2025年中国经济复盘：5%的成绩与发力方向

Economic Performance - In 2025, China's GDP growth reached 5%, with the total economic volume surpassing 140 trillion yuan for the first time[1] - Exports grew by 5.5%, supported by diversification into ASEAN and African markets, offsetting declines in exports to the US[2] - The Shanghai Composite Index rose by 18.4%, with the ChiNext Index and STAR 50 Index increasing by 49.6% and 35.9% respectively[3] Economic Challenges - Real estate investment fell by 17.2%, a larger decline than the previous year's 10.6%[4] - Retail sales growth for the year was 3.7%, lower than the 5% growth in the first half of 2025[5] - The GDP deflator was negative at -1%, indicating nominal GDP growth of only 4% compared to a real growth of 5%[6] Policy Outlook - In 2026, proactive fiscal policies and monetary easing are expected to support economic growth, aiming for a strong start in Q1[7] - The government plans to allocate 625 billion yuan for consumer goods replacement programs and 2.95 trillion yuan for infrastructure projects[8] - Emphasis on increasing residents' income and investing in human capital as key strategies to boost domestic demand[9]