National Bureau of Statistics: The national economy continues to maintain a stable recovery trend in July

7月份，面对外部不确定性加大和国内疫情汛情等多重冲击，在以习近平同志为核心的党中央坚强领导下，各地区各部门认真贯彻落实党中央、国务院决策部署，有效实施宏观政策，经济增长水平符合预期，就业物价总体平稳，国际收支基本平衡，主要宏观指标处于合理区间，国民经济延续稳定恢复态势。

1、 Industrial production is steadily growing, and high-tech manufacturing is showing good growth momentum

In July, the added value of industrial enterprises above designated size in China increased by 6.4% year-on-year, a decrease of 1.9 percentage points from June and higher than the growth rate of the same period in 2019 and 2020; An average growth rate of 5.6% over two years; A month on month increase of 0.30%. Looking at the three major categories, the added value of the mining industry increased by 0.6% year-on-year; The manufacturing industry grew by 6.2% year-on-year; The production and supply of electricity, heat, gas, and water increased by 13.2% year-on-year. The added value of high-tech manufacturing and equipment manufacturing increased by 15.6% and 6.4% respectively year-on-year, with an average growth rate of 12.7% and 9.7% respectively over the past two years. By product, the production of new energy vehicles, industrial robots, integrated circuits, and microcomputer equipment increased by 162.7%, 42.3%, 41.3%, and 10.3% respectively year-on-year, with an average growth rate of over 14% in both years. Products that meet basic consumption have a higher growth rate. The production of household gas water heaters, beverages, and chemical fibers increased by 13.9%, 10.1%, and 9.3% respectively year-on-year. In terms of economic types, the added value of state-owned holding enterprises increased by 7.2% year-on-year; Joint stock enterprises increased by 7.1% year-on-year, while foreign-invested enterprises from Hong Kong, Macao, and Taiwan increased by 3.8% year-on-year; Private enterprises increased by 6.1% year-on-year. From January to July, the added value of industrial enterprises above designated size in China increased by 14.4% year-on-year, with an average growth rate of 6.7% over the past two years. Among them, the added value of the pharmaceutical manufacturing industry and the electrical machinery and equipment manufacturing industry increased by 29.3% and 26.2% respectively year-on-year. In July, the Purchasing Managers' Index of China's manufacturing industry was 50.4%, exceeding the critical point for 17 consecutive months; The expected index of enterprise production and operation activities is 57.8%.

From January to June, industrial enterprises above designated size in China achieved a total profit of 4218.3 billion yuan, a year-on-year increase of 66.9%, and an average two-year growth of 20.6%; The operating income profit margin of industrial enterprises above designated size was 7.11%, an increase of 1.66 percentage points from January to June 2020.

2、 The service industry continues to recover, and the overall growth rate of enterprise operating income is relatively fast

In July, the national service industry production index increased by 7.8% year-on-year, a decrease of 3.1 percentage points from June and higher than the growth rate of the same period in 2019 and 2020; The average growth rate over the past two years is 5.6%. Among them, the production index of information transmission, software, and information technology services industry increased by 16.9% year-on-year. From January to July, the production index of the service industry increased by 19.6% year-on-year, a decrease of 1.9 percentage points from January to June; The average growth rate over the past two years is 6.5%. From the perspective of major industries, the production indices of the eight sub sectors all maintained year-on-year growth, among which the production indices of information transmission, software, and information technology services industry increased by 21.6% year-on-year. From January to June, the operating income of service industry enterprises above designated size increased by 29.5% year-on-year, with an average growth rate of 11.1% over the past two years, which is the same as that from January to May. Among them, the operating income of the information transmission, software and information technology services industry, scientific research and technology services industry increased by 25.7% and 23.9% respectively year-on-year, with an average growth rate of 17.4% and 12.1% respectively over the past two years. In July, the service industry business activity index was 52.5%, an increase of 0.2 percentage points from June, and remained above the critical point for 17 consecutive months. From the perspective of market expectations, the expected index of business activities in the service industry is 60.1%, which remains in a relatively high prosperity range.

