In January and February, under the strong leadership of the Party Central Committee 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, implemented a more proactive macro policy, increased counter-cyclical and cross-cyclical adjustments, continuously expanded domestic demand, optimized supply, improved incremental growth, activated stock, accelerated production supply growth, stabilized market demand, maintained overall stability in employment and prices, fostered the growth of new productive forces, and achieved a strong start in economic operation.
I. Industrial production accelerated, with good growth in equipment manufacturing and high-tech manufacturing
In January and February, the added value of industrial enterprises above designated size nationwide increased by 6.3% year-on-year, accelerating by 1.1 percentage points compared to December of the previous year. By the three major categories, the added value of the mining industry increased by 6.1% year-on-year, manufacturing grew by 6.6%, and the production and supply of electricity, heat, gas, and water increased by 4.7%. The added value of equipment manufacturing increased by 9.3% year-on-year, and the added value of high-tech manufacturing grew by 13.1%, which were 3.0 and 6.8 percentage points faster than the total added value of industrial enterprises above designated size, respectively. By economic type, the added value of state-controlled enterprises increased by 4.2% year-on-year; joint-stock enterprises grew by 6.9%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 4.0%; private enterprises grew by 7.4%. By product, the output of 3D printing equipment, lithium-ion batteries, and industrial robots increased by 54.1%, 42.6%, and 31.1% year-on-year, respectively. Month-on-month, the added value of industrial enterprises above designated size in February increased by 0.83% compared to the previous month. In February, the manufacturing purchasing managers' index was 49.0%; the business activity expectation index for enterprises was 53.2%, an increase of 0.6 percentage points from the previous month.
II. Rapid growth in the service industry, with modern services developing quickly
In January and February, the national service production index increased by 5.2% year-on-year, accelerating by 0.2 percentage points compared to December of the previous year. By industry, the production indices for information transmission, software and information technology services, leasing and business services, finance, transportation, warehousing and postal services, and accommodation and catering increased by 10.1%, 8.2%, 7.0%, 6.3%, and 5.4%, respectively. In February, the business activity index for the service industry was 49.7%, an increase of 0.2 percentage points from the previous month; the business activity expectation index for the service industry was 55.8%. Among them, the business activity indices for accommodation, catering, cultural, sports, and entertainment industries were above 60.0%, indicating a high prosperity range.
III. Market sales growth rate rebounded, with rapid growth in service retail
In January and February, the total retail sales of consumer goods reached 86,079 billion yuan, a year-on-year increase of 2.8%, accelerating by 1.9 percentage points compared to December of the previous year. By the location of the operating units, urban retail sales of consumer goods were 74,449 billion yuan, an increase of 2.7%; rural retail sales of consumer goods were 11,630 billion yuan, an increase of 3.2%. By consumption type, retail sales of goods were 75,815 billion yuan, an increase of 2.5%; catering revenue was 10,264 billion yuan, an increase of 4.8%. Sales of basic living goods and some upgraded goods grew rapidly
In the categories of clothing, shoes, and hats, textiles, grain and oil food, communication equipment, and gold and silver jewelry, the retail sales of above-limit units increased by 10.4%, 10.2%, 17.8%, and 13.0% year-on-year, respectively. Month-on-month, the total retail sales of consumer goods in February increased by 0.81% compared to the previous month. From January to February, the retail sales of services increased by 5.6% year-on-year, accelerating by 0.1 percentage points compared to the entire previous year. Among them, retail sales in the categories of communication information services, tourism consulting and leasing services, and cultural and recreational services grew rapidly. From January to February, the national online retail sales of goods and services reached 32,546 billion yuan, a year-on-year increase of 9.2%. Among them, online retail sales of goods were 20,812 billion yuan, an increase of 10.3%, accounting for 24.2% of the total retail sales of consumer goods; online service retail sales were 11,734 billion yuan, an increase of 7.3%.
IV. Fixed asset investment has turned from decline to increase, with rapid growth in infrastructure investment
From January to February, national fixed asset investment (excluding rural households) was 52,721 billion yuan, a year-on-year increase of 1.8%, compared to a decline of 3.8% for the entire previous year; excluding real estate development investment, national fixed asset investment grew by 5.2%. By sector, infrastructure investment increased by 11.4% year-on-year, manufacturing investment grew by 3.1%, and real estate development investment decreased by 11.1%. The sales area of newly built commercial housing nationwide was 92.93 million square meters, a year-on-year decrease of 13.5%; the sales amount of newly built commercial housing was 818.6 billion yuan, a decrease of 20.2%. By industry, investment in the primary industry increased by 17.4% year-on-year, investment in the secondary industry grew by 5.4%, and investment in the tertiary industry decreased by 0.4%. Private investment decreased by 2.6% year-on-year, with the decline narrowing by 3.8 percentage points compared to the entire previous year; excluding real estate development investment, private investment grew by 1.0%. Investment in high-tech industries increased by 5.1% year-on-year, with the aerospace and equipment manufacturing industry, research and design services, and information services growing by 20.2%, 20.6%, and 16.5%, respectively. Month-on-month, fixed asset investment (excluding rural households) in February increased by 0.39% compared to the previous month.
