-+ 0.00%

National Bureau of Statistics: The overall smooth operation of the national economy in August showed the characteristics of “three stability and two fast”

Zhitongcaijing·09/15/2026 04:17:02

Listen to the news

The Zhitong Finance App learned that on September 15, the Information Office of the State Council held a press conference. Fu Linghui, press spokesperson of the National Bureau of Statistics, chief economist, and director of the National Economic Comprehensive Statistics Department, introduced the operation of the national economy in August 2026 and answered questions from reporters. Fu Linghui said that overall, the national economy was generally running smoothly in August, continuing the development trend of new momentum and improved structure. However, it should also be noted that the adverse effects of the external environment have deepened, the contradictions between strong domestic supply and demand are prominent, production and operation are difficult for some enterprises, and the foundation for economic stability and improvement still needs to be consolidated. In the next stage, we must adhere to Xi Jinping's ideology of socialism with Chinese characteristics in the new era, adhere to the general tone of steady progress, completely, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, insist on deepening reform and opening-up, strengthen macroeconomic policy regulation, focus on expanding domestic demand, promote industrial upgrading, enhance development momentum, stimulate social vitality, and promote continuous economic development in a new direction and improvement.

Judging from the main indicators for August, the economic operation mainly showed the characteristics of “three stability and two fast”. The “three stability” is reflected in stable production, stable employment, and stable commodity prices.

The first is stable production. Affected by the geopolitical conflict in the Middle East, the international crude oil market continues to fluctuate, and the supply of some important raw materials is tight. As a major global energy importer and manufacturing country, China is under great pressure to guarantee energy supply and stable enterprise production. China is actively increasing domestic energy security and promoting diversified imports. In addition, China's green energy transformation has achieved remarkable results in recent years, effectively guaranteeing domestic energy supply and supporting stable production. In August, the value added of industries above scale and the service sector production index increased by 5.2% and 4.1%, respectively, and remained stable overall.

Second, employment is stable. Stable production lays a good foundation for stable employment. The steady growth of enterprise production is conducive to stabilizing employment demand. At the same time, the employment capacity of the service industry is relatively large, and emerging service industries such as information services and information software services are developing rapidly, making an important contribution to stable employment. In August, the unemployment rate in the national urban survey was 5.3%, up 0.1 percentage points from the previous month, mainly due to seasonal effects brought about by the concentration of new graduates entering the labor market. The urban survey unemployment rate for the main employed population, that is, the 30-59 age group, was 3.9%, the same as last month and the same period last year, and remained generally stable. From an industry perspective, although employment in some industries decreased year-on-year due to structural adjustment factors, the number of people employed in China's manufacturing industry is generally stable, and the number of people employed in the information transmission software and information technology services industry has increased markedly. Employment in the lodging and catering industry continues to expand, driven by the development of domestic cultural tourism and leisure, and plays an important role in stabilizing employment.

Third, prices are stable. Stable production has also created favorable conditions for price stability. International geopolitical conflicts have intensified global commodity market fluctuations and impacted price stability in major countries around the world. Since this year, the level of inflation in major developed economies has increased markedly. Judging from the situation in our country, in the face of this kind of pressure and challenge, China has actively increased market security and supply, strengthened the production of livelihood commodities, effectively guaranteed market supply, and promoted price stability. In August, consumer prices rose 0.8% year on year, and ex-factory prices for industrial producers rose 3.8%, which is at a relatively stable level in international comparison.

There are also “two express”. “Two express” means fast emerging industries and fast imports and exports. First, emerging industries are growing rapidly. With the integrated development of scientific and technological innovation and industrial innovation, green transformation has advanced further. Coupled with global artificial intelligence development and the acceleration of energy transformation, China's rapid development of emerging industries represented by high-tech manufacturing, digital manufacturing, and information technology services has made an important contribution to speeding up the transformation of old and new kinetic energy and improving the quality of development. In August, the value added of large-scale high-tech manufacturing and digital product manufacturing increased by 16.7% and 15.7%, respectively, over the same period last year. New momentum contributed more than 60% to the growth of industries above scale, and continues to increase. The production index of the information transmission, software and information technology services increased by 9.6%, and contributed more than 20% to the growth of the service industry production index.

Second, imports and exports are growing rapidly. Relying on a complete industrial system, continuously improving technical capabilities and product quality, we insist on expanding economic and trade exchanges with countries around the world on the basis of mutual benefit and win-win situation, actively expanding imports and promoting balanced development of foreign trade. China's imports and exports of goods have maintained rapid growth. In August, the total import and export volume of goods increased by 19.8% year-on-year. In terms of exports, China's exports of green products such as new energy vehicles and lithium batteries are growing rapidly, strongly promoting global green transformation and development. In terms of imports, China's imports from developing countries such as ASEAN, Africa, and Latin America have increased dramatically, providing new opportunities for developing countries' industrial development.

Taken together, despite the turbulent and unstable external environment and many uncertainties, China's economy has overcome difficulties, maintained smooth operation, and accumulated new momentum, showing strong resilience and vitality, and has become an important growth pole and source of stability for global development. In the next stage, in the face of the complex international environment and the pressure of domestic transformation and adjustment, it is necessary to strengthen countercyclical adjustment in accordance with the decisions and arrangements of the Party Central Committee and the State Council, expand domestic demand and excellent supply, deepen reform and opening-up, increase momentum and dynamism, and promote the continuous development of the economy in a new, better and better direction.

Wang Guanhua, press spokesman for the National Bureau of Statistics and deputy director of the National Economic Comprehensive Statistics Department, said that in the first eight months, the scale of China's fixed asset investment was still very impressive, approaching 30 trillion yuan. Further analysis of the structure and quality showed that new momentum investment bucked the trend, and the growth rate of investment in many fields had accelerated. The investment changed from focusing on scale expansion in the past to focusing more on scientific and technological innovation, industrial upgrading, and basic support. This optimization of capital investment is exactly what we expect and need to promote high-quality development.

The full text transcript is as follows:

Zhou Jianshe, Deputy Director of the Information Bureau and press spokesman of the Information Office of the State Council:

Good morning, ladies and gentlemen. Welcome to the press conference of the Information Office of the State Council. Economic data will be released on a regular basis today. We invited Mr. Fu Linghui, press spokesperson, chief economist, and director of the National Economic Comprehensive Statistics Department, and Ms. Wang Guanhua, press spokesperson and deputy director of the National Economic Comprehensive Statistics Department, to brief everyone on the operation of the national economy in August 2026 and answer everyone's concerns.

