Data released by the National Bureau of Statistics on August 17 indicates that during the January-July period this year, production and supply grew at a stable pace, employment and prices remained broadly steady, foreign trade resilience continued to manifest, and new growth drivers expanded. The national economy operated generally smoothly, sustaining a trend toward upgraded drivers and improved structure.

Industrial production posted relatively fast growth, while the services sector expanded steadily. From January to July, the value added of industrial enterprises above the designated size grew by 5.3 percent year-on-year, and the services production index rose by 4.7 percent year-on-year.

Market sales continued to expand, investment in intellectual property products grew rapidly, and imports and exports of goods saw relatively fast growth. During the same period, total retail sales of consumer goods and services increased by 2.6 percent year-on-year. Nationwide fixed-asset investment, excluding rural households, reached 26.0328 trillion yuan, down 6.7 percent year-on-year, while investment in intellectual property products climbed 9.1 percent. Total goods trade amounted to 30.1264 trillion yuan, a year-on-year increase of 17.3 percent.

The employment situation remained broadly stable, and market prices rose moderately. The average surveyed urban unemployment rate stood at 5.2 percent for the January-July period, unchanged from both the first half of the year and the same period last year. The Consumer Price Index rose 0.9 percent year-on-year during the first seven months, while the Producer Price Index for industrial products increased 1.8 percent.

"Overall, the national economy operated smoothly from January to July, maintaining a trajectory of upgrading, optimization, and improvement. However, it should also be noted that the external environment remains complex and volatile, the contradiction between strong supply and weak demand domestically is prominent, some enterprises face operational difficulties, and the foundation for sustained economic recovery still needs to be consolidated," said Fu Linghui, spokesperson for the National Bureau of Statistics, at a press conference held by the State Council Information Office on August 17.