人民财评：5.0%的增长，“十五五”开局的坚实起点

Economic Performance - In 2025, China's GDP reached 140,187.9 billion yuan, growing by 5.0% year-on-year, marking a solid foundation for high-quality development and showcasing the resilience of a large economy [1] - The manufacturing sector maintained its position as the world's largest, with industrial added value increasing by 5.8%, and manufacturing specifically growing by 6.1%, providing core support for economic stability [1] Macroeconomic Stability - The 5.0% growth rate reflects the effectiveness of China's macroeconomic policies, with measures such as "two重" construction and consumer goods replacement helping to counteract downward pressure [2] - The urban unemployment rate averaged 5.2% for the year, indicating a stable employment situation that supports economic stability [2] - The core Consumer Price Index (CPI) showed a mild recovery, and the manufacturing Purchasing Managers' Index returned to expansion, indicating improving business expectations [2] Industrial Structure Optimization - High-tech manufacturing added value grew by 9.4%, outpacing overall industrial growth by 3.5 percentage points, with its share rising to 17.1% [2] - The production of new products such as 3D printing equipment and industrial robots saw rapid growth, contributing to the rise of new productive forces [2] - The output of new energy vehicles surpassed 16 million units, reflecting the robust development of green industries and the transition from factor-driven to innovation-driven economic growth [2] Improvement in Living Standards - In 2025, the per capita disposable income of residents increased by 5.0%, aligning with economic growth, and rural income growth outpaced urban income at 6.0% [3] - The total retail sales of consumer goods reached 501,202 billion yuan, with a 5.5% increase in service retail, indicating enhanced consumer capacity and the potential of the domestic market [3] Reform and Opening Up - The construction of a unified national market and the implementation of the Private Economy Promotion Law have improved the business environment, injecting vitality into economic activities [3] - The total import and export volume grew by 3.8%, with high-tech product exports increasing by 13.2%, highlighting China's improving position in the global value chain [3] Future Outlook - The solid GDP total and growth rate of 5.0% in 2025 provide a strong starting point for the "15th Five-Year Plan," with a focus on maintaining stability and promoting high-quality development [4]