Data from the past 8 months shows that China's economy is moving towards a new and better direction

2026 is the starting year of the 15th Five Year Plan, and the Chinese economy has delivered an overall stable and excellent performance report from January to August. The National Bureau of Statistics released data on the 15th showing that production and supply grew steadily in August, employment and prices remained overall stable, foreign trade grew rapidly, and the support of new driving forces increased.

How good is the economic data for the first 8 months? Where does the power to support the new and better come from? Behind the data, three major structural features are worth paying attention to.

Feature 1: The overall economic operation is stable and improving, and the foundation continues to be consolidated

Production supply is the "ballast stone" for observing the overall economic situation. From January to August, the added value of industrial enterprises above designated size in China increased by 5.3% year-on-year. From January to August, the national service industry production index increased by 4.7% year-on-year.

Under the stable situation, the power to advance is also accumulating. From January to August, investment in intellectual property products increased by 9.2% year-on-year, while investment in high-tech industries increased by 5.2% year-on-year. Yang Gangqiang, Deputy Director of the Luojia Management Think Tank Working Committee at the School of Economics and Management of Wuhan University, analyzed that according to the data released in August, China's economic operation continues to show an overall stable, steady progress, and a trend towards new and better development. Industrial production, household consumption, and import and export of goods continue to grow, investment structure continues to optimize, energy security is strong, and the overall economic situation remains stable.

Feature 2: Expansion and improvement of service consumption, accelerated release of domestic demand potential

Consumption is the direct window to observe the potential of domestic demand. From January to August, the total retail sales of consumer goods and services increased by 2.5% year-on-year. The overall consumer market remains stable. Behind the stable total amount, the structure is undergoing changes. Yang Gangqiang stated that the consumer market continues to recover, with service consumption becoming a prominent structural highlight. The total retail sales of consumer goods in society continue to grow, while the growth rate of service retail sales continues to be faster than that of commodity retail sales. Tourism, accommodation, catering, cultural and entertainment, and sports and leisure consumption are relatively active, and summer consumption has a strong driving force on the growth of the consumer market.

Employment and prices are important supports for residents' consumption ability and willingness. From January to August, the average urban survey unemployment rate in China was 5.2%, which was the same as the same period last year, and the overall employment situation remained stable. In August, the national Consumer Price Index (CPI) rose by 0.8% year-on-year, an increase of 0.3 percentage points from the previous month; The national Producer Price Index (PPI) for industrial production increased by 3.8% year-on-year, with the growth rate expanding by 0.3 percentage points compared to the previous month. Resident consumer prices have moderately rebounded, and the market supply and demand relationship continues to improve.

Feature 3: Advanced manufacturing leads growth, highlighting foreign trade advantages more prominently

Advanced manufacturing is the "barometer" for observing industrial upgrading. In August, the added value of equipment manufacturing industry increased by 12.1% year-on-year, and the added value of high-tech manufacturing industry increased by 16.7%. The production of lithium-ion batteries, industrial robots, and 3D printing equipment products increased by 57.2%, 34.6%, and 29.9% year-on-year, respectively. From January to August, the total import and export volume of goods was 3.47753 trillion yuan, a year-on-year increase of 17.6%. The total import and export volume of goods in August increased by 19.8% year-on-year, with exports of green products such as new energy vehicles and lithium batteries growing rapidly.

The effectiveness of industrial upgrading from "manufacturing advantage" to "export advantage" is being confirmed on the foreign trade side. Expert analysis suggests that digital and intelligent products are growing rapidly, and industrial upgrading is transforming into tangible growth drivers. With the further manifestation of macroeconomic policy effects and the accelerated growth of new quality productivity, China's economy is expected to maintain overall stability and progress, and there is a foundation and conditions for achieving the expected annual economic growth target.

Fu Linghui, spokesperson for the National Bureau of Statistics, stated that in the next stage, we will strengthen macroeconomic policy adjustments, focus on expanding domestic demand, promote industrial upgrading, enhance development momentum, stimulate social vitality, and promote sustained economic development towards new and better directions.