中国经济评论：8月经济动能走弱

Economic Performance - August data indicates a slowdown in economic momentum, primarily due to weak domestic demand[1] - Industrial production (IP) growth slowed to 4.5% YoY in August, down from 5.1% YoY in July[3] - Retail sales grew only 2.1% YoY in August, missing the consensus forecast of 2.5% YoY[3] Consumption Trends - Soft income growth continues to restrain consumption, with auto sales declining by 7.3% YoY, contributing approximately -0.7 percentage points to overall retail sales[3] - Housing-related spending has stabilized, with furniture and decoration materials showing flat YoY growth after previous positive trends[3] Investment Insights - Fixed-asset investment (FAI) grew by 2.2% YoY in August, with real estate investment contracting at -10.2% YoY[3] - Green infrastructure investment remains robust, with the electricity sector expanding over 20% YoY in August[3] Policy Recommendations - The report calls for increased policy support to stabilize income and growth expectations, as fiscal spending rose only 2.5% YoY in the first seven months[4] - Continued liquidity accommodation is anticipated to support the cyclical economy in the coming months[2]