Economic Overview - The GDP of Zibo reached 256.89 billion yuan in the first half of the year, with a year-on-year growth of 5.6% and a nominal increase of 18.74 billion yuan, representing a nominal growth rate of 7.87%, which is higher than the provincial average [1] - The primary industry added value was 8.24 billion yuan, growing by 3.7%; the secondary industry added value was 118.49 billion yuan, growing by 5.1%; and the tertiary industry added value was 130.16 billion yuan, growing by 6.2% [1] Agricultural Sector - The total output value of agriculture, forestry, animal husbandry, and fishery reached 14.93 billion yuan, with a year-on-year growth of 4.1%, an increase of 0.6 percentage points compared to the first quarter [1] - The production of vegetables was 978,000 tons, growing by 3%, and the production of melons and fruits was 66,000 tons, growing by 3.3% [1] Industrial Sector - The added value of above-scale industries grew by 7.6% year-on-year, with 29 out of 38 major industries achieving positive growth, resulting in a growth coverage of 76.3% [2] - The top 10 industries by total added value saw "eight increases and two decreases," contributing a total of 6.2 percentage points to the city's growth [2] - High-tech manufacturing added value increased by 8.1%, and the "four strong" industries saw an added value growth of 8.5% [2] Service Sector - From January to May, the above-scale service industry achieved operating income of 23.93 billion yuan, a year-on-year increase of 7.3%, which is 0.3 percentage points higher than the first quarter [2] - Among the ten categories of industries, eight saw growth, with transportation, warehousing, and postal services, information transmission, software and information technology services, and leasing and business services growing by 10.9%, 6.4%, and 6.2% respectively [2] Investment Trends - Fixed asset investment in the first half of the year decreased by 1.3%, while industrial investment increased by 29.7%, with industrial technological transformation investment growing by 20.8% [2] - Private investment grew by 21.0%, accounting for 65.3% of total investment, an increase of 12 percentage points year-on-year [2] Consumer Market - The total retail sales of social consumer goods reached 83.03 billion yuan, with a year-on-year growth of 7.1% [3] - The retail sales of above-limit units reached 29.62 billion yuan, growing by 12.3%, with 15 out of 22 categories showing positive growth, and 9 categories achieving double-digit growth [3] - Notable growth in retail sales included grain and oil, food, tobacco and alcohol, sports and entertainment products, and communication equipment, with increases of 24.1%, 22.1%, 91.8%, and 50.2% respectively [3]

Economic Performance - In the first half of 2025, Shenzhen's GDP reached 1.83 trillion yuan, reflecting a year-on-year growth of 5.1% at constant prices [1] - Major economic indicators showed accelerated growth compared to the first quarter, indicating a stable and improving economic trend [1] Industrial and Service Sector - The added value of industrial enterprises above designated size increased by 4.3% year-on-year, with a slight acceleration of 0.1 percentage points from the first quarter [1] - The service sector's added value was 1.18 trillion yuan, growing by 6.1% year-on-year, also up by 0.1 percentage points from the first quarter [1] - Retail sales of consumer goods totaled 494.868 billion yuan, marking a year-on-year increase of 3.5%, with an acceleration of 0.4 percentage points from the first quarter [1] Investment Trends - Fixed asset investment in Shenzhen decreased by 10.9% year-on-year, primarily due to a decline in real estate development investment, which fell by 15.1% [1] - Excluding real estate, private investment grew by 3.6% year-on-year, with private industrial investment increasing by 10.6% [1] - Infrastructure investment rose by 7.7% year-on-year, while industrial technological transformation investment surged by 47.1% [1] Foreign Trade - In the first half of 2025, Shenzhen's total import and export volume was 2.17 trillion yuan, a year-on-year decrease of 1.1%, with the decline narrowing by 1.7 percentage points compared to the first quarter [2] - Exports amounted to 1.31 trillion yuan, down by 7.0% year-on-year, while imports increased by 9.5% to 858.864 billion yuan [2] - The decline in exports was attributed to a high base from the previous year when foreign trade growth was rapid [2]

