上海前三季度GDP首破4万亿元，重庆坐稳“消费第一城”

Economic Overview - China's GDP grew by 5.2% year-on-year in the first three quarters of 2025, indicating resilience and vitality in the economy [2] - The nine key cities under observation are making solid progress on the path of high-quality development, with overall economic performance showing steady improvement [2] City Performance - Shanghai's GDP surpassed 40 trillion yuan for the first time, with a total of 40,721.17 billion yuan, followed by Beijing at 38,415.9 billion yuan and Shenzhen at 27,896.44 billion yuan [2] - Chengdu led the key cities with a growth rate of 5.8%, while Wuhan and Chongqing recorded growth rates of 5.6% and 5.3%, respectively [3] Consumption Trends - Chongqing has maintained its position as the "Consumption First City," surpassing Shanghai in social retail sales by 180.23 billion yuan in the first three quarters [6] - The restaurant sector in Chongqing achieved a revenue of 1,857.61 billion yuan, growing by 5.4%, with significant increases in retail sales of wearable devices and high-efficiency appliances [6] Service Sector Contribution - The service sector in the nine key cities has shown significant growth, with value-added services outpacing GDP growth, becoming the main engine of urban economic growth [7] - In Beijing, the information transmission, software, and IT services sector grew by 11.2%, while financial services increased by 9.0%, contributing nearly 80% to the growth of the tertiary sector [7] Industrial Growth - The industrial economy is stabilizing, with significant growth in equipment manufacturing, particularly in cities like Shenzhen and Beijing [9] - High-tech products have seen explosive growth, with Beijing's strategic emerging industries and high-tech manufacturing increasing by 17.9% and 9.9%, respectively [9] Investment and Infrastructure - Investment in fixed assets is expanding in various cities, with infrastructure investment in Tianjin, Shanghai, Wuhan, and Chongqing growing by 12.8%, 11.7%, 6.2%, and 5.0%, respectively [12] - The "old for new" policy has positively impacted retail sales of home appliances and communication equipment, with Shenzhen seeing significant growth in these categories [12] Export Dynamics - Shenzhen's export performance remains strong despite a 4.7% year-on-year decline due to high base effects from the previous year [13] - Shanghai's total export value increased by 11.3%, with significant contributions from integrated circuits, biomedicine, and artificial intelligence sectors [13]