V. Rapid growth in goods import and export, trade structure continues to optimize
From January to February, the total import and export value of goods was 77,321 billion yuan, a year-on-year increase of 18.3%, accelerating by 13.4 percentage points compared to December of the previous year. Among them, exports were 46,178 billion yuan, an increase of 19.2%; imports were 31,143 billion yuan, an increase of 17.1%. General trade import and export increased by 13.5% year-on-year. Imports and exports to countries involved in the &#34;Belt and Road&#34; initiative grew by 20.0%. Private enterprises' import and export increased by 22.8%. The export of electromechanical products grew by 24.3%.
VI. Employment situation overall stable, urban survey unemployment rate year-on-year remains flat
From January to February, the average urban survey unemployment rate nationwide was 5.3%, the same as the same period last year. In February, the national urban survey unemployment rate was 5.3%, an increase of 0.1 percentage points compared to the previous month. The survey unemployment rate for local registered labor was 5.4%; the survey unemployment rate for migrant labor was 5.0%, among which the survey unemployment rate for migrant agricultural labor was 5.2%
The unemployment rate in 31 major cities and towns is 5.1%. The average weekly working hours for employees in national enterprises is 48.1 hours.
VII. The increase in consumer prices has widened, while the decline in industrial producer prices has narrowed
From January to February, the national consumer price index (CPI) rose by 0.8% year-on-year, with an increase of 0.2% in January and 1.3% in February. By category, from January to February, prices for food, tobacco, alcohol, and dining out rose by 0.6% year-on-year, clothing prices rose by 1.9%, housing prices fell by 0.1%, prices for daily necessities and services rose by 2.7%, transportation and communication prices fell by 2.1%, education, culture, and entertainment prices rose by 1.0%, healthcare prices rose by 1.8%, and prices for other goods and services rose by 14.3%. Within the prices for food, tobacco, alcohol, and dining out, pork prices fell by 11.2%, grain prices fell by 0.2%, fresh fruit prices rose by 4.5%, and fresh vegetable prices rose by 8.8%. The core CPI, excluding food and energy prices, rose by 1.3% year-on-year. Month-on-month, the national consumer prices rose by 0.2% in January and 1.0% in February.
From January to February, the national industrial producer price index fell by 1.2% year-on-year. By month, it fell by 1.4% year-on-year in January and rose by 0.4% month-on-month; in February, it fell by 0.9% year-on-year and rose by 0.4% month-on-month. From January to February, the national industrial producer purchase price index fell by 1.1% year-on-year.
Overall, from January to February, major economic indicators showed a significant rebound, and the national economy started off well. However, it is also important to recognize that changes in the external environment have deepened, geopolitical risks continue to rise, and there are still many old problems and new challenges facing domestic economic development and transformation, with some enterprises experiencing operational difficulties. In the next stage, we must adhere to Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era as our guide, thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the successive plenary sessions of the 20th Central Committee, earnestly implement the arrangements of the Central Economic Work Conference and the National Two Sessions, fully and accurately implement the new development concept, accelerate the construction of a new development pattern, focus on promoting high-quality development, maintain the general tone of seeking progress while ensuring stability, implement a more proactive and effective macro policy, develop new productive forces suited to local conditions, focus on stabilizing employment, enterprises, markets, and expectations, and promote qualitative effective improvement and reasonable quantitative growth of the economy.
Notes
(1) The growth rate of industrial added value above designated size and its classified projects is calculated at comparable prices, representing the actual growth rate; other indicators, unless otherwise specified, are calculated at current prices, representing the nominal growth rate.
(2) The statistical scope of industrial enterprises above designated size includes those with annual main business income of 20 million yuan or more.
Due to changes in the scope of industrial enterprises above designated size each year, to ensure that this year's data is comparable to last year's, the same period figures used to calculate the year-on-year growth rate of product output and other indicators are as consistent as possible with the current period's enterprise statistical scope, which may differ from the data published last year. The main reasons are: first, changes in the scope of statistical units. Each year, some enterprises reach the scale to be included in the survey, while some enterprises exit the survey due to a decrease in scale, along with the impact of newly established enterprises, bankruptcies, and enterprises being registered (or deregistered)
Second, there are instances of cross-regional duplicate statistics in the product output data of some enterprise groups (companies). Based on a special survey, duplicate output across regions for these enterprise groups (companies) has been eliminated.
