Official data released on August 17 shows that from January to July this year, production and supply expanded steadily, employment and prices remained broadly stable, foreign trade resilience continued to strengthen, and new growth drivers expanded. The national economy operated smoothly overall, sustaining a trend of upgrading momentum and improving structure.

Industrial production grew at a solid pace, while the services sector also recorded steady expansion. During the January-to-July period, the value added of industrial enterprises above a designated size rose 5.3% year on year, and the services production index increased 4.7%.

Market sales continued to broaden, investment in intellectual property products grew rapidly, and imports and exports of goods posted notable gains. Total retail sales of consumer goods and services climbed 2.6% year on year in the first seven months. Fixed asset investment (excluding rural households) reached 26.0328 trillion yuan, down 6.7% year on year, while investment in intellectual property products surged 9.1%. Goods trade totaled 30.1264 trillion yuan, up 17.3%.

The job market remained largely stable, with the average surveyed urban unemployment rate at 5.2% for the January-to-July period, unchanged from the first six months and the same period last year. Consumer prices edged up moderately, with the Consumer Price Index (CPI) rising 0.9% year on year and the Producer Price Index (PPI) for industrial products climbing 1.8%.

"Overall, the national economy ran smoothly in the first seven months, maintaining a positive development trajectory," said Fu Linghui, spokesperson for the National Bureau of Statistics, at a press conference on August 17. "However, the external environment remains complex and volatile, while domestic supply clearly outpaces demand. Some enterprises face operational difficulties, and the foundation for stable economic growth needs further consolidation."

Looking ahead, Fu said the next phase will involve deepening reform and opening-up, accelerating the transition between old and new growth drivers, intensifying counter-cyclical adjustments, expanding domestic demand, optimizing supply, improving people's livelihoods, boosting development momentum, and stimulating social vitality to promote sustained, high-quality economic progress.