[Macroeconomics] From January to August, mechanical industry production maintained relatively rapid growth.

According to the latest data from the National Bureau of Statistics, from January to August 2026, the value added of the five major industrial categories closely related to the machinery sector continued to grow year on year.

　　According to the latest data from the National Bureau of Statistics, during January–August 2026, the value added of the five major industrial categories within the machinery sector continued to grow year on year. Specifically, general-purpose equipment manufacturing increased by 8.1%, special-purpose equipment manufacturing by 9.2%, automobile manufacturing by 7.4%, electrical machinery and apparatus manufacturing by 6.9%, and instrument and meter manufacturing by 10.1%. In terms of fixed-asset investment, general-purpose equipment manufacturing rose by 0.9%, while special-purpose equipment manufacturing declined by 9%, automobile manufacturing fell by 6%, electrical machinery and apparatus manufacturing grew by 0.8%, and instrument and meter manufacturing decreased by 0.2%.

　　Among representative products of the machinery industry, from January to August 2026, cumulative production of metal-cutting machine tools reached 580,000 units, up 8.8% year on year; cumulative output of industrial robots totaled 729,000 sets, a year-on-year increase of 29%; cumulative generation capacity of generator sets stood at 236.96 million kilowatts, up 1% year on year; and cumulative production of solar cells amounted to 505.9 million kilowatts, down 14.6% compared with the same period last year.

　　In August, the national economy maintained stable performance, with development trending toward higher quality and greater efficiency.

　　In August, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, all regions and departments earnestly implemented the decisions and arrangements of the CPC Central Committee and the State Council, adhered to the overarching principle of pursuing progress while ensuring stability, worked to enhance the effectiveness of macro policies, deepened reform and expanded opening-up, accelerated the transition from old to new growth drivers, and continued to advance high-quality development. As a result, production and supply grew steadily, employment and prices remained broadly stable, foreign trade expanded rapidly, the supporting role of new growth drivers strengthened, and the national economy maintained an overall stable performance, continuing to move toward higher quality and greater excellence.

　　I. Industrial production has accelerated, with the equipment manufacturing and high-tech manufacturing sectors experiencing rapid growth.

　　In August, the value added of industrial enterprises above designated size nationwide increased by 5.2% year on year, accelerating by 0.7 percentage points from the previous month, and rose 0.54% month on month. By major sector, the mining industry’s value added fell 1.4% year on year, while manufacturing grew 6.1%, and the electricity, heat, gas, and water production and supply sector expanded 4.9%. The value added of the equipment manufacturing sector increased by 12.1% year on year, and that of the high-tech manufacturing sector rose by 16.7%, outpacing the overall growth of industries above designated size by 6.9 and 11.5 percentage points, respectively. By ownership type, state‑controlled enterprises saw a 3.0% year‑on‑year increase in value added; joint-stock enterprises grew by 5.7%; foreign‑invested and Hong Kong, Macao, and Taiwan‑invested enterprises expanded by 3.4%; and private enterprises recorded a 3.7% rise. By product, output of lithium‑ion batteries, industrial robots, and 3D printing equipment increased by 57.2%, 34.6%, and 29.9%, respectively, year on year. From January to August, the value added of industrial enterprises above designated size nationwide grew by 5.3% year on year. In August, the manufacturing Purchasing Managers’ Index stood at 49.8%, and the index of enterprise production and business activity expectations was 53.8%. From January to July, the total profits of industrial enterprises above designated size nationwide reached RMB 4.5821 trillion, up 17.6% year on year.

　　II. The service sector has grown steadily, with modern services showing strong momentum.

　　In August, the national services production index rose 4.1% year on year. By sector, the information transmission, software and information technology services, leasing and business services, and transportation, warehousing and postal services sectors recorded year-on-year increases of 9.6%, 9.0%, and 4.8%, respectively. From January to August, the national services production index grew 4.7% year on year. In August, the services sector business activity index stood at 49.3%, while the services sector business activity expectations index was 55.5%. Notably, sectors such as postal services, telecommunications, radio, television and satellite transmission services, and internet software and information technology services all posted business activity indices above 55.0%, indicating robust levels of economic activity. From January to July, operating revenue of large-scale service enterprises increased 5.7% year on year.

　　III. The scale of market sales has expanded, with service retail growing relatively rapidly.

　　From January to August, total retail sales of consumer goods and services rose 2.5% year on year, with service‑related retail sales up 4.9% and merchandise retail sales up 1.0%. Among service‑related sales, communications and information services, tourism‑related consulting and rental services, and cultural, sports, and leisure services posted particularly strong growth. During the same period, total retail sales of consumer goods reached RMB 32.7569 trillion, up 1.1% year on year. Online retail sales of goods and services nationwide totaled RMB 13.4766 trillion, an increase of 4.6% year on year; of this, online merchandise sales amounted to RMB 8.4195 trillion, up 4.3%, while online service sales reached RMB 5.0571 trillion, up 5.1%. In August, total retail sales of consumer goods stood at RMB 3.9824 trillion, up 0.4% year on year but down 0.13% month on month. By place of business, urban retail sales totaled RMB 3.4457 trillion, up 0.2% year on year, while rural retail sales reached RMB 536.7 billion, up 1.6%. By consumption type, merchandise retail sales were RMB 3.528 trillion, up 0.3% year on year, and catering revenue totaled RMB 454.4 billion, up 1.1%. Sales of basic necessities and certain upgraded‑category products grew robustly, with retail sales of beverages, grain, oil, and food products, and communication equipment—among enterprises above the designated size—rising 4.9%, 4.0%, and 27.3%, respectively, compared with the same period last year.

