GDP破140万亿，超大规模市场优势持续释放

Economic Overview - In 2025, China's GDP reached 140,187.9 billion yuan, marking a 5.0% increase from the previous year at constant prices, showcasing the resilience and high-quality development of the Chinese economy [1] - The achievement of surpassing the 140 trillion yuan mark reflects not only quantitative growth but also qualitative improvements, indicating a shift towards optimized economic structure and transformation of growth drivers [1][2] Growth Drivers - The growth of 5.0% is supported by profound changes in the sources of economic momentum, with innovation-driven effects becoming increasingly prominent, particularly in high-tech manufacturing and modern service industries [1][2] - The integration of the digital economy with the real economy is deepening, with strategic emerging industries such as artificial intelligence, biomanufacturing, and commercial aerospace becoming new pillar industries [1][2] Demand Side Dynamics - The vast domestic market remains a cornerstone for China's economic resilience, with the continuous release of advantages from a super-large-scale market [2] - Rising income levels and the expansion of the middle-income group are leading to an upgrade in consumption structure, shifting from survival-oriented to development and enjoyment-oriented consumption [2] Investment and Infrastructure - Effective investment in key areas, including new infrastructure and major livelihood projects, is playing a crucial role in sustaining economic growth [2] - The synergy between supply and demand is forming a dominant position for domestic circulation, contributing to a more secure and controllable economic depth [2] Challenges Ahead - Despite the achievements, challenges remain, including rising global trade protectionism, insufficient effective demand, and weak social expectations [2][3] - Achieving a 5.0% growth rate on such a large economic base presents increasing difficulty, with the incremental growth required becoming geometrically more challenging compared to previous years [3] Future Outlook - The new milestone of 140 trillion yuan serves as a starting point for future growth, with China's economic foundation remaining robust due to its complete industrial system and improving infrastructure [3] - The ongoing release of dividends from comprehensive reforms and the deepening of a unified national market are expected to further stimulate market vitality and social creativity [3][4] - Maintaining strategic determination and converting policy dividends into tangible development momentum is crucial for addressing external uncertainties [3][4]