(August 15, 2025)
National Bureau of Statistics
In July, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, all regions and departments thoroughly implemented the decisions and arrangements 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, intensified the implementation of more proactive and effective macroeconomic policies, and deepened the development of a unified national market. The national economy maintained a stable and progressive development trend, with continued growth in production and demand, overall stability in employment and prices, the cultivation and expansion of new quality productive forces, and new achievements in high-quality development.
1. Industrial production grew rapidly, with strong performance in equipment manufacturing and high-tech manufacturing
In July, the value-added of industrial enterprises above the designated size nationwide increased by 5.7% year-on-year and by 0.38% month-on-month. By sector, mining grew by 5.0% year-on-year, manufacturing by 6.2%, and the production and supply of electricity, heat, gas, and water by 3.3%. The value-added of equipment manufacturing and high-tech manufacturing increased by 8.4% and 9.3% year-on-year, respectively, outpacing the overall industrial growth by 2.7 and 3.6 percentage points. By ownership type, state-controlled enterprises grew by 5.4% year-on-year; shareholding enterprises by 6.5%; enterprises funded by foreign, Hong Kong, Macao, or Taiwanese investors by 2.8%; and private enterprises by 5.0%. By product, the output of 3D printing equipment, industrial robots, and new energy vehicles increased by 24.2%, 24.0%, and 17.1% year-on-year, respectively. From January to July, the value-added of industrial enterprises above the designated size nationwide increased by 6.3% year-on-year. In July, the manufacturing Purchasing Managers’ Index (PMI) was 49.3%, while the production and business activity expectations index was 52.6%. From January to June, the total profits of industrial enterprises above the designated size nationwide reached 3,436.5 billion yuan, a year-on-year decrease of 1.8%.
2. Services sector grew rapidly, with modern services showing strong momentum
In July, the national services production index increased by 5.8% year-on-year. By sector, the production indices for information transmission, software and information technology services; financial services; and leasing and business services grew by 11.9%, 8.7%, and 8.0% year-on-year, respectively, outpacing the overall services growth by 6.1, 2.9, and 2.2 percentage points. From January to July, the national services production index increased by 5.9% year-on-year. From January to June, the operating income of service enterprises above the designated size grew by 7.5% year-on-year. In July, the services business activity index was 50.0%, while the business activity expectations index was 56.6%. Industries such as railway transport, air transport, postal services, and culture, sports, and entertainment had business activity indices above 60.0%, indicating high prosperity.
3. Market sales continued to grow, with rapid growth in service retail
In July, total retail sales of consumer goods reached 3,878.0 billion yuan, up 3.7% year-on-year but down 0.14% month-on-month. By location, urban retail sales were 3,362.0 billion yuan, up 3.6% year-on-year, while rural retail sales were 516.0 billion yuan, up 3.9%. By consumption type, retail sales of goods were 3,427.6 billion yuan, up 4.0%, while catering revenue was 450.4 billion yuan, up 1.1%. Sales of daily necessities and some upgraded goods performed well, with retail sales of grain, oil, and food; daily necessities; sports and entertainment goods; and gold, silver, and jewelry by enterprises above the designated size increasing by 8.6%, 8.2%, 13.7%, and 8.2%, respectively. The policy of replacing old consumer goods continued to show effects, with retail sales of household appliances and audio-video equipment, furniture, communication equipment, and cultural and office supplies by enterprises above the designated size increasing by 28.7%, 20.6%, 14.9%, and 13.8%, respectively. From January to July, total retail sales of consumer goods reached 28,423.8 billion yuan, up 4.8% year-on-year. National online retail sales reached 8,683.5 billion yuan, up 9.2% year-on-year, of which online retail sales of physical goods were 7,079.0 billion yuan, up 6.3%, accounting for 24.9% of total retail sales. From January to July, service retail sales grew by 5.2% year-on-year, with rapid growth in cultural, sports, and leisure services; communication and information services; tourism consulting and leasing services; and transportation services.