　　IV. Fixed-asset investment declined, while investment in intellectual property products grew rapidly.

　　From January to August, nationwide fixed‑asset investment (excluding household investments) totaled RMB 29.3092 trillion, down 7.2% year on year; excluding real estate development, fixed‑asset investment fell 4.2%. Notably, investment in intellectual‑property products rose 9.2% year on year. Investment in high‑tech industries increased 5.2%, with growth of 22.7% in information services, 14.9% in the manufacturing of aircraft and spacecraft and related equipment, and 6.9% in the manufacturing of electronic and communication equipment. By sector, investment in the primary sector declined 2.4%, in the secondary sector by 2.9%, and in the tertiary sector by 9.9%. By sub‑sector, infrastructure investment fell 4.0%, manufacturing investment decreased 2.3%, and real estate development investment dropped 19.9%. Private investment contracted 10.1% year on year; excluding real estate development, private investment declined 6.4%. Nationwide sales of newly built commercial housing reached 498.8 million square meters, down 12.1% year on year, while sales value totaled RMB 4.747 trillion, a decrease of 13.0%. Meanwhile, online‑registered transactions of existing homes amounted to 549.23 million square meters, up 10.6% year on year. In August, fixed‑asset investment (excluding household investments) fell 0.50% month on month.

　　V. Imports and exports of goods have grown rapidly, and the trade structure continues to improve.

　　In August, the total value of goods imports and exports reached 4.6455 trillion yuan, up 19.8% year on year, accelerating by 0.6 percentage points from the previous month. Specifically, exports totaled 2.7274 trillion yuan, an increase of 18.6%, while imports amounted to 1.9181 trillion yuan, up 21.7%. From January to August, the total value of goods imports and exports stood at 34.7753 trillion yuan, a year-on-year rise of 17.6%. Exports reached 20.1658 trillion yuan, up 14.6%, and imports totaled 14.6095 trillion yuan, up 22.0%. During the same period, general trade grew by 10.5% year on year, while trade with countries participating in the Belt and Road Initiative expanded by 15.9%. Private enterprises recorded a 17.6% increase in imports and exports, and exports of electromechanical products rose by 21.9%.

　　VI. The employment situation remains generally stable, with the surveyed urban unemployment rate rising seasonally.

　　From January to August, the national average surveyed urban unemployment rate was 5.2%, unchanged from the same period last year. In August, the surveyed urban unemployment rate stood at 5.3%, up 0.1 percentage points from the previous month. The surveyed unemployment rate for local registered residents was 5.3%, while that for non-local registered residents was 5.2%, with the latter including 5.0% for non-local agricultural‑registered residents. Among 31 major cities, the surveyed urban unemployment rate was 5.3%, also up 0.1 percentage points from the previous month. The average weekly working hours of employed persons in enterprises nationwide were 48.2 hours.

　　VII. Consumer prices registered a moderate rebound, while the year-on-year increase in industrial producer prices widened.

　　In August, the national Consumer Price Index (CPI) rose 0.8% year on year, with the increase expanding by 0.3 percentage points compared to the previous month; month-on-month, it increased by 0.4%. By category, prices for food, tobacco and alcohol, as well as dining out, fell 0.7% year on year, while clothing prices rose 1.3%, housing prices declined 0.3%, prices for household goods and services increased 0.7%, transportation and communication prices climbed 2.5%, education, culture and entertainment prices rose 1.4%, healthcare prices went up 2.7%, and other goods and services prices advanced 7.3%. Among food, tobacco and alcohol, and dining-out prices, pork prices dropped 11.8%, fresh vegetable prices fell 2.8%, grain prices decreased 0.6%, and fresh fruit prices slipped 0.5%. Excluding food and energy, the core CPI rose 1.0% year on year. From January to August, the national CPI increased 0.9% year on year.

　　In August, the national industrial producer price index rose 3.8% year on year, with the increase expanding by 0.3 percentage points compared with the previous month; month-on-month, it increased by 0.4%. The national industrial producer input price index rose 5.8% year on year and 0.3% month on month. From January to August, the national industrial producer price index and the input price index increased by 2.0% and 3.2%, respectively, year on year.

　　Overall, in August the national economy remained generally stable, continuing to exhibit a development trend characterized by strengthening growth drivers and an improving structural profile. However, it is also important to recognize that adverse external factors have intensified, domestic supply remains robust while demand remains weak, and some enterprises are facing significant operational challenges. As a result, the foundation for steady and positive economic progress still requires further consolidation. Looking ahead, we must remain guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, uphold the overarching principle of seeking progress while ensuring stability, fully, accurately, and comprehensively implement the new development philosophy, accelerate the establishment of a new development pattern, deepen reform and opening-up, strengthen macroeconomic policy adjustments, focus on expanding domestic demand, promote industrial upgrading, bolster development momentum, invigorate social vitality, and drive the economy toward sustained, high‑quality, and improved performance.