Now let's ask Mr. Fu Linghui to give an introduction.

Fu Linghui, press spokesman of the National Bureau of Statistics, chief economist and director of the National Economic Comprehensive Statistics Department:

Good morning to all media friends. As is customary, I will first report on the data of the main economic indicators for August, and then answer everyone's concerns with my colleagues.

In August, the national economy ran smoothly and developed to the next level

In August, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at the core, departments in all regions earnestly implemented the decisions and arrangements of the Party Central Committee and the State Council, adhering to the general tone of steady progress, focusing on the effectiveness of macroeconomic policies, deepening reforms and expanding opening-up, accelerating the conversion of old and new kinetic energy, continuing to promote high-quality development, steady growth in production and supply, employment prices were generally stable, foreign trade grew rapidly, and the supporting role of new momentum increased.

1. Industrial production is accelerating, and equipment manufacturing and high-tech manufacturing are growing rapidly

In August, the value added of industries above the national scale increased by 5.2% year-on-year, 0.7 percentage points faster than the previous month; the month-on-month increase was 0.54%. Looking at the three major categories, the value added of the mining industry decreased by 1.4% year on year, the manufacturing industry grew by 6.1%, and the production and supply of electricity, heat, gas and water increased by 4.9%. The value added of the equipment manufacturing industry increased by 12.1% year on year, and the value added of the high-tech manufacturing industry increased by 16.7%, which is 6.9 and 11.5 percentage points faster than the value added of industries above all sizes, respectively. By economic type, the value added of state-owned enterprises increased by 3.0% year on year; joint-stock enterprises increased 5.7%; foreign-invested enterprises, Hong Kong, Macao and Taiwan grew by 3.4%; and private enterprises increased by 3.7%. By product, production of lithium-ion batteries, industrial robots, and 3D printing equipment products increased by 57.2%, 34.6%, and 29.9%, respectively. From January to August, the value added of industries above the national scale increased by 5.3% year-on-year. In August, the manufacturing purchasing managers' index was 49.8%, and the expected index of enterprise production and operation activity was 53.8%. From January to July, industrial enterprises above the national scale achieved a total profit of 4582.1 billion yuan, an increase of 17.6% over the previous year.

Fu Linghui:

2. The service industry is growing steadily, and the modern service industry is growing well

In August, the national service industry production index increased 4.1% year on year. By industry, production indices for information transmission, software and information technology services, leasing and business services, and transportation, warehousing, and postal services increased by 9.6%, 9.0%, and 4.8%, respectively. From January to August, the national service industry production index increased 4.7% year on year. In August, the index of business activity in the service sector was 49.3%, and the expected index of business activity in the service sector was 55.5%. Among them, the index of business activity in industries such as postal services, telecommunications, radio, television and satellite transmission services, Internet software, and information technology services is in a high boom range of 55.0% or more. From January to July, the revenue of large-scale service enterprises increased 5.7% year-on-year.

3. The scale of market sales has expanded, and retail sales of services are growing faster

From January to August, total retail sales of consumer goods and services increased 2.5% year-on-year, with retail sales of services increasing by 4.9% and retail sales of goods increasing by 1.0%. Among retail sales of services, retail sales of communication and information services, travel consulting and rental services, and cultural, sports and leisure services are growing rapidly. From January to August, total retail sales of consumer goods amounted to 32756.9 billion yuan, an increase of 1.1% over the previous year. From January to August, retail sales of online goods and services nationwide reached 13476.6 billion yuan, an increase of 4.6% over the previous year. Among them, retail sales of online goods amounted to 8419.5 billion yuan, an increase of 4.3%; retail sales of online services amounted to 5057.1 billion yuan, an increase of 5.1%. In August, total retail sales of consumer goods amounted to 3982.4 billion yuan, up 0.4% year on year; down 0.13% month on month. According to the location of the business unit, retail sales of urban consumer goods amounted to 3445.7 billion yuan, an increase of 0.2% over the previous year; retail sales of rural consumer goods amounted to 536.7 billion yuan, an increase of 1.6%. By type of consumption, retail sales of goods were 3528 billion yuan, an increase of 0.3% over the previous year; food and beverage revenue was 454.4 billion yuan, an increase of 1.1%. Sales of basic lifestyle products and some upgraded products grew rapidly. Retail sales of beverages, food, food products, and communication equipment per unit above the limit increased by 4.9%, 4.0%, and 27.3%, respectively.

Fu Linghui:

4. Investment in fixed assets declined, and investment in intellectual property products grew rapidly

From January to August, the country's fixed asset investment (excluding rural households) was 29309.2 billion yuan, down 7.2% year on year; fixed asset investment after deducting real estate development fell 4.2%. Among them, investment in intellectual property products increased 9.2% year over year. Investment in high-tech industries increased by 5.2% year-on-year. Among them, investment in information services, aviation, spacecraft and equipment manufacturing, and electronics and communication equipment manufacturing increased by 22.7%, 14.9%, and 6.9%, respectively. By industry, investment in the primary sector decreased by 2.4% year on year, investment in the secondary sector decreased by 2.9%, and investment in the tertiary sector decreased by 9.9%. By sector, investment in infrastructure fell 4.0% year on year, investment in manufacturing fell 2.3%, and investment in real estate development fell 19.9%. Private investment declined 10.1% year over year; private investment after deducting real estate development fell 6.4%. The sales area of newly built commercial housing nationwide was 498.8 million square meters, a year-on-year decrease of 12.1%; sales of newly built commercial housing amounted to 4747 billion yuan, a decrease of 13.0%. The national second-hand housing transaction network has an area of 549.23 million square meters, an increase of 10.6% over the previous year. In August, fixed asset investment (excluding rural households) fell 0.50% month-on-month.

5. Import and export of goods are growing rapidly, and the trade structure continues to be optimized

In August, the total import and export volume of goods was 4645.5 billion yuan, up 19.8% year on year, 0.6 percentage points faster than the previous month. Among them, exports amounted to 2727.4 billion yuan, an increase of 18.6%; imports amounted to 1918.1 billion yuan, an increase of 21.7%. From January to August, the total import and export volume of goods was 34775.3 billion yuan, an increase of 17.6% over the previous year. Among them, exports amounted to 2016.58 billion yuan, an increase of 14.6%, and imports amounted to 14609.5 billion yuan, an increase of 22.0%. From January to August, general trade imports and exports increased 10.5% year-on-year. Imports and exports to the joint “Belt and Road” countries increased by 15.9%. Private enterprise imports and exports increased 17.6%. Exports of mechanical and electrical products increased by 21.9%.

