National Economy was Generally Stable with Steady Progress in August

National Bureau of Statistics of China

15 September 2025

In August, under the strong leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, all regions and departments strictly implemented the decisions and arrangements made by the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully and faithfully applied the new development philosophy on all fronts, accelerated the efforts to create a new pattern of development, actively strengthened macroeconomic policy adjustment, made thorough efforts to develop a unified national market, and focused on promoting domestic circulation. As a result, the production and demand grew steadily, employment and prices were generally stable, and new growth drivers were cultivated and expanded. The national economy maintained a generally stable momentum with steady progress. 

1. Industrial Production Grew Fast with Good Growth Momentum for Equipment Manufacturing and High-Tech Manufacturing.

In August, the total value added of the industrial enterprises above the designated size grew by 5.2 percent year on year, or up by 0.37 percent month on month. In terms of sectors, the value added of mining went up by 5.1 percent year on year, manufacturing up by 5.7 percent, and the production and supply of electricity, heat power, gas and water up by 2.4 percent. The value added of equipment manufacturing increased by 8.1 percent year on year and that of high-tech manufacturing increased by 9.3 percent, 2.9 percentage points and 4.1 percentage points faster than that of the industrial enterprises above the designated size respectively. An analysis by types of ownership showed that the value added of state holding enterprises was up by 4.7 percent year on year; that of share-holding enterprises was up by 6.0 percent; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 2.3 percent; and that of private enterprises was up by 4.6 percent. In terms of products, the output of 3D printing devices, new energy vehicles and industrial robots grew by 40.4 percent, 22.7 percent and 14.4 percent year on year respectively. In the first eight months, the total value added of the industrial enterprises above the designated size went up by 6.2 percent year on year. In August, the Manufacturing Purchasing Managers’ Index was 49.4 percent, 0.1 percentage points higher than that of the previous month; the Production and Operation Expectation Index was 53.7 percent, up by 1.1 percentage points. In the first seven months, the total profits made by industrial enterprises above the designated size were 4,020.4 billion yuan, down by 1.7 percent year on year.

2. Service Sector Grew Rapidly and Modern Services Enjoyed Sound Momentum.

In August, the Index of Services Production went up by 5.6 percent year on year. Specifically, that of information transmission, software and information technology services, finance, leasing and business services grew by 12.1 percent, 9.2 percent and 7.4 percent year on year respectively, 6.5 percentage points, 3.6 percentage points and 1.8 percentage points faster than the growth of the Index of Services Production. In the first eight months, the Index of Services Production increased by 5.9 percent year on year. In the first seven months, the business revenue of service enterprises above the designated size grew by 7.4 percent year on year. In August, the Business Activity Index for Services stood at 50.5 percent, 0.5 percentage points higher than that of the previous month. The Business Activity Expectation Index for Services was 57.0 percent, 0.4 percentage points higher. Specifically, the Business Activity Index for industries like railway transportation, waterway transportation, air transportation, telecommunication, broadcast, television and satellite transmission services, and capital market services stayed within the high expansion range of 60.0 percent and above.

3. Market Sales Grew Steadily and Service Retails Grew Fast.

In August, the total retail sales of consumer goods reached 3,966.8 billion yuan, up by 3.4 percent year on year, or up by 0.17 percent month on month. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 3,438.7 billion yuan, up by 3.2 percent year on year, and that in rural areas stood at 528.1 billion yuan, up by 4.6 percent. Grouped by consumption patterns, the retail sales of goods were 3,517.2 billion yuan, up by 3.6 percent; the income of catering was 449.6 billion yuan, up by 2.1 percent. Sales of basic living goods and certain upgraded goods enjoyed sound growth. The retail sales of daily necessities, of grain, oil and food and of sports and recreational articles by enterprises above the designated size went up by 7.7 percent, 5.8 percent and 16.9 percent respectively. The effect of trade-in of consumer goods policy continued to manifest, with the retail sales of furniture, household appliances and audio-visual equipment, cultural and office supplies, and communication equipment by enterprises above the designated size up by 18.6 percent, 14.3 percent, 14.2 percent and 7.3 percent respectively. In the first eight months, the total retail sales of consumer goods reached 32,390.6 billion yuan, up by 4.6 percent year on year. The online retail sales reached 9,982.8 billion yuan, up by 9.6 percent year on year. Specifically, the online retail sales of physical goods were 8,096.4 billion yuan, up by 6.4 percent, accounting for 25.0 percent of the total retail sales of consumer goods. In the first eight months, the retail sales of services went up by 5.1 percent year on year. Specifically, the retail sales of culture, sports and leisure services, tourism consultation and rental services, and transportation services grew fast.