根据广东省地区生产总值统一核算结果，2025年上半年，深圳市地区生产总值18322.26亿元，按不变价 格计算，同比增长5.1%，增速低于全国0.2个百分点。其中，第一产业增加值10.33亿元，增长2.8%；第 二产业增加值6505.56亿元，增长3.3%；第三产业增加值11806.37亿元，增长6.1%。 具体来看，上半年，深圳全市规模以上工业增加值同比增长4.3%，增速虽然低于全国2.1个百分点，但 比一季度加快0.1个百分点。分门类看，采矿业增加值同比增长0.5%，制造业增长4.2%，电力、热力、 燃气及水生产和供应业增长11.8%。 主要行业大类中，通用设备制造业增长17.1%，仪器仪表制造业增长8.8%，电气机械和器材制造业增长 8.2%。高技术产品产量持续快速增长，其中，民用无人机、工业机器人、3D打印设备产品产量分别增 长59.0%、38.0%、35.8%。 支持深圳经济向好判断的重要依据还有：上半年人流、物流、资金流均强劲增长 上半年，深圳市服务业增加值11806.37亿元，同比增长6.1%，增速高于全国0.5个百分点，比一季度加 快0.1个百分点。其中，金融业，交通运输、仓储和邮政业，信息传 ...

Core Viewpoint - Shenzhen's economy showed steady growth in the first half of 2025, with a GDP of 18,322.26 billion yuan, reflecting a year-on-year increase of 5.1% at constant prices [2][12]. Group 1: Industrial Production - The industrial added value of large-scale enterprises in Shenzhen increased by 4.3% year-on-year, with a slight acceleration of 0.1 percentage points compared to the first quarter [3]. - The manufacturing sector grew by 4.2%, while the electricity, heat, gas, and water production and supply industry saw an increase of 11.8% [3]. - High-tech product output experienced rapid growth, with civil drones, industrial robots, and 3D printing equipment increasing by 59.0%, 38.0%, and 35.8% respectively [3]. Group 2: Service Industry - The added value of the service industry reached 11,806.37 billion yuan, growing by 6.1% year-on-year, with a 0.1 percentage point increase from the first quarter [4]. - Key sectors such as finance, transportation, and information technology services reported growth rates of 10.9%, 9.0%, and 8.1% respectively [4][5]. Group 3: Fixed Asset Investment - Fixed asset investment in Shenzhen decreased by 10.9% year-on-year, with real estate development investment dropping by 15.1% [6]. - However, infrastructure investment grew by 7.7%, and industrial technological transformation investment surged by 47.1% [6]. Group 4: Market Sales - The total retail sales of consumer goods reached 4,948.68 billion yuan, with a year-on-year growth of 3.5%, marking a 0.4 percentage point acceleration from the first quarter [7]. - Significant growth was observed in the sales of home appliances and audio-visual equipment, which increased by 55.7%, and cultural office supplies, which rose by 32.9% [7][19]. Group 5: Trade - The total import and export volume was 21,675.45 billion yuan, showing a year-on-year decline of 1.1%, but the decline was narrower by 1.7 percentage points compared to the first quarter [8]. - Exports amounted to 13,086.81 billion yuan, down by 7.0%, while imports increased by 9.5% to 8,588.64 billion yuan [8]. Group 6: Financial Sector - By the end of June, the balance of deposits in financial institutions (including foreign capital) reached 141,600.14 billion yuan, a year-on-year increase of 5.7% [9]. - The balance of loans in financial institutions (including foreign capital) was 98,469.91 billion yuan, reflecting a year-on-year growth of 3.5% [9].

南方财经记者 陈思琦 深圳报道 市场销售增长加快。上半年，深圳社会消费品零售总额4948.68亿元，同比增长3.5%，增速比一季度加 快0.4个百分点。分消费类型看，商品零售增长3.6%；餐饮收入增长1.7%。基本生活类商品增势较好， 限额以上单位日用品类、粮油食品类零售额分别增长10.7%、9.1%。 值得一提的是，消费品以旧换新政策继续显效，限额以上单位家用电器和音像器材类、文化办公用品 类、通讯器材类零售额分别增长55.7%、32.9%、6.0%。网上零售持续增长，限额以上单位通过互联网 实现的商品零售额增长19.4%。 7月30日，深圳市统计局发布2025年上半年深圳经济运行情况。 根据广东省地区生产总值统一核算结果，2025年上半年，深圳市地区生产总值18322.26亿元，按不变价 格计算，同比增长5.1%。其中，第一产业增加值10.33亿元，增长2.8%；第二产业增加值6505.56亿元， 增长3.3%；第三产业增加值11806.37亿元，增长6.1%。 工业生产稳步增长。上半年，深圳市规模以上工业增加值同比增长4.3%，增速比一季度加快0.1个百分 点。分门类看，采矿业增加值同比增长0.5%，制 ...