Fu Linghui:

6. The employment situation is generally stable, and the urban survey unemployment rate rises seasonally

From January to August, the average unemployment rate in the national urban survey was 5.2%, the same as the same period last year. In August, the unemployment rate in the national urban survey was 5.3%, up 0.1 percentage points from the previous month. The unemployment rate in the local household registration labor force survey was 5.3%; the unemployment rate in the foreign household registration labor survey was 5.2%, of which the unemployment rate in the foreign agricultural household registration labor survey was 5.0%. The unemployment rate in the urban survey of 31 major cities was 5.3%, up 0.1 percentage points from the previous month. The average weekly working hours of employees in enterprises across the country are 48.2 hours.

7. Consumer prices rebounded moderately, and the year-on-year increase in industrial producer prices increased

In August, the national consumer price (CPI) rose 0.8% year on year, an increase of 0.3 percentage points over the previous month; it rose 0.4% month on month. By category, prices of food, tobacco, and food and drink fell 0.7% year on year, clothing prices rose 1.3%, housing prices fell 0.3%, household goods and services prices rose 0.7%, transportation and communication prices rose 2.5%, education, culture and entertainment prices rose 1.4%, healthcare prices rose 2.7%, and prices of other goods and services increased 7.3%. Among food, tobacco, alcohol and food and beverage prices, pork prices fell by 11.8%, fresh vegetables by 2.8%, food prices by 0.6%, and fresh fruit by 0.5%. After deducting food and energy prices, the core CPI rose 1.0% year over year. From January to August, national consumer prices rose 0.9% year on year.

In August, the ex-factory prices of industrial producers across the country rose 3.8% year on year, an increase of 0.3 percentage points over the previous month; up 0.4% month on month. The purchase price of industrial producers across the country rose 5.8% year on year and 0.3% month on month. From January to August, the ex-factory price and purchase price of industrial producers across the country increased 2.0% and 3.2%, respectively, year-on-year.

Overall, the national economy was running smoothly in August, continuing the development trend of new momentum and improved structure. However, it should also be noted that the adverse effects of the external environment have deepened, the contradictions between strong domestic supply and demand are prominent, production and operation are difficult for some enterprises, and the foundation for economic stability and improvement still needs to be consolidated. In the next stage, we must adhere to Xi Jinping's ideology of socialism with Chinese characteristics in the new era, adhere to the general tone of steady progress, completely, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, insist on deepening reform and opening-up, strengthen macroeconomic policy regulation, focus on expanding domestic demand, promote industrial upgrading, enhance development momentum, stimulate social vitality, and promote continuous economic development in a new direction and improvement.

Thank you.

Zhou Jianshe:

Thank you, Mr. Fu Linghui, for the introduction. Now, please raise your hands and ask your news agency before asking questions.

CCTV reporter at the general station:

We have seen that since this year, the external environment has become chaotic and intertwined. Faced with such a complicated situation, our economy has continued to show strong resilience. I would like to ask the speaker how to evaluate the performance of the national economy in August, and what are the highlights and positive changes? Thank you.

Fu Linghui:

Thank you for your question. Everyone is very concerned about the situation in August. In August, the international geopolitical conflict continued. Prices in the global commodity market, especially the energy market, continued to fluctuate, affecting the stability of the global industrial chain supply chain. From a domestic perspective, natural disasters are frequent in some regions, and the pressure for disaster prevention, mitigation and relief is rising. In a complex environment, more active and promising macroeconomic policies continue to gain strength. The construction of a unified national market is progressing in depth, and China's economy has withstood pressure and maintained an overall stable, new and improved development trend.

South China Morning Post reporter:

Fixed asset investment fell 7.2% year on year from January to August. This year, the market originally expected the launch of major projects to boost investment. How does the Bureau of Statistics interpret the current data performance and what are its predictions for future investment trends? Thank you.

Fu Linghui:

I ask Comrade Wang Guanhua to answer this question.

Wang Guanhua, press spokesperson of the National Bureau of Statistics and Deputy Director of the National Economic Comprehensive Statistics Department:

Thank you for your questions. Everyone is very concerned about the investment situation. China's fixed asset investment fell 7.2% year on year in the first eight months of this year. This is the result of a combination of factors. On the one hand, extreme weather such as high temperatures, typhoons, and floods is frequent in summer, which has had an adverse impact on project construction in some regions; on the other hand, the external environment is complex and changing, and factors that are uncertain and difficult to predict have increased. The country is still in the process of continuous conversion of old and new kinetic energy, and enterprises are more cautious in their investment decisions. It should be noted that as the stages of economic development change, the effectiveness of investment cannot simply be judged by the level of growth. Whether it is an effective investment, whether it is investing in the field of transformation and upgrading, and whether it can save momentum for long-term economic development are all the more worthy of attention. In the first eight months, the scale of China's fixed asset investment was still very impressive, close to 30 trillion yuan. Further analysis of the structure and quality showed that investment in new momentum bucked the trend, and the growth rate of investment in many fields was still accelerating. Investment changed from focusing on scale expansion in the past to focusing more on scientific and technological innovation, industrial upgrading, and basic support. This optimization of capital investment is exactly what we expect and need to promote high-quality development. More specifically:

First, investment is skewed towards innovation such as R&D. With the in-depth implementation of innovation-driven development strategies, enterprises continue to increase investment in R&D and pay more attention to the accumulation of investment in intellectual property products. Investment in intellectual property products increased 9.2% year-on-year in the first eight months, 0.1 percentage points faster than in January-July, accounting for 15.2% of total investment, and an increase of 2.3 percentage points year-on-year. Among them, investment in computer software and databases increased by 10.9%, and investment in research and development increased by 7.8%. Together, these two components account for more than 95% of investment in intellectual property products, and are the core engines driving investment in intellectual property products. The main results of investing in intellectual property products are intellectual assets such as technology, software, and databases, which can not only promote the transformation and implementation of scientific and technological achievements, but also effectively empower industrial transformation and upgrading, and improve production efficiency. It is an “energy storage” investment that benefits both the present and the long term.

