中国经济稳健前行 高质量发展彰显光明前景

Core Viewpoint - China's economy demonstrated steady progress and improved quality in Q3 2025, with GDP growth of 4.8% year-on-year and 1.1% quarter-on-quarter, indicating resilience amid various pressures and challenges [1] Economic Performance - In the first three quarters of 2025, China's GDP reached 101.5 trillion yuan, growing by 5.2% year-on-year, surpassing the previous year's growth rate by 0.4 percentage points [1] - The GDP for Q3 alone amounted to 35.45 trillion yuan, exceeding the projected total for the world's third-largest economy in 2024 [1] New Quality Productivity - The formation of new quality productivity is accelerating, with significant growth in high-tech manufacturing, which saw a 9.6% year-on-year increase in value added for large-scale high-tech manufacturing industries [2] - Industrial capacity utilization rates rose to 74.6%, and the sales rate for large-scale industrial enterprises reached 96.8% by the end of Q3 [2] Domestic Demand and Consumption - Social retail sales of consumer goods increased by 4.5% year-on-year in the first three quarters, with final consumption expenditure contributing 53.5% to economic growth, up by 9.0 percentage points from the previous year [3] - The trend towards green, intelligent, and health-oriented consumption is evident, with significant growth in categories such as home appliances and furniture [3] Trade and Exports - China's imports and exports achieved stable growth, with a 6% increase in Q3, marking eight consecutive quarters of year-on-year growth [4] - High-tech product exports rose by 11.9% year-on-year in the first three quarters, supported by favorable policies and rising demand for industrial upgrades [4] Future Outlook - The fourth quarter is crucial for completing the annual economic performance and setting the stage for the next five-year plan, with expectations for continued support for high-quality economic development [5] - The ongoing macroeconomic policies and reforms are anticipated to bolster the economy's resilience and contribute positively to global economic recovery [5]