2025全年与12月宏观经济数据

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint In 2025, facing complex changes in the domestic and international economic environment, China's national economy withstood pressure, moved forward, and achieved new results in high - quality development under the strong leadership of the Party Central Committee and the implementation of various policies, successfully fulfilling the main goals and tasks of economic and social development and concluding the "14th Five - Year Plan" victoriously [4]. 3. Summary by Directory Macroeconomic Data - GDP: The annual GDP was 1,401,879 billion yuan, a 5.0% increase at constant prices. The added values of the primary, secondary, and tertiary industries increased by 3.9%, 4.5%, and 5.4% respectively. Quarterly GDP growth rates were 5.4% in Q1, 5.2% in Q2, 4.8% in Q3, and 4.5% in Q4. The Q4 GDP increased by 1.2% quarter - on - quarter [5]. - Industry: The annual added value of large - scale industries increased by 5.9%. The added values of the mining, manufacturing, and power sectors increased by 5.6%, 6.4%, and 2.3% respectively. The added values of equipment manufacturing and high - tech manufacturing increased by 9.2% and 9.4% respectively. In December, the added value of large - scale industries increased by 5.2% year - on - year and 0.49% month - on - month [5]. - Services: The annual service industry added value increased by 5.4%. In December, the service industry production index increased by 5.0% year - on - year. The business activity index and business expectation index of the service industry increased in December [6]. - Consumption: The annual total retail sales of consumer goods were 501,202 billion yuan, a 3.7% increase. Online retail sales increased by 8.6%. In December, total retail sales of consumer goods increased by 0.9% year - on - year and decreased by 0.12% month - on - month. The annual service retail sales increased by 5.5% [7]. - Investment: The annual fixed - asset investment (excluding rural households) was 485,186 billion yuan, a 3.8% decrease. Real estate development investment decreased by 17.2%. In December, fixed - asset investment (excluding rural households) decreased by 1.13% month - on - month [8]. - Import and Export: The annual total goods import and export volume was 454,687 billion yuan, a 3.8% increase. Exports were 269,892 billion yuan, a 6.1% increase, and imports were 184,795 billion yuan, a 0.5% increase. In December, the total import and export volume increased by 4.9% year - on - year [9]. - Prices: The annual CPI was flat compared to the previous year. The core CPI increased by 0.7%. The annual PPI decreased by 2.6%, and the annual purchase price of industrial producers decreased by 3.0% [10]. - Employment: The annual average urban survey unemployment rate was 5.2%. In December, it was 5.1%. The total number of migrant workers increased by 0.5% [11]. - Income: The annual per - capita disposable income of national residents was 43,377 yuan, a 5.0% nominal increase. After deducting price factors, the real growth was also 5.0%. The per - capita consumption expenditure increased by 4.4% [12]. - Population: The year - end national population was 1,404.89 million, a decrease of 3.39 million. The birth rate was 5.63‰, the death rate was 8.04‰, and the natural growth rate was - 2.41‰. The urbanization rate was 67.89%, an increase of 0.89 percentage points [13]. Economic Growth and Business Climate Index No specific summary content other than the index names such as GDP quarterly growth rate, sub - industry GDP growth rate, and PMI index is provided [16]. Industrial Production No specific summary content other than the names of indicators such as industrial added value, power generation, steel production, coal production, railway freight volume, and Keqiang Index is provided [18]. Import and Export No specific summary content other than the names of indicators such as import and export amounts, growth rates, main export country growth rates, and export quantity and price indices is provided [23]. Investment No specific summary content other than the names of indicators such as real estate investment, infrastructure investment, manufacturing investment, and real estate - related indicators is provided [25]. Consumption No specific summary content other than the names of indicators such as total retail sales of consumer goods, automobile and petroleum product retail sales, furniture and building decoration material retail sales, and per - capita disposable income is provided [26]. Finance No specific summary content other than the names of indicators such as M1 and M2 growth rates, M2 - M1 growth rate difference and CPI, loan and social financing total, and corporate and household medium - and long - term loan amounts is provided [32]. Inflation No specific summary content other than the names of indicators such as CPI, PPI, and prices of pork and vegetables is provided [34].