4. Investment in Fixed Assets Maintained Growth and Investment in Manufacturing Grew Fast.

In the first eight months, the investment in fixed assets (excluding rural households) reached 32,611.1 billion yuan, up by 0.5 percent year on year; the investment in fixed assets was up by 4.2 percent with the investment in real estate development deducted. Specifically, the investment in infrastructure grew by 2.0 percent year on year, that in manufacturing grew by 5.1 percent, and that in real estate development declined by 12.9 percent. The floor space of newly-built commercial buildings sold was 573.04 million square meters, down by 4.7 percent year on year; the total sales of newly-built commercial buildings were 5,501.5 billion yuan, down by 7.3 percent. By industry, the investment in the primary industry went up by 5.5 percent year on year, that in the secondary industry up by 7.6 percent, and that in the tertiary industry down by 3.4 percent. The private investment declined by 2.3 percent year on year, or grew by 3.0 percent with the investment in real estate development deducted. Among high-tech industries, the investment in information services, aerospace vehicle and equipment manufacturing, and computer and office device manufacturing grew by 34.1 percent, 28.0 percent and 12.6 percent year on year respectively. In August, the investment in fixed assets (excluding rural households) declined by 0.20 percent month on month.

5. Imports and Exports of Goods Sustained Growth and Trade Structure Continued to Optimize.

In August, the total value of imports and exports of goods was 3,874.4 billion yuan, an increase of 3.5 percent year on year. Specifically, the total value of exports was 2,303.5 billion yuan, up by 4.8 percent, and the total value of imports was 1,570.9 billion yuan, up by 1.7 percent. In the first eight months, the total value of imports and exports of goods was 29,569.6 billion yuan, an increase of 3.5 percent year on year. Specifically, the total value of exports was 17,605.6 billion yuan, up by 6.9 percent, and the total value of imports was 11,964.0 billion yuan, down by 1.2 percent. In the first eight months, the imports and exports of general trade went up by 2.2 percent, accounting for 63.9 percent of the total value of imports and exports. The imports and exports with the Belt and Road partner countries grew by 5.4 percent. The imports and exports by private enterprises went up by 7.4 percent, accounting for 57.1 percent of the total value of imports and exports, 2.1 percentage points higher than that of the same period last year. The exports of mechanical and electrical products grew by 9.2 percent, accounting for 60.2 percent of the total value of exports.

6. Employment was Generally Stable and Urban Surveyed Unemployment Rate Went up Due to Seasonality.

In the first eight months, the urban surveyed unemployment rate averaged 5.2 percent. In August, the urban surveyed unemployment rate was 5.3 percent, 0.1 percentage points higher than that of the previous month, maintaining the same level as that of the same month last year. The surveyed unemployment rate of population with local household registration was 5.4 percent, and that of population with non-local household registration was 5.0 percent, among which, the rate of population with non-local agricultural household registration was 4.7 percent. The urban surveyed unemployment rate in 31 major cities was 5.3 percent, 0.1 percentage points higher than that of the previous month, or 0.1 percentage points lower than that of the same month last year. The employees of enterprises worked 48.5 hours per week on average.

7. Core CPI Continued to Rebound and Producer Prices for Industrial Products Witnessed A Narrowed Decline.

In August, the consumer price index (CPI) went down by 0.4 percent year on year, maintaining the same level month on month. Grouped by commodity categories, prices for food, tobacco and alcohol went down by 2.5 percent year on year; clothing up by 1.8 percent; housing up by 0.1 percent; articles and services for daily use up by 1.8 percent; transportation and communication down by 2.4 percent; education, culture and recreation up by 1.0 percent; medical services and health care up by 0.9 percent; and other articles and services up by 8.6 percent. Among the prices for food, tobacco and alcohol, the price for pork went down by 16.1 percent, fresh vegetables down by 15.2 percent, fresh fruits down by 3.7 percent and grain down by 0.8 percent. The core CPI excluding the prices of food and energy went up by 0.9 percent year on year, 0.1 percentage points higher than that of the previous month. In the first eight months, the CPI went down by 0.1 percent year on year. 