3、 Market sales continue to increase, and online retail is growing rapidly

In July, the total retail sales of consumer goods reached 3.4925 trillion yuan, a year-on-year increase of 8.5%, a decrease of 3.6 percentage points from June and higher than the growth rate of the same period in 2019 and 2020; An average growth rate of 3.6% over the past two years; The month on month decrease was 0.13%. From January to July, the total retail sales of consumer goods reached 24682.9 billion yuan, a year-on-year increase of 20.7%, with an average growth rate of 4.3% over the past two years. In July, according to the location of the operating units, the retail sales of urban consumer goods reached 3.0379 trillion yuan, a year-on-year increase of 8.4%; The retail sales of rural consumer goods reached 454.7 billion yuan, a year-on-year increase of 8.8%. By consumption type, retail sales of goods reached 3.1174 trillion yuan, a year-on-year increase of 7.8%; The catering revenue was 375.1 billion yuan, a year-on-year increase of 14.3%. By product category, the retail sales of 16 out of 18 product categories of units above designated size maintained positive growth year-on-year. The sales of daily consumer goods and upgraded products are growing well. Among the retail sales of commodities above the quota, the categories of grain and oil food, beverages, and daily necessities increased by 11.3%, 20.8%, and 13.1% respectively year-on-year, while the categories of sports and entertainment products, cultural and office supplies, and gold, silver, and jewelry increased by 20.7%, 14.8%, and 14.3% respectively. From January to July, the online retail sales in China reached 711.08 billion yuan, a year-on-year increase of 21.9%. Among them, the online retail sales of physical goods reached 5813 billion yuan, a year-on-year increase of 17.6%; The proportion of total retail sales of consumer goods in society is 23.6%.

4、 Fixed assets investment is generally stable, and the growth rate of manufacturing investment is accelerating

From January to July, the national fixed assets investment (excluding farmers) was 30253.3 billion yuan, up 10.3% year on year, 2.3 percentage points lower than that from January to June, with an average growth of 4.3% in two years; The month on month growth in July was 0.18%. Looking at different sectors, infrastructure investment increased by 4.6% year-on-year from January to July, with an average two-year growth rate of 0.9%, a decrease of 1.5 percentage points from January to June; Manufacturing investment increased by 17.3% year-on-year, with an average two-year growth rate of 3.1%, which is 1.1 percentage points faster than the period from January to June; Real estate development investment increased by 12.7% year-on-year, with an average two-year growth rate of 8.0%, a decrease of 0.2 percentage points from January to June. The sales area of commercial housing in China was 1.01648 billion square meters, a year-on-year increase of 21.5%; The sales revenue of commercial housing reached 1.0643 trillion yuan, a year-on-year increase of 30.7%. Looking at different industries, investment in the primary industry increased by 21.8% year-on-year, investment in the secondary industry increased by 14.4% year-on-year, and investment in the tertiary industry increased by 8.2% year-on-year. Private investment increased by 13.4% year-on-year. Investment in high-tech industries increased by 20.7% year-on-year, with an average two-year growth rate of 14.2%; The investment in high-tech manufacturing and high-tech service industries increased by 27.1% and 8.8% respectively year-on-year. In the high-tech manufacturing industry, investment in aviation, spacecraft and equipment manufacturing, computer and office equipment manufacturing, and medical equipment and instrumentation manufacturing increased by 49.7%, 46.9%, and 34.9% year-on-year, respectively; In the high-tech service industry, investment in e-commerce services and research and development design services increased by 42.7% and 27.2% respectively year-on-year. Investment in the social sector increased by 13.1% year-on-year, with an average two-year growth rate of 10.9%; Health investment and education investment increased by 31.8% and 12.1% respectively year-on-year.

