Official data from the National Bureau of Statistics on August 17 indicates that from January to July this year, the economy maintained stable production and supply, overall stable employment and prices, resilient foreign trade, and growing new growth drivers, sustaining a momentum of innovation and structural improvement.

Industrial output grew at a solid pace while the services sector posted steady expansion. During the first seven months, 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 expand, investment in intellectual property products grew rapidly, and imports and exports of goods registered notable gains. In this period, total retail sales of consumer goods and services climbed 2.6% year on year; fixed asset investment excluding rural households reached 260,328 billion yuan, down 6.7% year on year, while investment in intellectual property products surged 9.1%; and total goods trade amounted to 301,264 billion yuan, up 17.3% year on year.

Employment conditions remained broadly stable, and consumer prices rose modestly. The surveyed urban unemployment rate averaged 5.2% from January to July, unchanged from both the first half of the year and the same period last year. The consumer price index increased 0.9% year on year, and the producer price index for industrial products rose 1.8% during the same span.

Fu Linghui, spokesperson for the National Bureau of Statistics, said at a press conference held by the State Council Information Office on the 17th that, overall, the national economy operated steadily during the first seven months, maintaining a trajectory of innovation, optimization, and improvement. He added, however, that the external environment remains complex and changeable, the contradiction of strong supply and weak demand domestically is still prominent, some enterprises face operational difficulties, and the foundation for stable and upward economic momentum requires further consolidation.

Fu stated that in the next stage, efforts will be made to deepen reform and opening up, accelerate the transition between old and new growth drivers, strengthen counter-cyclical adjustments, expand domestic demand and improve supply, ensure and enhance people's livelihoods, boost development momentum and stimulate social vitality, so as to drive sustained progress toward an innovative, high-quality, and improved economic performance.