二季度GDP增长5.2%，专家解读来了

Economic Growth - In the first half of 2025, China's GDP reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% [2] - The GDP growth for the second quarter was 5.2%, exceeding market expectations of 5.07% [2][3] - The quarterly GDP growth rates were 5.4% for Q1 and 5.2% for Q2, with a quarter-on-quarter growth of 1.1% in Q2 [2] Industrial Performance - In June, the industrial added value increased by 6.8% year-on-year, accelerating by 1 percentage point from the previous month [4] - The overall industrial added value for the first half of the year grew by 6.4% year-on-year, with significant contributions from the manufacturing sector, which grew by 7.0% [4] - High-tech manufacturing saw a growth of 9.5%, outpacing the overall industrial growth by 3.1 percentage points [4] Consumer Market - In June, the retail sales of consumer goods grew by 4.8%, a decrease of 1.6 percentage points from the previous month [4] - The total retail sales for the first half of 2025 reached 24,545.8 billion yuan, with a year-on-year growth of 5.0% [4] - The "old-for-new" policy significantly boosted the retail sales of major home appliances, with a year-on-year increase of 28.0% in Q2 [5] Investment Trends - Fixed asset investment (excluding rural households) for the first half of 2025 was 24,865.4 billion yuan, with a year-on-year growth of 2.8% [5] - Infrastructure investment grew by 4.6%, while real estate development investment declined by 11.2% [5] - The investment landscape showed a divergence, with manufacturing slowing down, infrastructure maintaining resilience, and real estate continuing to struggle [6] Policy and Outlook - The Chinese government is implementing more proactive counter-cyclical policies to stabilize the economy amid external uncertainties [3][6] - The issuance of long-term special bonds is expected to boost infrastructure investment in key areas such as railways and water conservancy [6] - Overall, the macroeconomic policies are showing effectiveness, with a focus on strengthening domestic demand and ensuring stable economic growth [6]