5、 The import and export of goods have grown rapidly, and the trade structure continues to improve

In July, the total import and export volume of goods was 3265.7 billion yuan, a year-on-year increase of 11.5%. Among them, exports amounted to 1.8142 trillion yuan, a year-on-year increase of 8.1%; Imports amounted to 145.15 billion yuan, a year-on-year increase of 16.1%. The balance of imports and exports resulted in a trade surplus of 362.7 billion yuan. From January to July, the total import and export volume of goods was 2.13417 trillion yuan, a year-on-year increase of 24.5%. Among them, exports amounted to 1.16626 trillion yuan, a year-on-year increase of 24.5%; Imports amounted to 967.92 billion yuan, a year-on-year increase of 24.4%. The trade structure continues to improve. From January to July, the export of mechanical and electrical products increased by 25.5% year-on-year, accounting for 59% of the total export value. The proportion of general trade imports and exports to the total import and export volume was 61.9%, an increase of 1.5 percentage points compared to the same period last year. The proportion of imports and exports of private enterprises in the total import and export volume was 47.9%, an increase of 2.4 percentage points compared to the same period last year.

6、 The overall employment situation is stable, and urban employment continues to increase

From January to July, 8.22 million new urban jobs were created nationwide, achieving 74.7% of the annual target. In July, the national urban survey unemployment rate was 5.1%, an increase of 0.1 percentage points from June. The unemployment rate of the local registered residence population is 5.1%, and the unemployment rate of the foreign registered residence population is 5.0%. The surveyed unemployment rates for the population aged 16-24 and 25-59 are 16.2% and 4.2%, respectively. The urban survey unemployment rate in 31 major cities was 5.2%, unchanged from June. The average weekly working hours of employees in enterprises nationwide are 47.7 hours, an increase of 0.1 hours from June.

7、 The overall price level remains stable, with moderate increases in consumer prices for residents

In July, the national consumer price index (CPI) rose by 1.0% year-on-year, a decrease of 0.1 percentage points from June; The month on month increase was 0.3%. By category, food, tobacco, and alcohol prices decreased by 1.8% year-on-year, clothing prices increased by 0.4%, housing prices increased by 1.1%, daily necessities and services prices increased by 0.3%, transportation and communication prices increased by 6.9%, education, culture, and entertainment prices increased by 2.7%, healthcare prices increased by 0.4%, and other goods and services prices decreased by 1.3%. In terms of food, tobacco, and alcohol prices, pork prices decreased by 43.5%, fresh vegetable prices decreased by 4.0%, grain prices increased by 0.7%, and fresh fruit prices increased by 5.2%. After deducting food and energy prices, the core CPI rose by 1.3%, an increase of 0.4 percentage points from June. From January to July, the national consumer price index rose by 0.6% year-on-year.

In July, the ex factory prices of industrial producers in China increased by 9.0% year-on-year, an increase of 0.2 percentage points compared to June; A month on month increase of 0.5%. The purchase price of industrial producers increased by 13.1% year-on-year, unchanged from June; The month on month increase was 0.9%. From January to July, the ex factory prices and purchase prices of industrial producers in China increased by 5.7% and 7.9% respectively year-on-year.

总的来看，7月份国民经济延续稳定恢复态势。但也要看到，当前全球疫情仍在持续演变，外部环境更趋复杂严峻，国内疫情多点散发和自然灾害对部分地区经济产生影响，经济恢复仍然不稳固、不均衡。下一步，要坚持以习近平新时代中国特色社会主义思想为指导，坚持稳中求进工作总基调，坚持统筹疫情防控和经济社会发展，坚持完整、准确、全面贯彻新发展理念，深化供给侧结构性改革，加快构建新发展格局，着力推动高质量发展，精准落实常态化疫情防控举措，做好宏观政策跨周期调节，科学精准实施宏观政策，保持经济运行在合理区间，推动经济持续恢复、稳中向好。

Information source: China Government website