Core Insights - The overall economic indicators for Sichuan in 2025 show stable grain production, steady livestock development, and continuous growth in residents' income, with a low Consumer Price Index (CPI) and stable urban employment [3] CPI Trends - Sichuan's CPI exhibited a pattern of high opening and low closing, with a year-on-year decline of 0.3% for 2025, influenced by insufficient domestic consumption, price competition in certain industries, and declining prices of pork and international crude oil [4] - The core CPI, excluding volatile food and energy prices, increased by 0.5% year-on-year, indicating a gradual accumulation of domestic demand recovery and improving price signals [6] Consumer Spending Patterns - In 2025, the per capita disposable income in Sichuan reached 36,120 yuan, a nominal increase of 5.2%, while per capita consumption expenditure was 26,073 yuan, with a nominal growth of 4.8% [7] - The share of service consumption in total spending rose, with per capita service expenditure increasing by 6.0%, indicating an upgrade in consumer quality [7] - Cultural and entertainment spending surged by 12.6%, reflecting a vibrant tourism and entertainment market [8] Industrial Price Index - The Producer Price Index (PPI) for industrial producers in Sichuan fell by 2.8% year-on-year, with 64.1% of 39 industrial sectors experiencing price declines [8] - Despite the overall decline, some sectors like electronics and integrated circuits showed price increases, indicating structural upgrades in the industry [8] Livestock Industry Insights - The pig farming sector in Sichuan showed stable development, with a 1.6% year-on-year increase in pig slaughtering and a 4.7% increase in pork production [9] - However, pork prices experienced a significant decline of 16.6% year-on-year in December 2025, attributed to weak demand and increased supply [10]

1月19日，国新办召开新闻发布会，介绍2025年国民经济运行情况。 最近一段时期，多个指向物价方面的数据展现出积极信号。比如在2025年12月，工业生产者出厂价格（PPI）同比降幅收窄至1.9%，环比连续3个 月上涨；当月居民消费价格（CPI）同比回升至0.8%，创近三年以来的新高。 这些积极信号背后的动因是什么？要让PPI保持修复态势并最终实现回正，还需要积累哪些有利条件？ 从影响物价的需求层面看，一方面2025年最终消费支出对经济增长贡献率超过五成，"悦己消费"兴起，服务零售额比上年增长5.5%，快于商品零 售额1.7个百分点，且近几个月以来增速逐月加快。但在另一方面，去年人均消费支出增速仍慢于人均可支配收入增速。 服务零售额占整体零售额的比重上升是短期现象，还是将长期延续？要将收入转化为消费，需要怎么做？ 供给方面，2025年，高技术制造业对工业发展起到引领作用。在筑牢制造业底座的过程中，有哪些环节需要加强？ 政策层面，2026年以旧换新政策继续实施。如何优化以旧换新政策？ 围绕上述话题，《每日经济新闻》记者（以下简称NBD）对洪略全球智库理事长、中国政策科学研究会经济政策委员会副主任徐洪才展开深度专 ...

① 09:00 中国至1月20日一年期贷款市场报价利率 ② 15:00 德国12月PPI ③ 15:00 英国12月失业率；英国 11月三个月ILO失业率；英国12月失业金申请人数 ④ 17:00 欧元区11月季调后经常帐 ⑤ 18:00 德国1月 ZEW经济景气指数；欧元区1月ZEW经济景气指数 ...

2025年，各地区各部门深入实施更加积极有为的宏观政策，纵深推进全国统一大市场建设，消费领域价 格总体平稳，核心CPI涨幅扩大，生产领域价格低位回升。 一、消费领域价格总体平稳向好 CPI全年同比持平，月度波动回升。2025年，国内消费市场运行总体平稳，逐步向好。受春节错月影 响，1月份、2月份CPI同比波动较大，1月份上涨0.5%，2月份下降0.7%。3月至7月份，运行总体平稳， CPI同比涨跌幅在-0.1%至0.1%。8月份、9月份，受上年同期对比基数走高等因素影响，CPI同比降幅有 所扩大。10月份起，随着各项扩内需促消费政策加力实施，消费需求持续恢复，CPI同比由负转正并持 续回升。 （文章来源：经济日报） 二、生产领域价格总体低位回升 PPI全年为下降，下半年呈现同比降幅收窄态势。2025年，PPI同比下降2.6%，降幅比上半年和前三季度 均收窄0.2个百分点。8月份以来，随着全国统一大市场建设纵深推进和新兴行业的快速发展，PPI环比 止降，10月份起连续3个月上涨；同比降幅收窄至12月份的1.9%，为2024年9月份以来的最小降幅。 国内市场竞争秩序优化带动部分行业价格低位回升。重点行业产能治理、 ...