Second, investment is concentrated in fields such as advanced manufacturing, digital economy, and green and low carbon. Investment in high-tech industries increased 5.2% year-on-year in the first eight months, 0.2 percentage points faster than in January-July. The cumulative growth rate has been accelerating for three consecutive months, indicating that under the dual drive of policy guidance and market demand, various regions are speeding up the layout of emerging industries and future industries, and the trend of investment gathering on new tracks is becoming more and more obvious. Looking at industry segments, demand for core technology and applications in the field of artificial intelligence is growing rapidly, driving enterprises to increase investment in related industrial chains. Investment in special electronic materials manufacturing and integrated circuit manufacturing increased by 8.5% and 12.0% respectively; the development of the NEV industry combined with strong demand for energy storage in the market, led to a 20.6% increase in investment in the lithium-ion battery manufacturing industry. At the same time, the effects of large-scale equipment renewal policies continue to show, and the willingness of enterprises to promote equipment updates and speed up transformation and upgrading has increased. Equipment purchase investment increased 9.3% year-on-year in the first eight months, 0.3 percentage points faster than in January-July, accounting for 19.5% of total investment.

Third, invest in the field of modern infrastructure. This year marks the beginning of the “15th Five-Year Plan”. Construction of a number of major projects, including the “Six Networks,” has started one after another. Projects such as cross-regional transportation routes, major energy and water conservancy projects, new infrastructure, and urban renewal are progressing in an orderly manner, and the supporting role in high-quality development is expected to be further highlighted. In the first eight months, investment in the Internet and related services related to the “Six Networks” increased by 42% year on year, investment in the air transport industry and water transport industry increased by 16.7% and 14.7% respectively, and investment in the electricity supply industry increased by 12.7%. According to departmental data, by the end of June, China had built more than 70 major computing power channels around computing power hubs.

Overall, China's investment structure is showing a trend of new and superior development, and the quality and efficiency of investment are constantly improving. At present, investment within the central budget has basically been issued, the issuance and use of local government special bonds is being accelerated, and funds for new policy financial instruments will also be invested quickly. The construction of the “six networks” is progressing in an orderly manner, and various policies are working together to further stimulate and release investment potential, and help high-quality economic and social development through effective investment.

Thank you.

CNBC Reporter:

There are two issues. Is there a new sign of stability in real estate? Also, what are the main reasons for the recent high import growth rate, reflecting the domestic demand situation? Thank you.

Fu Linghui:

Thank you for your question. You are mainly concerned about two issues. One is the real estate market situation, and the second is about the reason why imports are growing rapidly.

Since this year, various departments in various regions have adhered to city-specific policies, adjusted and optimized real estate policies, continuously controlled growth, removed inventory, and optimized supply, revitalized existing commercial housing through multiple channels, solidly promoted urban renewal, actively promoted the adjustment and optimization of the housing system, and accelerated the construction of a new model for real estate development. The results are gradually showing. It mainly manifests itself in the following aspects:

First, the total volume of real estate transactions has improved. With changes in the development stage of China's real estate market, the market transaction pattern is undergoing profound adjustments. In the past, mostly new housing transactions were gradually shifting to mostly stock housing transactions. This is an important change. According to recent data released by the Ministry of Housing, Urban-Rural Development, the online registration area for second-hand housing reached 550 million square meters from January to August. It has been higher than the sales area of new homes for many months in a row. Looking at the growth rate, the sales area of newly built commercial housing decreased by 12.1% year on year from January to August, while the online signing area for second-hand housing transactions increased by 10.6% year on year. Despite the decline in new commercial housing transactions, the total volume of transactions in the real estate market stabilized as second-hand housing transactions increased.

Second, the year-on-year decline in real estate transaction prices narrowed. Looking at the situation of newly built commercial housing, out of 70 large and medium-sized cities, the year-on-year decline in sales prices of newly built homes in 38 cities was narrower than last month. Among them, the year-on-year sales price declines in first-tier, second-tier, and third-tier cities were 0.2, 0.1 percentage points narrower than the previous month, respectively. Looking at the second-hand housing situation, out of 70 large and medium-sized cities in August, the year-on-year decline in residential sales prices in 48 cities was narrower than the previous month. Among them, the year-on-year sales price declines in first-tier, second-tier, and third-tier cities were 1.0, 0.2, and 0.2 percentage points narrower than the previous month, respectively.

Third, the inventory of newly built commercial housing continues to decline. Various regions are actively taking measures to promote the removal of commercial housing from inventory through support policies such as housing purchase subsidies, the sale of used and new ones, and various methods such as converting inventory to guaranteed housing, and achieved positive results. At the end of August, the area of newly built commercial housing for sale across the country fell 1.1% year on year. It has been declining for six consecutive months since this year, and the decline has continued to expand in recent months. Among them, the area of newly built commercial housing to be sold for less than 3 years decreased by 4.2%, and the short-term inventory removal effect was even more remarkable.

It should be pointed out that in recent years, there have been major changes in the relationship between supply and demand in China's real estate market, and it has become a new trend in the development of the real estate market to better meet people's housing needs. Currently, people's housing needs are showing a trend of shifting towards “good or not suitable” diversified development, and demand for smart, green, and age-appropriate housing is increasing. However, the original operating model of the real estate market is becoming more and more difficult to adapt to the new changes in the real estate market, and it is necessary to accelerate the transformation of the real estate development model. Since this year, relevant departments have further deepened the reform of the housing provident fund system, improved commercial housing sales and supporting systems, etc., and promoted the establishment of a new model for real estate development. Looking at future development, with the implementation of these policies and measures, it will help promote the transformation and development of China's real estate market and better meet the needs of the masses for a better life.

Second question. Regarding the relatively rapid growth of imports in August, there are three main factors:

The first is the promotion of technological innovation in the global industry. As the application of new technologies represented by artificial intelligence accelerates, global production and investment demand in related fields is expanding. As an important global manufacturing power, China occupies an important position in the global industrial chain supply chain. In the process of global production, China's demand for upstream raw materials, intermediate goods, etc. is expanding, leading to an increase in imports. From January to August, China's imports of copper ore, concentrate, and integrated circuits increased by 28.5% and 55.1%, respectively.

Second, it is driven by the expansion of domestic market demand. Since this year, China's economy has generally been running smoothly, market demand has expanded, and industrial production has maintained relatively rapid growth, providing strong support for the growth of imports of consumer goods, parts and other products. From January to August, China's agricultural imports increased by 6.6%, and imports of high-tech products increased by 40.1%.

The third is the impact of actively expanding imports. China has expanded independent opening-up and unilateral opening-up in an orderly manner, implemented zero tariffs on all countries that have established diplomatic relations with Africa, and held international exhibitions such as the Expo, the Consumer Fair, and the Chain Expo, creating favorable conditions for high-quality products from around the world to enter China. From January to August, China's imports from ASEAN, Africa and Latin America increased by 20.3%, 14.2%, and 21% respectively.