4. Fixed asset investment continued to expand, with rapid growth in manufacturing investment
From January to July, national fixed asset investment (excluding rural households) reached 28,822.9 billion yuan, up 1.6% year-on-year; excluding real estate development investment, national fixed asset investment grew by 5.3%. By sector, infrastructure investment grew by 3.2% year-on-year, manufacturing investment by 6.2%, while real estate development investment fell by 12.0%. National sales of newly built commercial housing totaled 515.60 million square meters, down 4.0% year-on-year, with sales value reaching 4,956.6 billion yuan, down 6.5%. By industry, primary sector investment grew by 5.6% year-on-year, secondary sector investment by 8.9%, while tertiary sector investment fell by 2.3%. Private investment fell by 1.5% year-on-year; excluding real estate development investment, private investment grew by 3.9%. In high-tech industries, investment in aircraft and spacecraft manufacturing, information services, and computer and office equipment manufacturing grew by 33.9%, 32.8%, and 16.0% year-on-year, respectively. In July, fixed asset investment (excluding rural households) fell by 0.63% month-on-month.
5. Goods imports and exports accelerated, with continued optimization of trade structure
In July, total goods imports and exports reached 3,910.2 billion yuan, up 6.7% year-on-year. Exports were 2,307.7 billion yuan, up 8.0%, while imports were 1,602.6 billion yuan, up 4.8%. From January to July, total goods imports and exports reached 25,696.9 billion yuan, up 3.5% year-on-year. Exports were 15,304.8 billion yuan, up 7.3%, while imports were 10,392.2 billion yuan, down 1.6%. From January to July, general trade imports and exports grew by 2.1%, accounting for 64.0% of total trade. Trade with Belt and Road partner countries grew by 5.5%. Imports and exports by private enterprises grew by 7.4%, accounting for 57.1% of total trade, up 2.1 percentage points year-on-year. Exports of mechanical and electrical products grew by 9.3%, accounting for 60.0% of total exports.
6. Employment situation remained generally stable, with seasonal rise in urban surveyed unemployment rate
From January to July, the national average urban surveyed unemployment rate was 5.2%. In July, the national urban surveyed unemployment rate was 5.2%, up 0.2 percentage points from the previous month but unchanged year-on-year. The surveyed unemployment rate for local household registrants was 5.3%, while that for non-local household registrants was 5.1%, including 4.9% for non-local agricultural household registrants. The surveyed unemployment rate in 31 major cities was 5.2%, up 0.2 percentage points from the previous month but down 0.1 percentage points year-on-year. The average weekly working hours for enterprise employees nationwide were 48.5 hours.
7. Consumer prices were flat year-on-year, with core CPI rising for consecutive months
In July, the national Consumer Price Index (CPI) was flat year-on-year but up 0.4% month-on-month. By category, food, tobacco, and alcohol prices fell by 0.8% year-on-year, clothing prices rose by 1.7%, housing prices rose by 0.1%, prices of household goods and services rose by 1.2%, transportation and communication prices fell by 3.1%, education, culture, and entertainment prices rose by 0.9%, healthcare prices rose by 0.5%, and prices of other goods and services rose by 8.0%. Within food, tobacco, and alcohol, pork prices fell by 9.5%, fresh vegetable prices fell by 7.6%, grain prices fell by 1.0%, while fresh fruit prices rose by 2.8%. Core CPI, excluding food and energy prices, rose by 0.8% year-on-year, with the increase widening by 0.1 percentage points from the previous month. From January to July, the national CPI fell by 0.1% year-on-year.
In July, the national Producer Price Index (PPI) for industrial products fell by 3.6% year-on-year and by 0.2% month-on-month; the Purchasing Price Index (PPI) for industrial producers fell by 4.5% year-on-year and by 0.3% month-on-month. From January to July, the national PPI and PPI for industrial producers fell by 2.9% and 3.2% year-on-year, respectively.
Overall, in July, macroeconomic policies showed effectiveness, and the national economy overcame adverse factors such as a complex and volatile external environment and extreme domestic weather conditions, maintaining a stable and progressive development trend and demonstrating strong resilience and vitality. However, it should be noted that the external environment remains complex and severe, and economic operations still face many risks and challenges. In the next stage, we must adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, uphold the general principle of seeking progress while maintaining stability, fully, accurately, and comprehensively implement the new development philosophy, accelerate the construction of a new development pattern, thoroughly implement the decisions and arrangements of the Party Central Committee and the State Council, promote the detailed implementation of policies, focus on stabilizing employment, enterprises, markets, and expectations, effectively unleash domestic demand potential, vigorously promote domestic and international dual circulation, and drive stable and healthy economic development.
