SCIO briefing on China's economic performance in August 2025

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Speakers:

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

Chairperson:

Ms. Jia Huili, deputy director general of the Press Bureau of the State Council Information Office (SCIO)

Date:

Sept. 15, 2025

Jia Huili:

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

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

Fu Linghui:

Thank you, Ms. Jia. Good morning. As usual, I will start by briefing you on the main economic indicators for this August and then take your questions.

In August, China's economy remained stable while making further progress.

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 earnestly implemented the decisions and deployments of the Party Central Committee and the State Council, adhered to the general principle of seeking progress while maintaining stability, fully and accurately applied the new development philosophy on all fronts, moved faster to create a new pattern of development, actively strengthened macro policy adjustments, made thorough efforts to develop a unified national market, and focused on strengthening the domestic economic cycle. Production and demand were basically stable; employment and prices were generally stable; new growth drivers were cultivated and expanded; and the national economy maintained a generally stable and progressive development trend.

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

In August, the total value added of industrial enterprises above designated size grew by 5.2% year on year, or up by 0.37% month on month. In terms of sectors, the value added of mining went up by 5.1% year on year, manufacturing up by 5.7% and the production and supply of electricity, thermal power, gas and water up by 2.4%. The value added of equipment manufacturing increased by 8.1% year on year, and that of high-tech manufacturing increased by 9.3%, 2.9 percentage points and 4.1 percentage points faster than that of the total value added by industrial enterprises above designated size. In terms of ownership, the value added of state-holding enterprises increased by 4.7% year on year; that of share-holding enterprises increased by 6.0%; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan increased by 2.3%; and that of private enterprises increased by 4.6%. In terms of products, the production of 3D printing devices, new energy vehicles and industrial robots grew by 40.4%, 22.7% and 14.4% year on year, respectively. In the first eight months, the total value added of industrial enterprises above designated size went up by 6.2% year on year. In March, the manufacturing purchasing managers' index (PMI) stood at 49.4%, 0.1 percentage points higher than the previous month. The production and operation expectation index was 53.7%, up by 1.1 percentage points. In the first seven months, the total profits made by industrial enterprises above designated size were 4.02 trillion yuan, down by 1.7% year on year.

Second, the service sector grew rapidly and the modern service industry developed well.

In August, the Index of Services Production grew by 5.6% year on year. In terms of sectors, that of information transmission, software and information technology services was up by 12.1%, that of financial industry grew by 9.2% and that of leasing and business services was up by 7.4% year on year, which were 6.5 percentage points, 3.6 percentage points and 1.8 percentage points faster than the Index of Services Production, respectively. In the first eight months, the Index of Services Production increased by 5.9% year on year. In the first seven months, the business revenue of service enterprises above designated size went up by 7.4% year on year. In August, the Business Activity Index for Services was 50.5%, an increase of 0.5 percentage point from the previous month; and the Business Activity Expectations Index for Services was 57.0%, rising by 0.4 percentage point. Specifically, the Business Activity Index for railway transportation, water transportation, air transportation, telecommunication, broadcast, television and satellite transmission services, and capital market services stayed within the high expansion range of 60.0% and above.

Third, market sales registered stable growth and retail services grew quickly.

In August, the total retail sales of consumer goods reached 3.97 trillion yuan, up by 3.4% year on year, or up by 0.17% month on month. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 3.44 trillion yuan, up by 3.2% year on year; and that in rural areas reached 528.1 billion yuan, up by 4.6%. Grouped by types of consumption, the retail sales of goods were 3.52 trillion yuan, up by 3.6%; and the income of catering was 449.6 billion yuan, up by 2.1%. Sales of basic living goods and some upgraded products showed good growth. Retail sales in units above designated size of daily necessities grew by 7.7%, grain, oil and food products grew by 5.8%, and sports and entertainment goods grew by 16.9%. The consumer goods trade-in policy continued to show results, with retail sales by enterprises above designated size rising 18.6% for furniture, 14.3% for household appliances and audiovisual equipment, 14.2% for cultural and office supplies, and 7.3% for communication equipment. In the first eight months, the total retail sales of consumer goods reached 32.39 trillion yuan, up by 4.6% year on year. Online retail sales were 9.98 trillion yuan, up by 9.6% year on year. Specifically, the online retail sales of physical goods were 8.1 trillion yuan, up by 6.4%, accounting for 25.0% of the total retail sales of consumer goods. In the first eight months, the retail sales of services grew by 5.1% year on year. Among them, the retail sales of cultural, sports and leisure services, tourism consulting and rental services, and transportation services grew rapidly.

