2025中国经济：稳中有进 量质齐升

Economic Overview - In 2025, China's GDP reached 140,187.9 billion yuan, marking a 5% year-on-year growth, achieving a significant milestone [3] - The economic performance is characterized by resilience and vitality despite facing pressures from international competition, trade wars, and domestic challenges [3][4] Structural Changes - China's economy is transitioning towards new and upgraded development, with traditional industries accelerating their transformation and emerging industries like quantum computing and AI gaining momentum [4] - Active fiscal policies and moderately loose monetary policies have played a crucial role in maintaining market vitality [4] Trade and Openness - In 2025, China's total import and export value reached 454,687 billion yuan, reflecting a 3.8% increase, marking the ninth consecutive year of growth [8] - China's export potential remains strong due to international demand and ongoing improvements in trade environment, including the signing of the upgraded China-ASEAN Free Trade Area agreement [8][9] Real Estate Market - The real estate market in 2025 showed signs of stabilization, with transaction volumes stabilizing and inventory levels decreasing [6] - The completion of housing delivery tasks marked a significant milestone, reducing risks associated with high debt and leverage in the sector [6] Consumer Spending - Retail sales of consumer goods surpassed 50 trillion yuan, growing by 3.7%, with final consumption contributing 52% to economic growth, an increase of 5 percentage points from the previous year [7] - The focus on investing in human capital, such as education and healthcare, is seen as essential for unlocking long-term consumption potential [7] New Productive Forces - New productive forces are identified as a key driver in the transition towards a new and superior economic model, enhancing industrial structure and export competitiveness [10] - Financial support for new productive forces has been increasing, with a need for further optimization in direct financing and the establishment of industry investment funds [10]