From the perspective of supply and demand, in terms of production, in July, the added value of industrial enterprises above designated size nationwide increased by 6.4% year-on-year, a decrease of 1.9 percentage points from June, which was higher than the growth rate of the same period in 2019 and 2020; from January to July, industrial enterprises above designated size increased The value increased by 14.4% year-on-year, an average increase of 6.7% over the two years.
In terms of demand, in July, the total retail sales of consumer goods increased by 8.5% year-on-year, which was 3.6 percentage points lower than that in June, which was higher than the growth rate of the same period in 2019 and 2020; the total retail sales of consumer goods from January to July increased by 20.7% year-on-year, a two-year average An increase of 4.3%. From January to July, the national fixed asset investment (excluding rural households) increased by 10.3% year-on-year, a drop of 2.3 percentage points from January to June, and the two-year average growth rate was 4.3%. In July, the total value of imports and exports of goods increased by 11.5% year-on-year; from January to July, the total value of imports and exports of goods increased by 24.5% year-on-year, and the two-year average growth rate was 10.6%.
At the same time, innovation and development resilience continued to increase. From January to July, the added value of high-tech manufacturing increased by 21.5% year-on-year, and the two-year average growth rate was 13.1%; the high-tech industry investment increased by 20.7% year-on-year, and the two-year average growth rate was 14.2%, continuing to maintain rapid growth. From January to July, the output of new energy vehicles and industrial robots increased by 194.9% and 64.6% year-on-year respectively, and the online retail sales of physical goods increased by 17.6% year-on-year.
“On the whole, industrial production slowed down but high-tech industry production remained relatively well, service industry and consumption were more affected by local epidemics and extreme weather, and manufacturing investment growth accelerated.” said Tang Jianwei, chief researcher of the Bank of Communications Financial Research Center.
Wen Bin, chief researcher of China Minsheng Bank, believes that the accelerated improvement of manufacturing investment is related to the relatively strong external demand. my country’s exports have basically continued to grow at a relatively high rate. At the same time, a series of domestic policies to support manufacturing and small and medium-sized enterprises have been introduced to accelerate the improvement of the manufacturing industry.
It is worth noting that the current global epidemic is still evolving, and the external environment has become more complex and severe. The spread of domestic epidemics and natural disasters have affected the economy of some regions, and the economic recovery is still unstable and uneven.