(3) The service production index refers to the output changes in the service industry during the reporting period relative to the base period, after excluding price factors.
(4) The statistical scope of total retail sales of consumer goods includes legal entities, industrial activity units, and individual businesses engaged in retail activities or providing catering services. Among them, above-limit units refer to wholesale enterprises (units, individual businesses) with an annual main business income of 20 million yuan or more, retail enterprises (units, individual businesses) with 5 million yuan or more, and accommodation and catering enterprises (units, individual businesses) with 2 million yuan or more.
Since the scope of above-limit wholesale and retail, accommodation, and catering enterprises (units, individual businesses) changes every year, in order to ensure that this year's data is comparable to last year's, the same period figures used to calculate the year-on-year growth rate of retail sales of consumer goods for above-limit units are consistent with the statistical scope of enterprises (units, individual businesses) for the current period, resulting in discrepancies with the data published last year. The main reason is that every year, some enterprises (units, individual businesses) reach the limit standard and are included in the survey scope, while some enterprises (units, individual businesses) exit the survey scope due to a decrease in scale. Additionally, there are impacts from newly opened, bankrupt, or canceled enterprises (units, individual businesses).
(5) Service retail sales refer to the total value of non-production and non-operating services directly provided to individuals and other units by enterprises (industrial activity units, individual businesses) in a transactional manner. This aims to reflect the value of services sold in monetary form by service providers that belong to consumption, including retail sales from service activities in transportation, accommodation, catering, education, health, sports, entertainment, and other fields.
(6) To more comprehensively reflect the development status of the online consumption market, the online consumption statistical indicators have been improved. Based on the development trend of online consumption, the statistical scope of online service platforms has been expanded, and the calculation of online service retail sales has been strengthened. Therefore, the original &#34;online retail sales&#34; has been adjusted to &#34;online goods and service retail sales,&#34; with the connotation of the indicator unchanged but the statistical scope expanded; &#34;physical goods online retail sales&#34; has been adjusted to &#34;online goods retail sales,&#34; with the connotation and statistical scope unchanged; and &#34;online service retail sales&#34; has been added. The data for online goods and service retail sales is not comparable to that of online retail sales.
Since the scope of key platforms included in the statistics for online goods and service retail sales changes every year, in order to ensure that this year's data is comparable to last year's, the same period figures used to calculate the year-on-year growth rate of online goods and service retail sales are consistent with the statistical scope of platforms for the current period, resulting in discrepancies with the data published last year. The main reason is that every year, new platforms are included in the survey scope, while some platforms that do not meet statistical system requirements exit the survey scope.
(7) Fixed asset investment (excluding farmers) refers to the total amount of work completed in the construction and acquisition of fixed assets and related expenses expressed in monetary form within a certain period.
Infrastructure investment: According to the current statistical system regulations, infrastructure investment includes the production and supply of electricity and heat, gas production and supply, water production and supply, railway transportation, road transportation, water transportation, air transportation, pipeline transportation, multimodal transport and transportation agency, loading and unloading, postal services, telecommunications, broadcasting, television and satellite transmission services, internet and related services
Fixed asset investment in the water management industry, ecological protection and environmental governance industry, and public facilities management industry. Infrastructure investment growth rate is calculated on a comparable basis.
According to the reform of investment statistical system methods, statistical law enforcement inspections, and other regulations, the fixed asset investment data for the same period last year has been revised, and the fixed asset investment growth rate is calculated on a comparable basis.
(8) Import and export data are sourced from the General Administration of Customs.
(9) Some data may not equal the total due to rounding

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In January and February, China's economy started off well, with the urban surveyed unemployment rate remaining flat year-on-year. The national industrial added value above designated size grew by 6.3% year-on-year, with significant growth in equipment manufacturing and high-tech manufacturing, increasing by 9.3% and 13.1% respectively. The service production index grew by 5.2% year-on-year, and the modern service industry developed rapidly. The manufacturing purchasing managers' index was 49.0%, and the service business activity index was 49.7%. Overall, the economy is operating steadily and improving, with employment and prices remaining generally stable

- In January and February, China's economy showed strong performance under the leadership of the central government, with a 6.3% year-on-year increase in industrial output and 5.2% growth in service sector output.  
- Fixed asset investment rose 1.8%, led by an 11.4% increase in infrastructure investment, while total retail sales of consumer goods increased by 2.8%.  
- Despite the positive trends, challenges remain, including geopolitical risks and internal economic transformation issues, with an average urban unemployment rate stable at 5.3%.

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In the first two months, the national economy started strongly and had a good beginning, with the urban surveyed unemployment rate remaining the same year-on-year