China’s economy remained stable in the first eight months of the year, supported by growth in high-tech manufacturing, digital services and foreign trade, according to the National Bureau of Statistics (NBS).
Domestic consumption continued to grow, although at a more moderate pace. Retail sales of consumer goods reached 3.98 trillion yuan in August, representing a 0.4 percent year-on-year increase. From January to August, combined retail sales of goods and services rose 2.5 percent, while service retail sales increased 4.9 percent. Online service retail sales also grew by 5.1 percent.
Investment remained under pressure during the period. Fixed-asset investment, excluding investment by rural households, declined 7.2 percent in the first eight months of the year.
However, high-tech sectors continued to attract investment. Investment in high-tech industries increased by 5.2 percent, while investment in information services surged 22.7 percent.
Investment in aerospace and aircraft equipment manufacturing rose 14.9 percent, while investment in electronic and communications equipment manufacturing increased 6.9 percent.
The NBS said the figures show that China’s economy remains stable overall, while its growth structure continues to evolve. High-tech manufacturing, digital services and foreign trade are increasingly becoming important sources of economic momentum.