经济运行稳中有进 改革提速固本强基

Core Insights - China's economy is demonstrating strong resilience and structural adjustment capabilities despite facing multiple challenges, with a focus on enhancing economic momentum towards new quality growth by 2025 [1][4] Economic Performance - In 2025, China's GDP is expected to achieve a growth target of around 5%, significantly higher than the global average growth rate of approximately 3.9% during the same period [2][4] - The contribution of China's economy to global growth is projected to remain above 30%, acting as a stabilizing force for global trade amidst rising uncertainties [2][3] Sectoral Developments - The manufacturing sector, particularly high-tech and equipment manufacturing, has shown robust growth, with value-added output increasing by 9.7% and 9.6% respectively in the first three quarters of 2025 [4] - Exports have demonstrated strong resilience, with a growth rate of 6.2% from January to October 2025, reflecting improvements in product quality, technology, and brand competitiveness [4] Consumer Trends - Consumer spending is increasingly focused on high-quality products, with smart home appliances accounting for over 50% of sales in certain retail channels [5] - Final consumption expenditure contributed 53.5% to economic growth in the first three quarters, marking a 9 percentage point increase from the previous year [5] Policy and Future Outlook - The Chinese government is expected to implement more proactive macroeconomic policies in 2026, with a focus on enhancing consumption, optimizing the business environment, and stabilizing industrial production [7] - Three new opportunities for economic growth are identified for 2026: the initiation of the "14th Five-Year Plan," more aggressive fiscal and monetary policies, and the recovery of micro-market entities [7][6]