Overall, China's imports have maintained a relatively rapid growth, which is not only conducive to meeting domestic production and living needs, but also to expanding the space for international economic and trade cooperation and achieving mutual benefit and win-win situation. Thank you.

US International Market News Reporter:

Trade data for August showed that imports and exports both achieved relatively rapid growth, while the official manufacturing purchasing managers' index (PMI) was still in the 49.8% contraction range. How does the National Bureau of Statistics explain this divergence? Does this reflect the relative state of the Chinese economy's external demand and domestic demand? How will the policy response be?

Fu Linghui:

Thank you for your question. Many media are paying close attention to this issue; they are mainly concerned about the relationship between domestic demand and external demand. The exact state of China's domestic demand and external demand requires objective analysis.

From an international perspective, trade growth pressure is quite high. We have seen that the global situation has been quite complicated since this year. In particular, fluctuations in the global energy market caused by the geopolitical conflict in the Middle East have increased the pressure on global inflation. The problem this will bring about is that rising inflation will inhibit trade, investment, and production activities, and weaken the momentum of world economic growth. Major international organizations have lowered their world economic growth expectations for the whole year, and the reduction in world economic growth expectations also means that it is not conducive to global trade growth. In this turbulent and intertwined environment, production activities in many countries have been impacted, supply shortage pressure is rising, and economic operations are facing difficulties. Judging from the situation in our country, our country's reliance on a complete industrial system, stability and strong production capacity not only guarantees the smooth operation of the domestic economy, but also makes positive contributions to making up for the shortage of global supply, thus driving the rapid growth of China's imports and exports of goods. It can be said that China's rapid growth in foreign trade is based on adapting to changes in global demand and its own relatively stable and strong supply capacity.

From a domestic perspective, the trend of expanding demand has not changed. Although foreign trade has maintained a relatively rapid growth rate, China's economic growth is mainly driven by domestic demand. In the first half of the year, China's domestic demand contributed more than 80% to economic growth. Despite being impacted by the external environment, the overall operation of China's economy has maintained a steady trend. The size of the consumer market continues to expand, and service consumption is growing relatively well, supporting the expansion of domestic demand. In the first eight months, total retail sales of consumer goods and services increased 2.5% year-on-year, with retail sales of services increasing 4.9%. Increased demand continues to drive production. Industrial production continues to grow rapidly, and the growth trend in the service sector stabilized. In the first eight months, the value added of industries above scale increased 5.3% year on year, and the service industry production index increased 4.7% year on year, maintaining relatively rapid growth. The relationship between supply and demand in the market also remained stable. In the first eight months, consumer prices rose 0.9% year on year, and factory prices for industrial producers rose 2% year on year. These circumstances show that domestic demand is expanding and that the economy continues to run smoothly.

In the past two months, the manufacturing PMI has been in a continuous contraction range. The main reason is that extreme weather has recently occurred frequently in some regions, affecting stable production connections. Some manufacturing industries have entered a low production season, which objectively affects the manufacturing sentiment index. Looking at the month of August, both production activity and demand conditions in the manufacturing industry were improving. The production index in the manufacturing PMI was 50.4%, up from the previous month; at the same time, the new orders index also rebounded to 50.6%. Both indices are in the boom range.

Based on the above situation, we see that observing economic phenomena cannot be done by looking at just one or a few indicators; it is necessary not only to analyze the factors behind the changes in these indicators, but also to comprehensively analyze and objectively view them before drawing correct conclusions.

Thank you.

New Yellow River Client Reporter:

The year-on-year PPI growth rate rebounded in August. What are the factors behind it? What is the forecast for PPI trends for the whole year? Thank you.

Wang Guanhua:

Thank you for your question. In August, China's PPI changed from a 0.7% month-on-month decline to a 0.4% increase over the previous month, up 3.8% year-on-year, and an increase of 0.3 percentage points over the previous month. This is mainly the result of a combination of international import factors, domestic industrial transformation and upgrading, and seasonal factors.

First, the import impact of rising international commodity prices. In August, the rise in international crude oil and non-ferrous metal prices was transmitted to the domestic industrial chain through import channels, driving up prices in petroleum processing, chemical, non-ferrous smelting and other industries. Prices in the non-ferrous metal smelting and rolling processing industry rose 20.8% year on year, while prices in the oil and gas extraction industry, petroleum coal and other fuel processing industry, chemical raw materials and chemical products manufacturing industry rose 10.5%, 11.1%, and 9.1%, respectively. Together, these four industries drove PPI up about 2.58 percent year on year, and the upward impact increased by 0.24 percentage points over the previous month.

Second, the driving effect of the high-end, intelligent, and green transformation of the industry. China's new industries and new momentum are being cultivated at an accelerated pace, and market demand in high-end manufacturing, intelligent manufacturing, ecology and environmental protection is strong, driving up the price of products. In August, electronic circuit manufacturing prices related to artificial intelligence and the digital economy rose 6.6% year on year, virtual reality equipment manufacturing prices rose 6.0%, service consumer robot manufacturing prices rose 2.1%, and biomass fuel processing and comprehensive utilization of waste resources related to clean energy and circular economy increased 7.4% and 2.5%, respectively.

Third, the influence of seasonal factors. The national average temperature in August of this year was higher than in the same period of the year. Demand for electricity and coal increased seasonally. Coupled with the phased tightening of coal supply, prices in the coal mining and washing industry rose 2.8% month-on-month and 26.6% year-on-year.

Overall, the recovery in industrial product prices since this year is the result of a combination of international and domestic factors, and has had a positive impact on improving corporate profits. Looking ahead to the next stage, the global geopolitical situation is complex and changing, international commodity price trends are uncertain, and the impact of external imports requires continuous attention. However, China's industrial system is complete, the industrial chain supply chain is resilient, basic energy security is strong, energy import channels are diverse, and important material reserves are sufficient, which can effectively cope with the impact of external market fluctuations. At the same time, domestic industrial restructuring continues to advance, new quality productivity is being cultivated and expanded, and comprehensive regulation of “internal rolling” competition continues to deepen, which will continue to support industrial product prices. Thank you.

Elephant News Reporter:

Judging from the data just released, total retail sales of social consumer goods and services increased 2.5% year over year. Excuse me, what are the new changes in China's consumer market in August? What will the consumer market trend be in the next stage? Thank you.

