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Speaker:

Mr. Fu Linghui, spokesperson and chief economist of the National Bureau of Statistics (NBS) and director general of the Department of Comprehensive Statistics of the NBS

Chairperson:

Ms. Shou Xiaoli, director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO

Date:

Aug. 15, 2025

Shou Xiaoli:

Ladies and gentlemen, good morning. Welcome to this press conference held by the State Council Information Office (SCIO). This is a regular briefing on China's economic data. Today, we are joined by Mr. Fu Linghui, spokesperson and chief economist of the National Bureau of Statistics (NBS) and director general of the Department of Comprehensive Statistics of the NBS. Mr. Fu will brief you on China's economic performance in July 2025 and then take your questions.

Now, I would like to give the floor to Mr. Fu for his introduction.

Fu Linghui:

Thank you. Next, I will first report the main data indicators for July as usual, and then answer the questions that people are concerned about.

In July, the national economy maintained a steady growth momentum.

In July, under the strong leadership of the Communist Party of China (CPC) Central Committee with Comrade Xi Jinping at its core, all regions and departments conscientiously implemented the decisions and deployments of the CPC Central Committee and the State Council. Adhering to the general principle of seeking progress while maintaining stability, we fully and accurately implemented the new development philosophy on all fronts, accelerated the building of a new development pattern, stepping up the implementation of more proactive and effective macro policies, and deepened the construction of a unified national market. The national economy saw steady growth — production demand continued to grow, employment and prices remained stable, new quality productive forces became stronger, and high-quality development delivered new results.

First, industrial production grew fast, with equipment manufacturing and high-tech manufacturing showing good growth momentum.

In July, the total value added of industrial enterprises above designated size grew by 5.7% year on year, or 0.38% month on month. Between the three major sectors, the value added of mining went up by 5.0% year on year, that of manufacturing was up by 6.2%, and that of the production and supply of electricity, thermal power, gas and water was up by 3.3%. The value added of equipment manufacturing went up by 8.4% year on year, and that of high-tech manufacturing was up by 9.3%, which were 2.7 percentage points and 3.6 percentage points higher than the total value added of industrial enterprises above designated size. In terms of ownership, the value added of state holding enterprises went up by 5.4% year on year; that of share-holding enterprises was up by 6.5%; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 2.8%; and that of private enterprises was up by 5.0%. In terms of products, the outputs of 3D printing devices, industrial robots and new energy vehicles (NEVs) grew by 24.2%, 24.0% and 17.1% year on year, respectively. In the first seven months, the total value added of industrial enterprises above designated size went up by 6.3% year on year. In July alone, the Manufacturing Purchasing Managers' Index stood at 49.3%, and the Production and Operation Expectation Index was 52.6%. In the first six months, the total profits of industrial enterprises above designated size were 3.4365 trillion yuan, down by 1.8% year on year.

Second, the service sector grew rapidly, with modern services maintaining a good development momentum.

In July, the Index of Services Production grew by 5.8% year on year. In terms of sectors, the production index of information transmission, software and information technology services was up by 11.9%, that of financial industry grew by 8.7% and that of leasing and business services was up by 8.0% year on year, which were 6.1 percentage points, 2.9 percentage points and 2.2 percentage points higher than the Index of Services Production, respectively. In the first seven months, the Index of Services Production increased by 5.9% year on year. In the first six months, the business revenue of service enterprises above designated size grew by 7.5% year on year. In July, the Business Activity Index for Services was 50.0% and the Business Activity Expectation Index for Services was 56.6%. Specifically, the business activity index for railway transportation, air transportation, postal services, and culture, sports and recreation stayed within the high expansion range of 60.0% and above.

Third, market sales registered continued growth and spending on services grew quickly.

In July, the total retail sales of consumer goods reached 3.878 trillion yuan, up by 3.7% year on year, or down by 0.14% month on month. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 3.362 trillion yuan, up by 3.6% year on year, while the figure for rural areas reached 516 billion yuan, up by 3.9%. Grouped by types of consumption, the retail sales of goods were 3.4276 trillion yuan, up by 4.0%; the income of catering was 450.4 billion yuan, up by 1.1%. Sales of basic consumer goods and certain upgraded products posted solid growth. Retail sales of units above designated size rose 8.6% for grain, oil and food; 8.2% for daily necessities; 13.7% for sports and recreational articles; and 8.2% for gold, silver and jewelry, respectively. The consumer goods trade-in initiative continued to show results, with the retail sales of household appliances and audiovisual equipment, furniture, communication equipment, and cultural and office supplies by units above designated size growing by 28.7%, 20.6%, 14.9% and 13.8%, respectively. In the first seven months, the total retail sales of consumer goods reached 28.4238 trillion yuan, up by 4.8% year on year. The online retail sales were 8.6835 trillion yuan, up by 9.2% year on year. Specifically, the online retail sales of physical goods were 7.079 trillion yuan, up by 6.3%, accounting for 24.9% of the total retail sales of consumer goods. In the first seven months, the spending on services grew by 5.2% year on year. Among them, the spending on cultural, sports and leisure services, communication information services, tourism consulting and rental services, and transportation services grew rapidly.

