Recent data from the National Bureau of Statistics indicates that China's economic performance in August showcases a balanced mix of stability in three key areas and accelerated growth in two others. The overall economic landscape remains steady while simultaneously progressing toward higher quality and innovation-driven development.
According to Fu Linghui, spokesperson for the National Bureau of Statistics, the complex international environment, characterized by ongoing geopolitical tensions and persistent fluctuations in global commodity and energy markets, has posed challenges to the stability of international supply chains. Domestically, natural disasters in some regions have increased pressure on disaster prevention and relief efforts. Despite these headwinds, proactive macroeconomic policies and the deepening of a unified national market have enabled China's economy to withstand external pressures and sustain its momentum toward modernization and optimization.
The "three stable" aspects of the August data include steady production, employment, and prices. Production stability has been maintained despite international oil market volatility caused by Middle East geopolitical conflicts, which tightened supplies of key raw materials. As a major global energy importer and manufacturing powerhouse, China has strengthened domestic energy supply measures, diversified import sources, and accelerated its green energy transition. These efforts have effectively supported stable production, with the value-added output of large-scale industries growing by 5.2% year-on-year and the services production index rising by 4.1%.
Employment stability has followed from production stability, with steady industrial growth supporting labor demand and the booming information services and software sectors creating new jobs. The national urban surveyed unemployment rate reached 5.3% in August, up 0.1 percentage points from the previous month, primarily reflecting seasonal effects from new graduates entering the labor market. However, the core working-age population (30-59 years old) maintained a stable unemployment rate of 3.9%, consistent with both last month and the corresponding period last year. While some industries experienced year-on-year employment declines due to structural adjustments, manufacturing employment remained broadly stable, and the information transmission, software, and IT services sectors showed notable increases. The accommodation and catering industry continued to expand employment, supported by growing domestic cultural tourism and leisure demand.
Price stability has been supported by stable production. Despite global commodity market turmoil and rising inflation in major developed economies, China has intensified market supply guarantees and strengthened production of essential goods to ensure price stability. In August, the consumer price index rose 0.8% year-on-year, while producer prices increased by 3.8%, both remaining at relatively moderate levels by international standards.
The "two rapid" aspects highlight the fast growth of emerging industries and foreign trade. New industries have expanded rapidly as technological innovation integrates with industrial development, green transformation deepens, and global AI and energy transitions accelerate. High-tech manufacturing and digital product manufacturing saw value-added growth of 16.7% and 15.7% year-on-year respectively in August, contributing over 60% of the growth in large-scale industrial output—a proportion that continues to rise. The information transmission, software, and IT services production index grew by 9.6%, contributing more than 20% of services sector growth.
Foreign trade has grown swiftly, underpinned by China's complete industrial system, enhanced technological capabilities, and product quality. By expanding economic exchanges with countries worldwide on a mutually beneficial basis and proactively increasing imports to balance trade, total goods imports and exports grew by 19.8% year-on-year in August. Exports of green products, including new energy vehicles and lithium batteries, accelerated significantly and have promoted global green transformation. Meanwhile, imports from developing countries such as ASEAN members, African and Latin American nations increased substantially, creating new opportunities for industrial development in these regions.
Looking ahead, despite the volatile external environment and multiple uncertainties, China's economy has demonstrated resilience and vitality by overcoming difficulties and maintaining stable operations while accumulating new growth drivers. In the next stage, in response to the complex international environment and domestic transformation pressures, policies will focus on strengthening counter-cyclical adjustments, expanding domestic demand, optimizing supply, deepening reform and opening-up, boosting momentum, and stimulating vitality to promote sustained high-quality economic development.