截至7月28日，31省份（不含港、澳、台）公布了2025年上半年经济运行情况。经济大省在成功挑起经 济增长大梁的同时，个别省份的经济数据也出现了波动。 前八大经济省份中，除广东外，其余七个省份上半年GDP增速均超过全国平均增速（5.3%），且均在 5.6%及以上。在31省份中，上半年广东GDP增速为4.2%，与海南并列倒数第三。 具体来看，上半年有20个省份的GDP增速超过了全国平均增速。其中，西藏、甘肃、湖北的GDP增速 位居全国前三，且均在6%以上。 上半年，湖北GDP总量位于全国第七，增速达6.2%，较全国高出0.9个百分点，这一增速也超出了湖北 过去三年的全年GDP增速。 湖北统计局在解读上半年经济运行情况时称，上半年湖北交出了一份成色好、分量足的成绩单。这是在 二季度外部压力明显加大的背景下取得的成绩，得来不易，需要倍加珍惜。但也要看到，外部不确定不 稳定因素较多，内部结构性矛盾还没有根本缓解。 GDP总量位居全国第二、第三的江苏和山东，年初将GDP增速目标设定为5%以上。今年上半年江苏的 GDP增速达5.7%，山东达5.6%，彰显出经济大省的增长韧性。 整体而言，不少省份经济增长超出预期。2025 ...

Economic Performance - In the first half of the year, Shaanxi Province achieved a GDP of 1,682.801 billion yuan, representing a year-on-year growth of 5.5% at constant prices [1] - The primary industry added value was 78.227 billion yuan, with a growth of 2.9% [1] - The secondary industry added value was 680.707 billion yuan, growing by 6.4% [1] - The tertiary industry added value was 923.867 billion yuan, increasing by 5.1% [1] Investment Trends - Fixed asset investment in the province grew by 5.6% year-on-year [1] - Investment in the primary industry increased by 16.1%, while the secondary industry saw a growth of 19.2% [1] - The tertiary industry experienced a decline of 1.2% in investment [1] - Industrial investment maintained rapid growth at 19.8%, with manufacturing investment rising by 26.3% and industrial technological transformation investment increasing by 22.4% [1] - Private investment showed enhanced vitality, growing by 13.8%, particularly in transportation, storage, and postal services, which saw a 37.2% increase [1] Real Estate Sector - The real estate sector is stabilizing, with real estate development investment increasing by 0.9% year-on-year [1] - The sales area of newly built commercial housing grew by 3.5% year-on-year, accelerating by 2.8 percentage points compared to the first quarter [1]

Core Viewpoint - The economic performance of various provinces in China during the first half of 2025 shows significant disparities, with some provinces exceeding growth expectations while others, particularly in major cities like Beijing and Shanghai, are experiencing declines in consumer spending and employment satisfaction [4][6][10]. Economic Growth Performance - Among the top eight economic provinces, all except Guangdong achieved GDP growth rates above the national average of 5.3%, with rates ranging from 5.6% to 6.2% [3][4][7]. - In total, 21 provinces reported GDP growth rates exceeding their initial annual targets, indicating a strong foundation for achieving these goals [4][6]. Consumer Spending Trends - The retail sales growth in Beijing and Shanghai was notably low, with Beijing experiencing a decline of 3.8% in retail sales, while Shanghai's growth was only 1.7%, placing them among the lowest in the country [13][24]. - Nationally, final consumption expenditure contributed 52% to economic growth in the first half of 2025, with 19 provinces exceeding the national average retail sales growth of 5% [10][11]. Employment and Consumer Confidence - Beijing's employment satisfaction index fell to a historical low of 75.2, reflecting a decline in consumer confidence, which has remained below the critical threshold of 100 for four consecutive quarters [17][19][23]. - The consumer confidence index in Beijing was reported at 95.3, indicating weak consumer sentiment primarily driven by employment expectations [17][18]. Fixed Asset Investment Trends - Several major provinces, including Guangdong and Jiangsu, reported negative growth in fixed asset investment, with Guangdong's investment declining by 9.7% and Jiangsu by 3.9% [27][29]. - The downturn in real estate development investment significantly impacted overall fixed asset investment, with Guangdong's real estate investment dropping by 16.3% [28][29]. Regional Economic Disparities - While some provinces like Hubei and Hebei showed strong economic performance, with Hubei's GDP growth at 6.2% and Hebei's real estate investment increasing by 2.0%, others struggled with negative growth [8][34]. - The overall economic landscape indicates a need for targeted policies to stimulate consumer confidence and investment, particularly in regions facing economic challenges [32][34].

