理响中国｜从“140万亿元”看中国经济韧性与活力

Core Viewpoint - In 2025, China's GDP surpassed 140 trillion yuan, marking a 5.0% growth from the previous year, solidifying its position as the world's second-largest economy and demonstrating robust economic resilience and stability [1][2]. Economic Performance - The 5.0% growth rate was achieved despite external challenges, reflecting a steady growth trajectory with strong risk resistance and effective regulation [2]. - High-tech manufacturing's value added rose to 17.1%, indicating significant quality improvement alongside reasonable growth [2]. - Final consumption contributed over 50% to economic growth, reinforcing domestic demand as the main engine [2]. - Real disposable income per capita grew by 5.0%, aligning closely with economic growth, highlighting the importance of living standards [2]. New Growth Drivers - The digital product manufacturing sector saw a 9.3% increase in value added, while daily production of new energy vehicles reached 45,000 units [3]. - The express delivery sector processed over 500 million packages daily, showcasing the rapid growth of new productivity [3]. - Continuous reforms and policies aimed at reducing social costs and stimulating market vitality are enhancing the transition from traditional to new growth drivers [3]. Future Outlook - The overall economic environment presents more opportunities than challenges, supported by unique institutional advantages and a large market [4]. - By the end of 2025, core CPI remained stable above 1%, and the manufacturing PMI returned to expansion, indicating a positive accumulation of factors [4]. - Central policies for 2026 emphasize stability and quality improvement, with expectations for accelerated implementation of key projects [4]. - International organizations have raised their growth forecasts for China, reflecting global confidence in its economic prospects [4]. Conclusion - The achievement of 140 trillion yuan in GDP is both a culmination of the "14th Five-Year Plan" and a starting point for future ambitions, emphasizing the importance of high-quality development and effective policy implementation for the "15th Five-Year Plan" [5].