SCIO briefing on China's economic performance in July 2026
China.org.cn | October 28, 2026
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
Ms. Wang Guanhua, spokesperson of the NBS and deputy director general of the Department of Comprehensive Statistics of the NBS
Chairperson:
Mr. Zhou Jianshe, deputy director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO
Date:
Aug. 17, 2026
Zhou Jianshe:
Ladies and gentlemen, good afternoon. 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, and Ms. Wang Guanhua, spokesperson of the NBS and deputy director general of the Department of Comprehensive Statistics of the NBS, to brief you on China's economic performance in July 2026 and then take your questions.
Now, I'll give the floor to Mr. Fu for his introduction.
Fu Linghui:
Friends from the media, good afternoon. As usual, I will start by briefing you on the main economic indicators for this July, and then my colleague and I will take your questions.
In the January-July period, China's economy remained generally stable and continued to develop toward greater innovation and higher quality.
In the first seven months, under the strong leadership of the Communist Party of China (CPC) Central Committee with Comrade Xi Jinping at its core, all regions and departments earnestly implemented the decisions and arrangements of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, effectively responded to various external shocks and domestic difficulties, implemented more proactive and effective macro policies, and took solid steps to promote high-quality development. As a result, production and supply grew steadily, employment and prices remained generally stable, foreign trade continued to demonstrate resilience, new growth drivers witnessed robust development, and the national economy was generally stable with sustained momentum toward new growth drivers and improved economic structure.
First, industrial production grew rapidly, with equipment manufacturing and high-tech manufacturing posting robust growth.
In the first seven months, the total value added of industrial enterprises above designated size grew by 5.3% year on year. In terms of sectors, the value added of mining went up by 2.5% year on year, that of manufacturing grew by 5.6%, and that of the production and supply of electricity, heat power, gas and water increased by 5.4%. The value added of equipment manufacturing rose by 9.7% year on year, and that of high-tech manufacturing surged by 13.8%, 4.4 percentage points and 8.5 percentage points faster than that of industrial enterprises above designated size. In terms of ownership, the value added of state holding enterprises increased by 3.9% year on year; that of share-holding enterprises was up by 5.8%; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 3.1%; and that of private enterprises was up by 4.5%. In terms of products, the production of 3D printing devices, lithium-ion batteries and industrial robots grew by 52.3%, 40.2% and 28.5% year on year, respectively. In July, the value added of industrial enterprises above designated size grew by 4.5% year on year, or up by 0.11% month on month. In July, the Manufacturing Purchasing Managers' Index (PMI) stood at 49.2%, and the Production and Operation Expectation Index was 54.1%. In the first six months, the total profits made by industrial enterprises above designated size were 3.9480 trillion yuan, up by 18.7% year on year.
Second, the service sector grew steadily, and modern services showed strong momentum.
In the first seven months, the Index of Services Production grew by 4.7% year on year. Specifically, that of information transmission, software and information technology services, leasing and business services, finance, and transportation, storage and postal services grew by 10.6%, 9.5%, 6.3% and 5.1%, respectively. In July, the Index of Services Production grew by 4.3% year on year. In July, the Business Activity Index for Services was 49.3% and the Business Activity Expectation Index for Services was 56.0%. Specifically, the Business Activity Index for postal services, telecommunication, broadcast, television and satellite transmission services, and culture, sports and entertainment stayed within the high expansion range of 55.0% and above. In the first six months, the business revenue of service enterprises above designated size grew by 5.9% year on year.
Third, market sales expanded and the growth of service retail accelerated.
In the first seven months, the total retail sales of consumer goods and services rose by 2.6% year on year, among which, the retail sales of services increased by 5.0% and that of goods increased by 1.1%. In terms of retail sales of services, that of communication information services, tourism consultation and rental services, and cultural, sports and leisure services all grew rapidly. In the first seven months, the total retail sales of consumer goods reached 28.7744 trillion yuan, up by 1.2 % year on year. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 24.9285 trillion yuan, up by 1.1% year on year; and that in rural areas stood at 3.8459 trillion yuan, up by 2.4%. Grouped by consumption patterns, the retail sales of goods were 25.4922 trillion yuan, up by 1.1% year on year; the income of catering was 3.2822 trillion yuan, up by 2.6%. Sales of basic living goods and certain upgraded goods grew rapidly. The retail sales of grain, oil and food; communication equipment; and cosmetics by enterprises above designated size increased by 7.2%, 15.1% and 6.3% year on year, respectively. In July, the total retail sales of consumer goods reached 3.9022 trillion yuan, up by 0.6% year on year, or up by 0.06% month on month. In the first seven months, the online retail sales of goods and services reached 11.7214 trillion yuan, up by 4.8% year on year. Specifically, the online retail sales of goods reached 7.3965 trillion yuan, an increase of 4.6%; and the online retail sales of services totaled 4.3249 trillion yuan, up 5.2%.
Fourth, investment in fixed assets declined, while that in intellectual property products saw rapid growth.
