Economic Growth - In the first half of 2025, GDP grew by 5.3% year-on-year, with Q1 growth at 5.4% and Q2 at 5.2%[3] - The industrial added value in June increased by 6.8% year-on-year, up from 5.8% in the previous month[3] - Cumulative industrial added value for the first half of 2025 was 6.4%, compared to 5.8% for the entire year of 2024[3] Consumption Trends - Retail sales of consumer goods in June grew by 4.8% year-on-year, down from 6.4% in May[3] - Cumulative retail sales growth for the first half of 2025 was 5.0%, significantly higher than the 3.5% for the entire year of 2024[3] - The "old-for-new" consumption policy significantly boosted retail sales, with related products seeing over 20% growth in sales[14] Investment Insights - Fixed asset investment in the first half of 2025 grew by 2.8%, down from 3.7% previously, with a full-year growth target of around 4.2%[3] - Infrastructure investment showed stable growth, while real estate investment continued to decline, with a cumulative drop of 11.2% in the first half[21] Future Outlook - The external environment is expected to negatively impact exports in the second half of 2025, potentially leading to a shift from positive to negative growth in exports[5] - The government is likely to implement more proactive fiscal policies, including increased spending and interest rate cuts, to counteract external pressures[7] - GDP growth is projected to stabilize around 4.7% in the second half, ensuring an annual target of approximately 5.0% is met[7]
2025年6月宏观数据点评：上半年宏观经济增长动能偏强，下半年稳增长政策有望进一步加力
Dong Fang Jin Cheng·2025-07-21 08:58