BEIJING - China's industrial output sustained stable growth in August with booming new growth drivers and strong exports.

The country's value-added industrial output, an important economic indicator, expanded 4.5 percent year-on-year in August, official data from the National Bureau of Statistics showed Saturday.

On a monthly basis, the industrial output edged up 0.32 percent in August from the previous month.

The industrial output measures the activity of enterprises each with an annual main business turnover of at least 20 million yuan ($2.82 million).

Addressing a press conference, spokesperson for the bureau Liu Aihua said that nearly 80 percent of industries and over 50 percent of products registered year-on-year increases.

The equipment manufacturing sector contributed 47.9 percent to the entire industrial output growth, she said, adding that new growth drivers for the manufacturing sector are being strengthened.

ALSO READ: China's industrial output up 5.1% in July

Last month, the output of electronic and communication devices saw double-digit year-on-year increases for 10 consecutive months. The value-added output of smart unmanned aircraft soared by 54 percent, and the production of new energy vehicles surged by 30.5 percent, Liu said.

Meanwhile, the export delivery value of the industrial sector climbed 6.4 percent year-on-year in August, maintaining a fast growth momentum, while that of automobiles saw double-digit growth for nine consecutive months, Liu said.

In the first eight months, the value-added industrial output posted a stable 5.8 percent year-on-year growth, the bureau's data showed. 

Retail sales

Data from the bureau also showed China's consumer market has maintained stable recovery this year with expanding retail sales.

Retail sales of consumer goods went up 2.1 percent year-on-year in August, according to the bureau.

Rural consumption gained 3.9 percent last month from a year ago and the catering sector saw its revenue rise by 3.3 percent - well above the average level, according to the data.

In terms of products, sales of communications equipment climbed 14.8 percent, while sales of cereals, oil and food went up by 10.1 percent. Medicine sales increased by 4.3 percent, and that of home appliances and audio and video products rose by 3.4 percent.

In the first eight months of 2024 combined, retail sales of consumer goods increased 3.4 percent compared to a year earlier.

Online sales remained a bright spot, rising by 8.9 percent year on year in the January-August period. In particular, sales of physical goods increased by 8.1 percent and accounted for a quarter of total retail sales.

Commenting on the data, spokesperson for the bureau Liu highlighted the recovery trend of the consumer market, especially in services, new-type consumption and online sales.

ALSO READ: Chinese policymakers urged to ramp up efforts to boost consumption

Recent vibrant summer travel and strong cultural and tourism demand underlined the great potential of service consumption, while digital and green consumption also emerged as a new fashion and favorites of consumers, Liu said.

China has rolled out an array of measures to boost consumption this year, including a program promoting large-scale equipment upgrades and consumer goods trade-ins. Recently, the government further stepped up efforts to encourage the purchase of automobiles and home appliances, among others.

While recognizing policy impacts, Liu also said that consumption recovery still faces restraints, prompting authorities to channel even more energy into strengthening consumer sentiment and stimulating domestic demand.

The presence of improved government policies and better products and services on the market, means the potential of consumption will be unleashed at a faster pace and thus the consumer market will have a more solid foundation for recovery, Liu added.

Fixed-asset investment

The country's fixed-asset investment rose 3.4 percent year-on-year in the first eight months of 2024, according to the data from the National Bureau of Statistics.  

Investment totaled 32.94 trillion yuan during this period, the bureau said.

Investment in infrastructure construction rose 4.4 percent from a year earlier during the January-August period, while manufacturing investment increased by 9.1 percent.

Excluding the property sector, which was still under adjustment, the country's fixed-asset investment increased by 7.7 percent year-on-year in the first eight months. Meanwhile, investment in property development fell by 10.2 percent.  

Boosted by vibrant demand unleashed by China's new round of large-scale equipment upgrades and trade-in of consumer goods, the country's fixed-asset investment sustained stable expansion, the bureau's spokesperson Liu said.

The official data revealed that investment in purchasing equipment, tools and instruments in the first eight months of the year had jumped 16.8 percent year-on-year.

ALSO READ: Official: China to step up fiscal policy implementation to spur economic recovery

The spokesperson highlighted the role of investment in providing solid support for fostering new impetus, as more capital flowed into burgeoning high-tech sectors.

Investment in high-tech industries posted robust growth, up 10.2 percent in this period, and maintaining double-digit growth for six consecutive months.

Investment in high-tech manufacturing and high-tech services gained 9.6 percent and 11.7 percent, respectively, from a year earlier in the January-August 2024 period. Notably, the aerospace equipment manufacturing industry saw a 34.4 percent surge in investment, while investment in the e-commerce service sector increased by 16.8 percent.

China will continue to boost effective investment by promoting major projects, industrial upgrades and equipment renewals, said Liu, adding that more investment is needed to upgrade new industries, promote low-carbon transformation and improve weak areas of the economy. 

Urban unemployment

In the January-August period, China's job market remained stable as the surveyed urban unemployment rate dropped on a year-on-year basis, according to the official data.

The average of surveyed urban unemployment rate stood at 5.2 percent in the first eight months, down 0.1 percentage points from the same period last year, the bureau said.

In August alone, the unemployment rate was 5.3 percent, up from 5.2 percent in July.

ALSO READ: China to strengthen legislative efforts for high-quality economic development

"The urban unemployment rate saw a slight increase in August, primarily due to the influx of college graduates entering the labor market," spokesperson for the bureau Liu said.

This year, the Chinese government has stepped up efforts to ensure a stable job market, implementing measures to boost pro-employment policies, enhance job seeking services and support key groups such as college graduates and migrant workers.

"The employment situation for migrant workers remains relatively favorable, with the surveyed unemployment rate for rural migrant workers reaching 4.6 percent in August, a decrease of 0.3 percentage points compared to the previous month," Liu said.