2025年1-2月增长数据解读：再迎开门红

Economic Growth Indicators - In January-February 2025, China's GDP growth rate is estimated at 5.2%, down 0.5 percentage points from December 2024 but consistent with October-November 2024 levels[7] - Industrial value added increased by 5.9% year-on-year, while the service production index grew by 5.6%, both showing a slowdown compared to December 2024[7] - Fixed asset investment rose by 4.1% year-on-year, with a notable increase of 1.9 percentage points from December 2024[14] Industrial Production - Industrial production growth is supported by mining and equipment manufacturing, with mining value added increasing by 4.3% and equipment manufacturing by 10.6%[9] - Export delivery value for large-scale industries grew by 6.2%, exceeding the nominal growth rate of industrial value added by 2.5 percentage points[11] - The industrial sales rate was 95.5%, down 0.5 percentage points from the same period last year, indicating weaker demand recovery compared to production[11] Fixed Asset Investment - Fixed asset investment excluding real estate grew by 8.4%, with infrastructure investment increasing by 10% and manufacturing investment by 9%[14] - The contribution of manufacturing technology reform investment to overall investment growth was 62.3%[15] - Private investment accounted for 50.8% of total fixed asset investment, showing no growth compared to the previous year[23] Real Estate Market - Real estate investment declined by 9.8%, but the drop was 3.7 percentage points less than in December 2024, indicating progress in inventory reduction[24] - The area of newly started housing projects fell by 29.6%, while the area under construction decreased by 15.6%[24] - The growth rate of unsold residential properties has decreased by 18 percentage points from the peak in May 2024, reaching the lowest level since early 2022[24] Consumer Spending - Retail sales of consumer goods increased by 4.0%, driven by a recovery in dining income, with retail sales of goods remaining stable at 3.9%[29] - The unemployment rate in urban areas rose to 5.4%, the highest since March 2023, indicating ongoing employment pressures[30] - Average working hours for employees decreased by 1.9% year-on-year, reflecting potential underemployment issues[30]