On the afternoon of August 17, the State Council Information Office held a press conference, where China’s National Bureau of Statistics released key national economic indicators for July 2026. The overall economy maintained a moderate recovery momentum with obvious structural divergence. Year‑on‑year growth of total retail sales of consumer goods stayed positive in July. Service consumption remained the major driving force, as cultural‑tourism, catering and local‑life services kept high market activity. Meanwhile, goods consumption showed divergence, and large‑ticket consumption including automobiles and home appliances recovered at a relatively slow pace.

On the investment side, manufacturing investment delivered solid resilience. Technical renovation and capacity‑expansion projects in high‑end equipment, semiconductors and new‑energy industrial chains kept advancing, forming a vital pillar for fixed‑asset investment. Infrastructure investment maintained steady growth, backed by policy‑oriented financial instruments that help shore up urban and rural infrastructure weaknesses. The real‑estate sector stayed in adjustment. Obvious reversal has not yet appeared in commodity housing sales and new‑construction starts, and market divergence among different cities widened further.

The employment situation remained generally stable, with surveyed urban unemployment rate staying within a reasonable range, while employment pressure among young people still deserved attention. According to officials, authorities will further implement policies to boost consumption and stabilize investment, unlock domestic demand potential, stabilize corporate expectations via multi‑pronged measures, and support sustained economic improvement. Institutional analysts commented that economic recovery will not follow a linear upward path, and more policy support is still available. Market participants will closely track the recovery of real‑estate related sectors and the improvement of household consumption confidence in the months ahead.