Economic Overview - In the first half of 2025, the GDP of Zhongshan reached 197.465 billion yuan, with a year-on-year growth of 3.4% at constant prices [2] - The primary industry added value was 3.663 billion yuan, growing by 6.3% year-on-year; the secondary industry added value was 101.509 billion yuan, with a growth of 3.3%; the tertiary industry added value was 92.292 billion yuan, also growing by 3.3% [2] Agricultural Sector - The total output value of agriculture, forestry, animal husbandry, and fishery in Zhongshan was 7.651 billion yuan, increasing by 6.3% year-on-year [2] - Agricultural output value was 2.595 billion yuan, with a year-on-year growth of 4.2%; fishery output value was 4.741 billion yuan, growing by 7.3% [2] Industrial Performance - The added value of large-scale industries in Zhongshan grew by 4.4% year-on-year [3] - Manufacturing sector increased by 5.0%, while the electricity, heat, gas, and water production and supply sector saw a decline of 5.9% [3] - Advanced manufacturing added value grew by 8.3%, accounting for 52.6% of large-scale industries; high-tech manufacturing increased by 19.4%, making up 18.2% of large-scale industries [3] Service Sector - The added value of the service industry increased by 3.3% year-on-year [3] - Information transmission, software, and IT services grew by 8.8%; leasing and business services increased by 6.2%; accommodation and catering services rose by 4.6% [3] - From January to May, the revenue of large-scale service industries grew by 3.6% year-on-year [3] Investment and Consumption - Fixed asset investment in Zhongshan decreased by 22.2% year-on-year [4] - Industrial investment fell by 10.1%, accounting for 49.1% of total fixed asset investment [4] - The total retail sales of consumer goods remained stable at 81.6 billion yuan, unchanged from the previous year [4] - Online retail through public networks grew by 5.7% year-on-year [4] Price Levels and Income - The Consumer Price Index (CPI) in Zhongshan remained stable, unchanged from the previous year [5] - The per capita disposable income of residents was 33,570 yuan, with a year-on-year growth of 2.5% [5] - Urban residents had a per capita disposable income of 34,697 yuan, growing by 2.2%, while rural residents had 25,485 yuan, increasing by 4.3% [5]

Economic Performance Overview - As of July 28, 2025, 31 provinces (excluding Hong Kong, Macau, and Taiwan) reported their economic performance for the first half of the year, with significant growth in major economic provinces, although some provinces experienced fluctuations in their economic data [1] - Among the top eight economic provinces, all except Guangdong achieved GDP growth rates exceeding the national average of 5.3%, with growth rates of 5.6% and above [1][2] - Guangdong's GDP growth rate was 4.2%, ranking it among the bottom three provinces [1] Provincial GDP Growth - In the first half of 2025, 21 provinces exceeded their annual GDP growth targets set at the beginning of the year, indicating a solid foundation for achieving their full-year goals [1] - Notably, Tibet, Gansu, and Hubei had the highest GDP growth rates, all above 6% [2] - Hubei's GDP growth rate reached 6.2%, surpassing the national average by 0.9 percentage points [2] Consumption Trends - Nationally, final consumption expenditure contributed 52% to economic growth in the first half of 2025, with 19 provinces reporting retail sales growth above the national average of 5% [2] - The "old-for-new" policy significantly boosted consumption in several provinces, with retail sales of wearable smart devices and related products in Henan growing over 85% [3] Retail Sales Performance - Beijing and Tianjin reported negative growth in retail sales, with Beijing's retail sales declining by 3.8% in the first half of 2025, primarily due to significant drops in automotive and communication equipment sales [4][5] - Shanghai's retail sales growth was 1.7%, ranking it among the lowest in the country [4] Fixed Asset Investment - Despite strong economic growth, several provinces, including Guangdong and Jiangsu, experienced declines in fixed asset investment, with Guangdong's investment dropping by 9.7% [9][10] - The decline in real estate development investment was a major factor affecting fixed asset investment growth in these provinces [10] Consumer Confidence - Consumer confidence in Beijing remained low, with the consumer confidence index below 100 for four consecutive quarters, indicating weak consumer sentiment [6][8] - The employment satisfaction index in Beijing hit a historical low of 75.2 in the second quarter of 2025, reflecting concerns over job security and income [5][6] Investment Opportunities - Some provinces, such as Beijing, reported strong fixed asset investment growth of 14.1%, driven by significant increases in equipment purchase investments [12] - Hebei's real estate development investment grew by 2.0%, supported by ongoing urban development projects [13]