In August, the producer prices for industrial products went down by 2.9 percent year on year, a decline narrowed by 0.7 percentage points compared with that of the previous month, or maintained the same level month on month. The purchasing prices for industrial producers went down by 4.0 percent year on year, a decline narrowed by 0.5 percentage points, or maintained the same level month on month. In the first eight months, the producer prices for industrial products and the purchasing prices for industrial producers dropped by 2.9 percent and 3.3 percent respectively compared with that of the same period last year.

Generally speaking, in August, with the synergy of macro policies, the national economy was generally stable with steady progress made in the transformation and upgrading and new achievements scored in high-quality development. However, we should be aware that there are many unstable and uncertain factors in external environment, and national economic development is still confronted with multiple risks and challenges. At the next stage, we must follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, adhere to the general principle of pursuing progress while ensuring stability, fully and faithfully apply the new development philosophy on all fronts, and accelerate the efforts to create a new pattern of development. We must fully implement macro policies, focus on keeping employment, businesses, market and expectations stable, and deepen reform and opening up and innovation, so as to foster steady and healthy economic development.

Notes:

1. The growth rates of value added of industrial enterprises above designated size and its sub-items are calculated at comparable prices. Both are real growth rates. The growth rates of other indicators are nominal growth by using current prices unless otherwise specified.

2. Industrial enterprises above designated size are industrial enterprises with annual revenue from principal business over 20 million yuan.

As industrial enterprises above the designated size change every year, to ensure the data comparability between years, the coverage of the data of the same period last year used for estimating year-on-year growth rates like that of products output, are as consistent as possible with the current period and different from the coverage of the data published last year. The main reasons are as follows: First, the statistical units change. Every year, some enterprises are included in the survey as they meet the threshold, while some enterprises are removed from the survey because of downsizing. Besides, enterprises that have newly gone into operation, been bankrupted, canceled their registrations or had their business licenses revoked also cause impact. Second, duplicated outputs across regions of enterprise groups have been removed based on the ad hoc surveys since duplication is found in the products output of some enterprise groups.

3. The Index of Services Production is the change of production in the reporting period compared to the base period with the price factors deducted.

4. The scope of the total retail sales of consumer goods include all legal entities, establishments and self-employed units involved in retail trades or providing catering services. Specifically, businesses above the designated size include wholesale enterprises (businesses, self-employed units), retail enterprises (businesses, self-employed units) and lodging and catering enterprises (businesses, self-employed units) with annual revenue from principal business over 20 million yuan, 5 million yuan and 2 million yuan respectively.

As the wholesale, retail, and lodging and catering enterprises (businesses, self-employed units) above the designated size change every year, to ensure the data comparability between years, the coverage of the data of the same period last year used for estimating year-on-year growth rates like that of the retail sales of consumer goods by businesses above the designated size is consistent with the current period and different from the coverage of data published last year. The main reasons are: some enterprises (businesses, self-employed units) are included in the survey as they meet the threshold, while some enterprises (businesses, self-employed units) are removed from the survey because of downsizing every year. Besides, enterprises (businesses, self-employed units) that have newly gone into operation, been bankrupted, canceled their registrations or had their business licenses revoked also cause impact.

Online retail sales refer to the retail sales of goods and services realized through internet trading platforms (including self-built websites and third-party platforms). Goods and services include physical goods and non-physical goods (e.g. virtual goods and services).

The total retail sales of consumer goods include the online retail sales of physical goods, but not the non-physical goods.

Data of total retail sales of consumer goods and online retail sales were revised according to the result of the Fifth National Economic Census. The monthly growth rates of relevant indicators of total retail sales of consumer goods and online retail sales in 2025 are calculated on a comparable basis.

5.The retail sales of services refer to the total value of services directly provided by enterprises (establishments, self-employed units) to individuals and other units for non-production and non-operating purposes in the form of transactions. It aims to reflect the value of services with the nature of consumption sold by service providers in monetary terms, including the retail sales of services in transportation, accommodation, catering, education, health, sports, entertainment, and other fields.

6. Data of investment in fixed assets of the same period last year were revised according to the results of methodology reform of investment statistics, the Fifth National Economic Census and the statistical law enforcement. The growth rates of investment in fixed assets are calculated on a comparable basis.

7. Data of imports and exports are from the General Administration of Customs.

8. Employed people refer to people aged 16 and above who have the ability to work and engage in gainful employment for remuneration payment or business income.

9. Due to the rounding-off reasons, the subentries may not add up to the aggregate totals.

In case of any differences between English translation and the original Chinese text, the Chinese edition shall prevail.