Fu Linghui:

Thank you for your question. Everyone is also very concerned about the consumption issue. The development of the consumer market is not only an important part of smoothing the domestic cycle, but also a major aspect of improving people's livelihood. Since this year, various parties have actively implemented various policies and measures to expand consumption, focusing on expanding high-quality supply, promoting trade-in of consumer goods, tapping into service consumption potential, and cultivating new consumption growth points. The overall operation of the consumer market has been stable. Judging from the situation in August, the main characteristics are as follows:

First, the size of the consumer market is expanding steadily. Despite factors such as international energy market fluctuations and domestic market adjustments, sales of some commodities declined. Coupled with frequent extreme weather in some regions in August, offline consumption was affected to a certain extent. However, the resilient characteristics of China's consumer market are obvious. Policies to promote consumption continue to show results, and the trend of expanding the size of the consumer market has not changed. From January to August, total retail sales of social consumer goods and services increased 2.5% year on year. Of these, total retail sales of social consumer goods were close to 33 trillion yuan, an increase of more than 360 billion yuan over the same period last year. As a large-scale global consumer market, the scale of China's consumer market continues to expand, which not only shows China's consumption growth potential, but also helps smooth the domestic cycle and promote domestic and international double cycles.

Second, the transformation and development of the consumer market continues. At the same time as the size of the consumer market is expanding, the consumer market is also transforming, mainly reflected in the gradual transformation of consumption structures and consumption methods. Looking at the consumption structure, the share of service consumption and quality consumption has increased. As the penetration rate of bulk durable consumer goods increases, residents' demand for service consumption is increasing, and more attention is being paid to experiential consumption, driving changes in the consumer market structure. From January to August, retail sales of services increased 4.9% year on year, faster than the overall market sales growth, and service consumption increased as a share of total consumption. The share of sales of upgraded products in commodity consumption increased. From January to August, retail sales of upgraded products such as communications equipment, cultural and office supplies, and cosmetics increased 1.7 percentage points year-on-year in retail sales of products above the limit. In terms of consumption methods, the new model represented by online sales is developing rapidly, and live e-commerce, instant retail, etc. are playing an increasingly prominent role in the transformation of the consumer market. From January to August, retail sales of online goods and services increased 4.6% year on year, 2.1 percentage points faster than total retail sales of all social consumer goods and services. The retail industry is innovating and developing. From January to August, retail sales of unit warehousing member stores and unattended stores above the limit all increased by more than 25%.

Third, new growth points in the consumer market are gradually expanding. With changes in consumer attitudes and advances in industrial technology, smart green product consumption is increasingly becoming a new highlight in the consumer market. From January to August, retail sales of wearable smart devices per unit above the limit continued to grow rapidly, and retail sales of energy-efficient household appliances also grew by more than 25%. Adapting to the development needs of quality consumption and digital consumption, information services, cultural tourism and leisure services are being upgraded at an accelerated pace, and the market scale is expanding. From January to August, retail sales of communications and information services and travel consulting and rental services all grew by more than 10%. We also need to see that the rural commercial logistics system has been continuously improved, entry and exit facilitation policies such as visa-free entry have shown effectiveness, and the vitality of China's rural consumer market and inbound tourism market has increased. From January to August, retail sales of consumer goods in rural areas increased by 2.3% year on year, 1.3 percentage points higher than in urban areas. Overseas tourists' inbound shopping and cultural tourism experience consumption also showed a good growth trend.

Looking at future development, China's demand for service consumption and quality consumption continues to expand, consumption scenarios are diverse, and there is huge room and potential for future market development. However, it is also important to note that residents' consumption capacity and willingness to spend still need to be further enhanced, and the supply of high-quality goods and services needs to be further improved. Next, we must insist on making concerted efforts to increase revenue, improve supply, and stabilize expectations, promote trade-in of consumer goods, fully tap the potential for service consumption, optimize production and supply, and promote the sustainable and healthy development of the consumer market. Thank you.

Daily Economic News Reporter:

We noticed that the CPI in August changed from a 0.1% month-on-month decline to a 0.4% increase, and the year-on-year increase rebounded to 0.8%. In addition, the core CPI rose back to 1% year-on-year. What are the factors behind it? How do you see future trends? Thank you.

Fu Linghui:

I ask Comrade Wang Guanhua to answer this question.

Wang Guanhua:

The consumer price operation in August had the following three main characteristics:

First, both CPI and core CPI showed a moderate upward trend. In August, consumer prices rose 0.8% year on year, an increase of 0.3 percentage points over the previous month, mainly due to the increase in energy prices. Affected by the geopolitical situation in August, international crude oil prices fluctuated at a high level. Domestic refined oil prices experienced two adjustments, falling first and then rising. The increase was even greater, which had a relatively obvious upward impact on CPI. The year-on-year increase in energy prices increased from 0.6% last month to 4.1% this month. The impact on the increase in CPI increased by about 0.24 percentage points over the previous month. Among them, gasoline prices rose 9.3%, an increase of 8.3 percentage points over the previous month. Looking at the core CPI excluding food and energy, it rose 1.0%, an increase of 0.1 percentage points over the previous month, continuing the moderate upward trend since this year.

Second, the expansion in demand for some industrial consumer goods and services has led to a recovery in animal prices. The most representative sector is consumer electronics products and travel services. Artificial intelligence is driving rapid growth in demand for computing power and iterative upgrades of consumer electronics products. In August, the prices of tablets, computers, and mobile phones rose 21.5%, 19.6%, and 11.0% year on year, respectively, and the increases were all increased over the previous month. Demand for cultural tourism consumption during the summer season was quite active. The price of travel services rose 1.3% year on year, an increase of 1.2 percentage points over the previous month. Among them, travel agency fees and transportation rental prices rose 2.4% and 2.2%, respectively.

Third, the prices of consumer goods for people's livelihood have been falling steadily. Faced with the adverse effects of extreme weather such as high temperatures, typhoons, and heavy rainfall, relevant parties actively implemented policies and measures to guarantee supply and price stability, and strengthened production, distribution and marketing links. The overall supply of “rice bags” and “vegetable basket” products was sufficient, and prices continued to fluctuate slightly. Food prices fell 1.4% year on year in August. Among them, the decline in pork prices was narrower than the previous month, the prices of eggs, lamb, and beef rose, and the prices of fresh vegetables, fresh fruit, cooking oil, and grain fell slightly.

Overall, consumer prices rebounded moderately in August, which was not only affected by rising international energy prices, but also driven by an increase in the quality and expansion of domestic consumer consumption. Judging from recent price trends, as the weather gets cooler and holidays such as Mid-Autumn Festival and National Day approach, demand for food consumption will increase. Consumption demand for services such as holiday travel, dinners, and travel is expected to be released centrally. New technologies and products are iteratively upgraded, and new consumption growth points are continuously cultivated. All of these are beneficial to support the moderate rise in CPI.