Core Viewpoint - The article presents the 2025 national economic operation data released by the National Bureau of Statistics, highlighting key economic indicators and their year-on-year changes. Group 1: Economic Indicators - GDP for 2025 is projected at 14,018.79 billion yuan, reflecting a year-on-year growth of 5.0% [4] - The industrial added value above designated size is expected to grow by 5.9% in 2025 [4] - The added value of the service industry is anticipated to increase by 5.4% [4] Group 2: Consumer and Investment Data - The total retail sales of consumer goods for 2025 is estimated at 501.202 billion yuan, showing a growth of 3.7% compared to the previous year [4] - Real estate development investment is projected at 82.788 billion yuan, indicating a significant decline of 17.2% [4] - The sales area of newly built commercial housing is expected to be 88,101 million square meters, down by 8.7% year-on-year [4] Group 3: Price and Employment Metrics - The Consumer Price Index (CPI) is expected to remain flat compared to the previous year [4] - The Producer Price Index (PPI) is projected to decrease by 2.6% [4] - The total import and export volume of goods is estimated at 454.687 billion yuan, reflecting a growth of 3.8% [4] - The urban surveyed unemployment rate is projected to be 5.2%, an increase of 0.1% [5] - The per capita disposable income of residents is expected to reach 43,377 yuan, with a nominal growth of 5.0% [4]

Group 1: Consumer Price Index (CPI) Trends - The overall consumer market in 2025 is stable and gradually improving, with CPI showing monthly fluctuations and a year-on-year increase of 0.8% in December, the highest since March 2023 [2] - Food prices decreased by 1.5% for the year, impacting CPI by approximately 0.27 percentage points, with significant declines in pork and egg prices [3] - Core CPI has been rising since March 2025, maintaining a year-on-year increase of over 1% for four consecutive months, reaching 1.2% in December [4] Group 2: Producer Price Index (PPI) Trends - The PPI for 2025 decreased by 2.6%, but the decline narrowed in the second half of the year, with a year-on-year decrease of only 1.9% in December [5] - The optimization of market competition and capacity management in key industries has led to a recovery in prices, particularly in coal and new energy sectors [6] - External factors, such as rising international metal prices, have contributed to price increases in related domestic industries, with non-ferrous metal mining prices up by 17.2% [7]

2026年1月19日,国家统计局数据显示,2025年,国民经济运行顶 压前行、向新向优,高质量发展取得新成效,经济社会发展主要目标 任务圆满实现,"十四五"胜利收官。 2025年 国民经济成绩单出炉 | 全国城镇调查 失业率 | 5.2% | 0.1% (百分点) | | --- | --- | --- | | · CPI | | 0.0% | | · PPI | | -2.6% | | 居民人均 | 43377元 | 5.0% | | 可支配收入 | | | | *人均可支配收入同比数据为扣除价格因素实际增长数据 | | | | 原題出 | | 参考来源:国家统计局官网 | | | | 校对 张骁 制图 丁源 | | 经济指标 | 绝对量 | 同比变动 | | --- | --- | --- | | GDP | 1401879亿元 | 5.0% | | 规模以上 | | 5.9% | | 工业增加值 | | | | 服务业 增加值 | | 5.4% | | 固定资产 | | | | 投资(不含农户) | 485186亿元 | -3.8% | | 房地产 | | | | 开发投资 | 82788亿元 | -1 ...

