According to August data from the National Bureau of Statistics released Sept 15, production and demand in the Chinese mainland held steady, employment and prices remained generally stable, and new growth engines emerged. Overall, the national economy maintained stable momentum with steady progress.
Solid “Ballast” Effect in Production
The production sector stayed on course. Industrial value added rose 5.2% year-on-year, led by a 9.3% jump in high-tech manufacturing and an 8.1% increase in equipment manufacturing. The manufacturing PMI rebounded to 49.4, while the business production and operation expectation index climbed to 53.7, signaling rising business confidence.
Service Sector Surges Forward
Services also played a starring role, with the production index up 5.6% year-on-year. Information transmission, software and IT services jumped 12.1%, finance soared 9.2%, and leasing and business services grew 7.4%. The service sector business activity index reached 50.5, buoyed by strong growth in railway transportation and telecoms. Summer consumption lifted food manufacturing and textiles, underscoring consumer resilience.
Looking Ahead
With high-tech and services driving momentum, China’s economy is carving a path toward higher-quality growth. As digital transformation and new consumption patterns take hold, the global community will be watching how these trends reshape the world’s second-largest economy.
Reference(s):
cgtn.com