Thank you.

Economic Daily reporter:

The national economy was generally running smoothly in the first eight months of this year. In light of the current operating situation, what are the predictions and prospects for future economic trends? Thank you.

Fu Linghui:

Thank you for your question. Everyone is very concerned about China's economic trends, because this not only affects the needs of China's economy and society, but also has a great impact on the world. I have observed that since this year, the world economic growth forecast for 2026 by major international organizations as a whole is lower than last year's economic growth in 2026. Judging from the forecasts of major international organizations, the main reason for the overall decline in economic growth expectations this year is due to considering the impact of geopolitical conflicts in the Middle East, fluctuations in the global energy market, and the rebound in global inflation. Regarding expectations for the Chinese economy, while some international organizations lowered their global economic growth forecasts, they raised their economic growth expectations. This shows a sense of confidence in China's economic development. Looking at the next stage of the situation, despite the pressure and challenges, the fundamentals of China's long-term economic growth have not changed. The momentum and vitality for development have been built up, and the economy is expected to continue to operate smoothly and move towards the next improvement. There are the following aspects:

First, our economy is facing a certain amount of total and structural pressure, but these difficulties can be overcome through hard work. Since this year, the international environment has undergone complex changes, and the world economy is facing downward pressure. Many countries have made difficult choices in the face of promoting growth, controlling inflation, and stabilizing the market. Judging from the situation in our country, fixed asset investment has declined to a certain extent due to multiple factors, which will increase the pressure on aggregate demand to a certain extent. Since March, fluctuations in the international energy market have impacted the production of enterprises in some domestic industries, limiting the stability of the industrial chain supply chain. However, it should be noted that most of these problems and difficulties are temporary and phased, and can be overcome through hard work. Faced with challenges, various departments in various regions stepped up their policies to expand domestic demand and increased assistance to enterprises, and the results were gradually showing. For example, since this year, large-scale equipment upgrades and consumer goods trade-in have been promoted. In the first eight months, investment in the purchase of equipment, tools, and equipment increased by 9.3% year-on-year, which is clearly better than the overall investment situation; retail sales of communication equipment per unit increased by 16.3%, which also shows the effects of the consumer goods trade-in policy. Another example is that in order to guarantee the energy needs of enterprises, domestic energy security efforts have been increased. Crude oil production for industries above scale increased 0.9% year-on-year in the first eight months, and the overall level of production reached a record high for the same period.

Second, the pattern of the smooth operation of China's economy has not changed, and the trend towards new advantages has been consolidated. Despite facing difficulties and challenges, thanks to the efforts of various parties, our country's economy as a whole has maintained a smooth operation and is developing well. In terms of growth, the value added of industries above scale and the service sector production index increased by 5.3% and 4.7% respectively from January to August. China's economic growth rate is expected to continue to be higher than that of the world's major developed economies. As a hyperscale economy, it is very difficult to achieve such growth. Looking at employment prices, the unemployment rate in the January-August urban survey was the same as the same period last year, and the increase in core CPI remained generally stable. The employment price situation has remained generally stable, providing favorable conditions for the smooth operation of the economy. Judging from the balance of payments, China's foreign trade imports and exports have maintained a relatively rapid growth rate, and foreign exchange reserves have stabilized at more than 3.4 trillion US dollars. Judging from the quality of development, new momentum is growing, industrial upgrading and high-quality development are progressing steadily. The value added of the high-tech manufacturing industry increased by 14.2% year-on-year from January to August, the production index of the information transmission, software and information technology services industry increased 10.4%, and the development trend in artificial intelligence and new energy products is good.

Third, China will increase countercyclical adjustments and continue to deepen reform and opening-up, which will enhance the vitality and momentum of economic development. The Party Central Committee attaches great importance to the difficult challenges faced in the operation of the economy, and has made clear arrangements for doing a good job in the economy and promoting high-quality development. Recently, relevant departments have earnestly implemented the decisions and arrangements of the Party Central Committee, actively promoted macroeconomic policies to improve efficiency, accelerated the use of fiscal expenditure and bond funds, promoted “dual” construction and “two new” tasks, further promoted the construction of a unified national market, comprehensively overhauled “internal rolling” competition, and expanded the space for mutually beneficial international economic and trade cooperation. The gradual implementation of these measures will help form policy synergies and enhance economic activism. Judging from monthly changes, some positive factors are still accumulating. The value added and import and export growth rates of industries above scale in August were 0.7 and 0.6 percentage points faster than the previous month, respectively, and the year-on-year increase in CPI was 0.3 percentage points higher than the previous month.

Taken together, China's economy is expected to keep running smoothly, and the quality of development will steadily improve. Of course, we also need to see that there are no risks or challenges on the way forward. The external environment is complex and severe, domestic structural adjustment pressure still exists, and continuous efforts are still needed to promote positive economic development. In the next stage, it is necessary to thoroughly implement the decisions and arrangements of the Party Central Committee and the State Council, give full play to the effectiveness of macroeconomic policies, deepen reform and opening-up, accelerate the transformation of old and new momentum, and enhance the endogenous motivation for economic development.

Thank you.

21st Century Economic Report Reporter:

Judging from the data, the industrial production data for August has accelerated. How do you view the performance of industrial production in August, and what will be the trend of the industrial economy in the next stage? Thank you.

Fu Linghui:

I ask Comrade Wang Guanhua to answer this question.

Wang Guanhua:

Thank you for your question. In August, under the test of complex and changing internal and external environments, the resilience of China's industrial chain supply chain was further highlighted, and the industrial economy showed a steady upward trend and a new trend of improving quality. It has four main characteristics:

First, the growth rate of industrial production is picking up. In August, the value added of large-scale industries increased by 5.2% year-on-year, 0.7 percentage points faster than the previous month. The manufacturing industry is the foundation of the real economy and the core component of the industry. The value added of manufacturing increased by 6.1%, which is 0.9 percentage points higher than the value added of industry. As the world's largest manufacturing country, it is very difficult and invaluable to be able to achieve such a growth rate on a hyperscale basis. Looking at the recovery side, the growth rate of over 60% of industries and regions has rebounded compared to the previous month, and industries such as electronics, electrical machinery, electricity, and automobiles have strongly boosted industrial growth.