Fourth, fixed-asset investment continued to expand, with investment in manufacturing growing fast.

In the first seven months, investment in fixed assets (excluding rural households) reached 28.8229 trillion yuan, up by 1.6% year on year; and investment in fixed assets was up by 5.3% with the investment in real estate development deducted. Specifically, investment in infrastructure grew by 3.2% year on year, that in manufacturing grew by 6.2%, and that in real estate development declined by 12.0%. The floor space of new commercial buildings sold was 515.6 million square meters, down by 4.0% year on year; the total sales of new commercial buildings were 4.9566 trillion yuan, down by 6.5%. By industry, investment in the primary industry went up by 5.6% year on year, that in the secondary industry up by 8.9%, and that in the tertiary industry down by 2.3%. Private investment declined by 1.5% year on year, and increased by 3.9% with investment in real estate development deducted. In the high-tech sector, investment in aerospace vehicle and equipment manufacturing, information services, and computer and office device manufacturing increased by 33.9%, 32.8%, and 16.0% year on year, respectively. In July, fixed-asset investment (excluding rural households) fell 0.63% month on month.

Fifth, imports and exports of goods grew quickly, and the trade structure continued to be optimized.

In July, the total value of imports and exports of goods was 3.9102 trillion yuan, up 6.7% year on year. Specifically, the total value of exports was 2.3077 trillion yuan, up 8.0%; and the total value of imports was 1.6026 trillion yuan, up 4.8%. In the first seven months, the total value of imports and exports of goods reached 25.6969 trillion yuan, up 3.5% year on year. Specifically, the total value of exports was 15.3048 trillion yuan, up 7.3%; and the total value of imports was 10.3922 trillion yuan, down 1.6%. In the first seven months, the imports and exports of general trade went up 2.1%, accounting for 64% of the total value of imports and exports. Imports and exports with Belt and Road partner countries grew 5.5%. Imports and exports by private enterprises went up 7.4%, accounting for 57.1% of the total value of imports and exports, 2.1 percentage points higher than that of the same period last year. Exports of mechanical and electrical products grew 9.3% year on year, accounting for 60% of the total value of exports.

Sixth, employment remained stable overall, and the surveyed urban unemployment rate experienced a seasonal increase.

In the first seven months, the average surveyed urban unemployment rate was 5.2%. In July, the surveyed urban unemployment rate was 5.2%, 0.2 percentage point higher than that of the previous month, and flat compared with the same month last year. The surveyed unemployment rate of population with local household registration was 5.3% and that of population with non-local household registration was 5.1%, among which the rate of the population with non-local agricultural household registration was 4.9%. In 31 major cities, the surveyed urban unemployment rate was 5.2%, up 0.2 percentage point from the previous month but down 0.1 percentage point compared with the same period last year. Employees of enterprises worked an average of 48.5 hours per week.

Seventh, consumer prices were flat year on year, while the core consumer price index (CPI) has risen for consecutive months.

In July, the CPI maintained the same level year on year, and rose by 0.4% month on month. By category, prices for food, tobacco and alcohol decreased by 0.8% year on year, clothing increased by 1.7%, housing rose by 0.1%, household goods and services grew by 1.2%, and transportation and communication declined by 3.1%. Prices for education, culture and recreation increased by 0.9%, health care rose by 0.5%, and other goods and services went up by 8.0%. In terms of prices for food, tobacco and alcohol, prices of pork went down by 9.5%, fresh vegetables down by 7.6%, grain down by 1.0%, and fresh fruits up by 2.8%. The core CPI excluding the prices of food and energy went up by 0.8% year on year, 0.1 percentage point higher than that of the previous month. In the first seven months, the CPI went down by 0.1% year on year.

In July, the producer prices for industrial products went down by 3.6% year on year, or down by 0.2% month on month. The purchasing prices for industrial producers went down by 4.5% year on year, or down by 0.3% month on month. In the first seven months, the producer prices and the purchasing prices for industrial products dropped by 2.9% and 3.2% year on year, respectively.

Overall, in July, macro policies took effect, the national economy overcame the adverse effects of a complex and volatile external environment and extreme domestic weather, maintained a steady and progressive development trend, and demonstrated strong resilience and vitality. It should also be noted that the external environment is complex and severe, and economic operations still face many risks and challenges. In the next stage, we must adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and maintain the general approach of seeking progress while ensuring stability. We must fully and accurately implement the new development philosophy, and accelerate the construction of a new development pattern. We must fully implement the decisions and deployments of the CPC Central Committee and the State Council, promote the implementation of various policies, focus on stabilizing employment, enterprises, market and expectations, effectively unleash the potential of domestic demand, strongly promote the domestic and international dual circulation, and foster stable and healthy economic development. Thank you.

Shou Xiaoli:

Now, the floor is open to questions. Please identify your media outlet before raising your questions.