Core Viewpoint - The Producer Price Index (PPI) in China has shown a continuous decline, with a year-on-year decrease of 1.9% reported for December 2025, marking 39 consecutive months of decline since October 2021. This trend raises questions about the underlying reasons for the prolonged weakness in PPI despite significant GDP growth over the same period [1][52]. Group 1: PPI Trends and Historical Context - The PPI has been in negative territory for 111 months from 2012 to 2025, indicating that two-thirds of this period has been characterized by negative growth [1][52]. - From 2010 to 2025, China's GDP increased by 250%, yet the PPI index remained unchanged, suggesting a disconnect between economic growth and producer prices [1][53]. - The decline in PPI began after a significant investment stimulus in response to the 2008 financial crisis, which initially boosted PPI and CPI but later led to a prolonged period of negative PPI starting in March 2012 [2][53]. Group 2: Factors Influencing PPI - The PPI's long-term decline is primarily influenced by the prices of production materials, which have shown significant volatility but an overall cumulative increase of zero over the past 15 years [4][56]. - The prices of living materials have fluctuated less, with a cumulative increase of 4.4%, indicating a divergence in price trends between production and living materials [4][56]. - The divergence between Chinese and U.S. PPI post-2012 is attributed to rapid capacity expansion in China, leading to a significant drop in the export share of total industrial output [8][60]. Group 3: Demand and Supply Dynamics - Weak demand, particularly in the real estate sector, has been a critical factor in the inability of upstream price increases to transmit downstream, resulting in persistent PPI weakness [41][93]. - The real estate market's downturn has been linked to a broader economic slowdown, with real estate investment growth declining significantly since its peak in 2021 [35][88]. - The overall supply-demand imbalance, characterized by excess supply, has hindered price recovery, with industrial value-added growth lagging behind demand growth since 2020 [31][93]. Group 4: Recommendations for Economic Adjustment - To address the persistent weakness in PPI, it is essential to adjust the supply-demand relationship, particularly by expanding effective demand [41][93]. - Increasing the income of middle and low-income groups and promoting consumption are recommended strategies to stimulate demand and support price recovery [103]. - Stabilizing the real estate market is also suggested as a means to alleviate excess capacity and promote consumer spending, although achieving stable housing prices may be challenging [103].

Group 1: Economic Activity Index - The China High-Frequency Economic Activity Index (YHEI) was 1.05 as of January 13, 2026, a decrease of 0.09 from January 6, 2026. The decline was primarily attributed to a drop in the coastal coal freight index by 0.09 [2][1] - The import dry bulk freight index remained stable compared to the previous week [2] Group 2: Monetary Policy - As of January 13, 2026, the central bank net withdrew 77.8 billion yuan through open market operations. The reverse repurchase amount for the week was 517.2 billion yuan, with 595 billion yuan maturing [4][5] Group 3: Interest Rates and Financing - The overnight interbank rate rose by 17 basis points to 1.5% over the past week, and the seven-day repurchase rate increased by 8 basis points to 1.57% [9][10] - The one-year swap rate increased by 1.43 basis points to 1.52%, while the five-year swap rate decreased by 0.42 basis points to 1.64% [12][9] - The yields on one-year, five-year, and ten-year government bonds fell by 10, 2.23, and 3.1 basis points to 1.26%, 1.64%, and 1.85%, respectively [15][9] Group 4: Industrial Sector - As of January 13, 2026, the price of steel billets increased by 1.37% week-on-week, while cement prices decreased by 1.12% [22][23] - The operating rate of short-process steel mills rose from 67.71% to 70.83% over the past month [22] - The operating rate for full steel tire production decreased to 58.02%, down from 58.15% the previous week [22] Group 5: Shipping and Real Estate - The coastal bulk freight index decreased by 5.98 points to 1012.77 points as of January 13, 2026 [30] - In first-tier cities, new and second-hand housing transaction areas increased by 0.05% and 32.04%, respectively [31][33] - The land transaction area in 100 cities was 12.64 million square meters, a week-on-week decrease of 63.63% [31] Group 6: Consumer Prices - In December 2025, the Consumer Price Index (CPI) rose by 0.8% year-on-year, with urban prices increasing by 0.9% and rural prices by 0.6% [39][41] - The Producer Price Index (PPI) fell by 1.9% year-on-year, with a month-on-month increase of 0.2% [39][41] Group 7: Global Perspective - The US dollar index rose by 0.58 points to 99.18, while the RMB/USD exchange rate decreased by 48 basis points to 6.9765 [42][44] - The VIX index increased by 1.23 points to 15.98 [49]

Group 1 - The total silver futures warehouse receipts in Shanghai reached 638,399 kilograms, with an increase of 9,703 kilograms compared to the previous day [1][2] - The main silver futures contract opened at 23,488 yuan per kilogram, peaked at 23,688 yuan, and closed at 22,665 yuan, reflecting a rise of 1.68% [1] - The increase in warehouse receipts was primarily driven by the performance of the Zhonggongmei Supply Chain warehouse, which saw an addition of 11,716 kilograms [2] Group 2 - In November, the U.S. retail sales month-on-month growth was recorded at 0.6%, exceeding market expectations of 0.4% [2] - The U.S. Producer Price Index (PPI) year-on-year was reported at 3%, higher than the anticipated 2.7% [2] - The increase in retail sales was attributed to a rebound in automobile sales and strong growth during the holiday shopping season, with 10 out of 13 categories showing growth [2]