China's inflation edges up, signaling sustained recovery in domestic demand

中国通胀小幅上行，释放国内需求持续复苏的信号

BEIJING, Sept. 9 (Xinhua) -- China's price levels continued their moderate recovery in August, reflecting sustained improvement in domestic demand under supportive policy measures.

北京9月9日电（新华社）8月份中国物价水平继续温和回升，反映出在各项支持性政策作用下，国内需求持续改善。

Data released by the National Bureau of Statistics (NBS) on Wednesday showed the consumer price index (CPI) rose 0.4 percent month on month in August, reversing three consecutive months of decline, while the year-on-year gain accelerated from 0.5 percent to 0.8 percent.

国家统计局（NBS）周三公布的数据显示，8月份消费者价格指数（CPI）环比上涨0.4%，扭转了连续三个月的下跌趋势，同时，同比涨幅从0.5%加速至0.8%。

NBS statistician Dong Lijuan attributed the uptick to several factors: rising energy prices, seasonal increases in food prices, continued gains in travel services during the summer holiday period, and higher prices for smartphones and computers driven by the surging demand for computing power.

国家统计局统计师董丽娟将上涨归因于多重因素：能源价格走高、食品价格季节性上涨、暑假期间旅游服务持续增长，以及算力需求激增带动下智能手机和电脑价格上涨。

Core CPI, which strips out food and energy prices, edged up to 1 percent year on year from 0.9 percent the previous month.

剔除食品和能源价格的核心CPI同比从上月的0.9%小幅上升至1%。

Factory-gate prices also sent encouraging signals. The producer price index (PPI) rose 0.4 percent month on month in August, swinging from a 0.7 percent decline the previous month, while the year-on-year gain widened to 3.8 percent.

工业出厂价格同样释放出积极信号。8 月份工业生产者出厂价格指数（PPI）环比上涨 0.4%，扭转了上月 0.7% 的下跌态势；与此同时，同比涨幅扩大至 3.8%。

The NBS cited the pass-through effect of rising global commodity prices and stronger demand in some sectors driven by domestic industrial upgrading.

国家统计局列举了全球大宗商品价格上涨和国内产业升级带动部分行业需求强劲的传递效应。

Wednesday's price data is consistent with the broad pickup in consumer activity seen across China this summer.

周三公布的物价数据，与今年夏天全国范围内出现的消费活动普遍回暖态势相吻合。

Railway passenger trips totaled 954 million in July and August combined, and summer box office receipts reached 12.5 billion yuan (1.84 billion U.S. dollars). To channel consumer enthusiasm, more than 30,000 events centered on summer leisure, study tours and night economy were held nationwide, while over 450 million yuan in consumption subsidies were distributed by local governments.

7月和8月铁路客运量合计9.54亿人次，暑期票房收入达125亿元人民币（18.4亿美元）。为释放居民消费热情，全国共举办以避暑休闲、游学、夜经济为核心的活动3万余场，各地发放消费补贴资金4.5亿余元。

Expanding domestic demand remains high on China's economic agenda. At a high-level meeting in late July, policymakers called for effectively expanding domestic demand, broadening quality supply to meet the needs of different consumer groups, and tapping the potential of service consumption. The Ministry of Commerce recently issued a set of guidelines to accelerate the release of demand for personalized consumption.

扩大内需仍然是中国经济工作的重点。在 7 月下旬召开的一次高层会议上，决策层提出要有效扩大内需，扩大优质供给以满足不同消费群体的需求，并挖掘服务消费潜力。商务部近期印发了一套指导意见，加快释放个性化消费需求。

Experts believe more efforts should be made to smooth the flow of consumption and lift income expectations of individuals.

专家认为，应当进一步疏通消费流通，提高个人收入预期。

Chasing Securities predicts the policy measures to continue driving a moderate recovery in price levels. Wang Qing, chief macro analyst at Golden Credit Rating, forecasts that CPI will continue to edge up year on year in September, with price levels expected to remain moderate.

华鑫证券预计，各项政策举措将继续推动物价水平温和回升。金诚信用评级首席宏观分析师王青预测，9 月 CPI 同比将继续小幅上行，物价水平有望保持温和态势。

The role of consumption as a primary engine of economic growth is set to strengthen. Official data showed final consumption expenditure contributed 2.1 percentage points to GDP growth in the first half of the year, continuing to lead all growth drivers.

消费作为经济增长首要引擎的作用有望进一步增强。官方数据显示，上半年最终消费支出拉动 GDP 增长 2.1 个百分点，继续领跑各项增长动力。

For the 15th Five-Year Plan period (2026-2030), China has released a dedicated consumption expansion plan setting out 28 priority measures, with efforts to cultivate new consumption models and scenarios, raise household spending capacity, and optimize the consumer environment.

面向 “十五五” 规划时期（2026‑2030 年），中国发布一份专门的扩大消费规划，提出 28 项重点举措，着力培育新型消费模式与消费场景、提升居民家庭消费能力，并优化消费环境。

A strong domestic demand helps ensure a stable economy. With expanding domestic demand as a strategic anchor, China's pro-consumption policies will inject sustained internal growth momentum into the broader economy, experts said.

强劲的内需有助于保障经济平稳运行。专家表示，以扩大内需作为战略基点，中国促消费政策将为宏观经济注入持久的内生增长动力。