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

In the first eight months, the investment in fixed assets (excluding rural households) reached 32.61 trillion yuan, up by 0.5% year on year; and the investment in fixed assets was up by 4.2% with the investment in real estate development deducted. Specifically, investment in infrastructure grew by 2.0% year on year, that in manufacturing grew by 5.1%, and that in real estate development declined by 12.9%. The floor space of new commercial buildings sold was 573.04 million square meters, down by 4.7% year on year; and the total sales of new commercial buildings were 5.5 trillion yuan, down by 7.3%. By industry, investment in the primary industry went up by 5.5% year on year, that in the secondary industry was up by 7.6%, and that in the tertiary industry was down by 3.4%. Private investment declined by 2.3% year on year, but increased by 3.0% with investment in real estate development deducted. Among high-tech industries, investment grew 34.1% in information services, 28.0% in aerospace vehicle and equipment manufacturing, and 12.6% in computer and office device manufacturing. In August, fixed-asset investment (excluding rural households) fell 0.20% month on month.

Fifth, goods imports and exports continued to grow, and the trade structure kept improving.

In August, the total value of goods imports and exports reached 3,874.4 billion yuan, up by 3.5% year on year. Specifically, the total value of exports rose 4.8% year on year to 2,303.5 billion yuan, while imports climbed 1.7% to 1,570.9 billion yuan. In the first eight months, the total value of imports and exports of goods reached 29,569.6 billion yuan, up 3.5% year on year. The total value of exports was 17,605.6 billion yuan, up by 6.9% during the period; and the total value of imports was 11,964 billion yuan, down by 1.2%. In the first eight months, the imports and exports of general trade went up by 2.2%, accounting for 63.9% of the total value of imports and exports. China's trade with Belt and Road partner countries grew by 5.4%. Imports and exports by private enterprises went up by 7.4%, accounting for 57.1% of the total value of imports and exports, 2.1 percentage points higher than that of the same period last year. Exports of mechanical and electrical products grew by 9.2%, accounting for 60.2% of the total value of exports.

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

In the first eight months, the average surveyed urban unemployment rate was 5.2%. In August, the surveyed urban unemployment rate was 5.3%, 0.1 percentage point higher than that of the previous month. It remained unchanged from a year earlier. The surveyed urban unemployment rate of population with local household registration was 5.4% and that of population with non-local household registration was 5.0%, of which the rate of population with non-local agricultural household registration was 4.7%. In 31 major cities, the surveyed urban unemployment rate was 5.3%, up 0.1 percentage point from the previous month but down 0.1 percentage point compared to the same period last year. Employees of enterprises worked an average of 48.5 hours per week.

Seventh, the core CPI continued to rise, and the decline in producer prices for industrial products narrowed.

In August, the CPI fell by 0.4% year on year and remained flat month on month. By category, prices for food, tobacco and alcohol decreased by 2.5% year on year, clothing increased by 1.8%, housing rose by 0.1%, household goods and services grew by 1.8%, and transportation and communication declined by 2.4%. Prices for education, culture and recreation increased by 1.0%, health care rose by 0.9%, and other goods and services went up by 8.6%. In terms of prices for food, tobacco and alcohol, the price of pork dropped by 16.1%, fresh vegetable fell by 15.2%, fresh fruit decreased by 3.7%, and grain declined by 0.8%. The core CPI excluding the prices of food and energy went up by 0.9% year on year, with the growth rate expanding by 0.1 percentage point compared to the previous month. From January to August, the national CPI decreased by 0.1% year on year.

In August, the national Producer Price Index (PPI) for industrial products fell by 2.9% year on year, with the decline narrowing by 0.7 percentage point from the previous month, while remaining flat month on month; the national Purchaser Price Index for industrial products dropped by 4.0% year on year, with the decline narrowing by 0.5 percentage point, while remaining flat month on month. In the first eight months, the producer prices and the purchasing prices for industrial products dropped by 2.9% and 3.3% year on year, respectively.

Overall, August saw coordinated efforts in macroeconomic policies, which contributed to generally stable national economic performance, steady progress in transformation and upgrading, and new achievements in high-quality development. It should also be noted that there are many unstable and uncertain factors in the external environment, and China's economic operation still faces many risks and challenges. In 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 maintaining stability, fully and faithfully apply the new development philosophy on all fronts, move faster to create a new pattern of development, implement macro policies in a well-coordinated and targeted way, and focus on stabilizing employment, businesses, market operations and expectations. We will deepen reform, expand opening up and promote innovation, thus fostering steady and sound economic growth. Thank you.

Jia Huili:

Thank you, Mr. Fu. Now the floor is open for questions. Please identify the media outlet you represent before raising questions.