In the first seven months, investment in fixed assets (excluding rural households) reached 26.0328 trillion yuan, down 6.7% year on year; and investment in fixed assets dropped 3.7% with investment in real estate development deducted. Specifically, investment in intellectual property products increased by 9.1% year on year. By sector, investment in infrastructure fell by 3.6% year on year; that in manufacturing declined by 1.7%, and that in real estate dropped by 19.2%. The floor space of newly-built commercial buildings sold totaled 450.21 million square meters, falling 11.8% year on year. Meanwhile, total sales of newly-built commercial buildings reached 4.2718 trillion yuan, declining 13.1%. By industry, investment in the primary industry went down by 0.5% year on year, that in the secondary industry fell by 2.1%, and that in the tertiary industry was down by 9.5%. Private investment fell by 9.4% year on year, or down by 5.7% with investment in real estate development deducted. Investment in high-tech industries increased by 5.0% year on year, of which investment in information services, aerospace vehicle and equipment manufacturing, and electronic and communication equipment manufacturing increasing by 19.2%, 12.3% and 7.1%, respectively. In July, investment in fixed assets (excluding rural households) fell by 1.42% month on month.
Fifth, imports and exports of goods grew rapidly, and the trade structure continued to improve.
From January to July, the total value of imports and exports of goods was 30.1264 trillion yuan, up by 17.3% year on year. Specifically, exports accounted for 17.44 trillion yuan, up by 14.0%; and imports were 12.6864 trillion yuan, up by 22.0%. General trade imports and exports increased by 10.2% year on year. Imports and exports with Belt and Road partner countries grew by 15.5%. Imports and exports by private enterprises increased by 17.2%, accounting for 56.9% of the total imports and exports. Exports of mechanical and electrical products increased by 21.2%, accounting for 63.8% of total exports. In July, the total value of goods imports and exports was 4.658 trillion yuan, up by 19.2% year on year. Specifically, exports accounted for 2.7125 trillion yuan, up by 17.8%; and imports were 1.9454 trillion yuan, up by 21.2%.
Sixth, employment remained stable overall, and the surveyed urban unemployment rate experienced a seasonal increase.
From January to July, the national average surveyed urban unemployment rate was 5.2%, remaining flat compared with both the January-June period and the same period of the previous year. In July, the national average surveyed urban unemployment rate was 5.2%, 0.2 percentage point higher than the previous month. The surveyed unemployment rate of population with local household registration was 5.2%. For those with non-local household registration, it was 5.2%, among which, the rate of the population with non-local agricultural household registration was 4.9%. The surveyed urban unemployment rate in 31 major cities was 5.2%, which was 0.2 percentage point higher than the previous month. Employees of enterprises worked an average of 48.2 hours per week.
Seventh, consumer prices increased moderately, with the growth rate narrowing in July.
From January to July, the Consumer Price Index (CPI) rose 0.9% year on year. Grouped by category, prices for food, tobacco, alcohol and dining out fell by 0.2% year on year; clothing prices rose 1.6%; housing prices declined by 0.2%; household appliances and services increased by 1.7%; transportation and communication grew by 1.6%; education, culture and recreation went up by 1.2%; medical services and healthcare increased by 2.1%; and other articles and services were up by 10.8%. Within the category of food, tobacco, alcohol and dining out, pork prices decreased by 13.4%, grain prices decreased by 0.3%, fresh fruit prices rose by 1.1%, and fresh vegetable prices rose by 3.5%. In July, the CPI went up by 0.5% year on year, and down by 0.1% month on month. In the first seven months, the core CPI, excluding the prices of food and energy, grew by 1.1% year on year. In July, the core CPI rose 0.9% year on year.
From January to July, the national Producer Price Index (PPI) for industrial products increased by 1.8% year on year. In July, the PPI went up by 3.5% year on year and fell by 0.7% month on month. From January to July, the purchasing price index for industrial producers increased by 2.8% year on year. Specifically, the prices in July went up by 5.5% year on year and fell by 1.0% month on month.
Overall, the national economy maintained generally stable performance from January to July, continuing its momentum toward innovation-driven, upgraded and high-quality development. However, it should also be noted that the external situation remains complex and volatile, the domestic contradiction of strong supply and weak demand remains pronounced, some enterprises are experiencing operational difficulties, and the foundation for sustained economic improvement needs to be consolidated. For the next stage, we must adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, uphold the general principle of seeking progress while maintaining stability, and fully and faithfully implement the new development philosophy on all fronts. We will move faster to create a new pattern of development, continue to deepen reform and opening up, accelerate the shift from old growth drivers to new ones, strengthen counter-cyclical adjustment, intensify efforts to expand domestic demand and optimize supply, and ensure and improve the people's well-being, so as to boost development impetus, stimulate social vitality, and promote sustained, innovation-driven, high-quality and sound economic development. Thank you.
Zhou Jianshe:
Thank you, Mr. Fu, for your introduction. The floor is now open for questions. Please identify the media outlet you represent before asking your questions.