The second characteristic is that the new kinetic energy support is prominent. In August, new momentum represented by high-tech manufacturing and digital product manufacturing contributed more than 60% to large-scale industrial growth, and its supporting and leading role was outstanding. As the ballast stone of the industrial economy, the value added of the equipment manufacturing industry increased by 12.1% year-on-year, and all eight equipment industries achieved relatively rapid growth. In particular, the electronics industry grew by 17.2%, ranking first among all industrial industries. The high-tech manufacturing industry with high technical content and added value continues to lead, and the integrated circuit manufacturing and smart vehicle equipment manufacturing industries have maintained high growth of more than 20%. The application of new technologies such as physical intelligence and human-robot collaboration helped the robot industry develop rapidly. Production of robot reducers and industrial robots increased by 11.4% and 34.6% respectively. The 2nd World Humanoid Robot Games held in August received widespread attention. On the field, humanoid robots continued to set new sports results and broke human records in many indicators; outside the field, many participating robots won orders with their excellent performance, and achieved transformation from “running” on the field to “drying up” in factories and “using” in families. According to the data, China's share of global humanoid robot shipments has increased to 97%.

Third, exports of industrial products maintained rapid double-digit growth. In August, the export delivery value of large-scale industries increased 11.1% year-on-year, and maintained double-digit growth for 5 consecutive months. The equipment manufacturing industry is the absolute main force in exports of industrial products, accounting for about 75% of the export delivery value. Product competitiveness has been widely recognized by the international market, and exports of high-end equipment products have become an important engine for foreign trade growth. From January to August, China's automobile exports increased by 47.1% year on year, and exports of servers, optical modules, and electronic components all achieved double-digit growth.

Fourth, the quality and efficiency of development have been steadily improving. In terms of energy consumption, China has supported higher quality industrial growth with lower energy consumption. In August, the value-added energy consumption of industrial units above scale fell 7.2% year on year, and the share of clean energy power generation such as hydropower, wind power, nuclear power, and solar power generation above scale increased 2.4 percentage points year on year. This drop reflects that China's industrial economy has formed a good situation of carbon reduction, green expansion, growth, and coordination. Looking at the resilience of the industrial chain, as the main innovator in the segmented field, specialized “little giant” enterprises continue to break through key technologies, effectively make up for shortcomings in the industrial chain, and enhance the resilience of the industrial chain supply chain. In August, the value added of specialized, and new “little giant” industrial enterprises above scale increased by 12.8% year-on-year. In terms of benefits, thanks to the expansion of production and the recovery in product prices this year, the profit margin of regulated industrial enterprises increased by 17.6% from January to July, and the profit margin on revenue also improved year-on-year.

While seeing positive results in the industrial economy, we should also clearly recognize that the current recovery of the global economy is weak, effective domestic demand is insufficient, and enterprises in some industries are still facing many practical difficulties in production and operation, and targeted measures are needed to deal with them. Overall, China has a complete industrial system, strong development resilience, and great market potential. High-end manufacturing, green manufacturing, intelligent transformation and other fields continue to form new momentum. Various reform initiatives and support policies continue to gain strength, and the fundamentals of a stable, moderate and positive industrial economy will not change. Thank you.

Zhou Jianshe:

One last question.

Beijing Youth Daily Reporter:

Currently, global geopolitical conflicts and commodity fluctuations are still quite uncertain. What new characteristics did foreign trade show in August? How do you view China's foreign trade situation in the next few months? Thank you.

Fu Linghui:

Thank you for your question. Since this year, China's imports and exports of goods have grown rapidly, which is particularly difficult in the context of rising protectionism in global trade. It shows the strong resilience and vitality of China's foreign trade. This is also an important achievement we have achieved by unswervingly expanding a high level of openness. In August, China's imports and exports of goods maintained a rapid growth trend. The trade structure continued to be optimized, and growth momentum turned new, becoming an important highlight of economic operation. It mainly has the following characteristics:

First, the growth in imports and exports continues unabated. Driven by factors such as the application of global artificial intelligence and the acceleration of green transformation, and the advantages of stability in China's industrial chain supply chain were highlighted, China's total import and export volume of goods increased 19.8% year-on-year in August. At the same time as exports grew rapidly, the import growth rate reached 21.7%, which is faster than the export growth rate. China is actively expanding imports, providing new opportunities for the development of world trade.

Second, market diversification continues to be consolidated. China has expanded economic and trade exchanges with countries around the world, promoted high-quality joint construction of the Belt and Road Initiative, effectively expanded the depth and breadth of the international market, and enhanced the resilience of foreign trade development. China's cooperation with key economic and trade partners and emerging markets continues to deepen. From January to August, China's import and export volume to ASEAN, the European Union, Africa and Latin America increased by 20.6%, 8.1%, 18.5%, and 14.5%, respectively, over the same period last year, while imports and exports to the “Belt and Road” countries increased 15.9%. The diversified development of trade provides effective support for China to cope with fluctuations in the single market.

Third, the trade structure is turning green. China's industrial upgrading and development, R&D capabilities and technical strength are constantly improving, and the global competitiveness of high-value-added products and green products is steadily increasing, and is increasingly becoming an important driving force for export growth. From January to August, exports of high-tech products increased by 37.1% year-on-year, including integrated circuits increased by 95.4%, automatic data processing equipment and components increased by 43.3%; exports of green and low-carbon products represented by lithium batteries and electric vehicles continued to grow rapidly.

Fourth, the vitality of foreign trade enterprises is unleashed. China's foreign trade enterprises actively adapt to changes in the international market, step up efforts to develop overseas markets, strengthen cooperation with trading partners, expand imports of resources, products, etc., achieve mutual benefit and win-win situation, and have shown vigorous vitality. From January to August, the import and export volume of China's private enterprises, foreign-invested enterprises, and state-owned enterprises increased by 17.6%, 18.1% and 16.9%, respectively, over the same period last year, all of which maintained relatively rapid growth.

Overall, China's imports and exports of goods are growing well, and foreign trade development is resilient and full of vitality, injecting stability and certainty into global economic and trade development. Of course, it is also important to note that there are many factors that are difficult to predict when the international environment is unstable. The influence of trade protectionism continues to show, and promoting the steady growth of foreign trade still faces many challenges. In the next stage, we must insist on expanding a high level of opening-up to the outside world, expand the space for mutually beneficial international economic and trade cooperation, vigorously develop trade in services, and promote balanced trade development. Thank you.

Zhou Jianshe:

That's all for today's press conference. Thank you to the two publishers, thank you to all our reporters and friends, see you all!

This article was selected from “China Net”; Zhitong Finance Editor: Chen Siyu.