonable relaxation, and timely reinforcement in various macroeconomic policies, and the synergy of macroeconomic policies
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：economic daily
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