Core Insights - In 2025, China's economy demonstrated unexpected resilience amidst global economic challenges, achieving reasonable quantitative growth and significant qualitative improvements, marking a successful conclusion to the "14th Five-Year Plan" and laying a solid foundation for the "15th Five-Year Plan" [1][3] Group 1: Stability - The "14th Five-Year Plan" was successfully completed, with China's GDP surpassing 140 trillion yuan in 2025, reflecting a 5% year-on-year growth [3][4] - Urban employment targets were achieved ahead of schedule, with an average of over 12 million new urban jobs created annually during the "14th Five-Year Plan" [3] - The Consumer Price Index (CPI) rose by 0.8% year-on-year in December 2025, the highest level since March 2023, indicating a moderate recovery in price levels [3] - China's total goods trade value exceeded 45 trillion yuan in 2025, maintaining growth for nine consecutive years, with foreign exchange reserves reaching 33,579 billion USD by the end of December 2025 [4] Group 2: Resilience - The term "resilience" was selected as the representative word for 2025, highlighting China's ability to adapt and recover amidst external pressures [6] - China's economic resilience is attributed to its large-scale market and effective macroeconomic control, allowing for significant self-repair capabilities [6][7] - The focus on expanding domestic demand became more prominent in 2025, enhancing the reliability of domestic circulation [7] Group 3: Innovation - Technological innovation significantly reshaped production and daily life in 2025, with advancements in AI and robotics leading to practical applications across various sectors [11][12] - China ranked 10th in the global innovation index in 2025, maintaining the highest number of top 100 technology innovation clusters globally for three consecutive years [12] - Major technological breakthroughs were achieved in AI, biomedicine, and robotics, positioning China at the forefront of global innovation [12] Group 4: Green Development - China established the world's largest and fastest-growing renewable energy system, with one-third of electricity consumption coming from green energy [13] - The green industry, exemplified by the rapid growth of electric vehicles, played a crucial role in driving industrial upgrades [13] Group 5: Reform and Opening Up - In 2025, China advanced the construction of a unified national market, streamlining regulations to promote fair competition and resource allocation [14][15] - The implementation of the new law promoting the development of the private economy aimed to support the healthy growth of the private sector [14] - The Hainan Free Trade Port began full operations, enhancing China's openness and providing a platform for global enterprises [15]

Core Viewpoint - China's economy has demonstrated resilience and adaptability in the face of external pressures, achieving a GDP growth of 5.0% in 2025, surpassing 140 trillion yuan, indicating a sustainable and secure growth trajectory [2][3][4]. Group 1: Economic Growth - In 2025, China's GDP exceeded 140 trillion yuan, with a growth rate of 5.0% compared to the previous year, successfully meeting major economic and social development goals [2]. - The growth of 5% is significant given the high base, as it represents the incremental growth equivalent to that of a medium-sized economy [2][3]. - During the "14th Five-Year Plan" period, China's economy has consistently achieved milestones, crossing the thresholds of 110 trillion, 120 trillion, 130 trillion, and 140 trillion yuan [2]. Group 2: Quality of Growth - The 5% growth is characterized by high-quality development, with significant contributions from high-tech manufacturing and a notable increase in the share of new energy vehicles, which now account for over 50% of domestic new car sales [3]. - The rapid development of domestic AI models and the high growth rates in the production of servers and industrial robots reflect a strong innovation-driven economy [3]. Group 3: Challenges and Opportunities - Despite achieving new economic milestones, challenges such as supply-demand imbalances and risks in key sectors remain prominent [4]. - The long-term positive trend of the economy is supported by a complete industrial system, robust infrastructure, and abundant human resources [4]. - Structural reforms are emphasized as a more sustainable path compared to total stimulus measures, indicating a focus on internal growth and market potential [4][5]. Group 4: Global Economic Impact - China's stable economic performance is crucial not only for its modernization but also as a significant force in global economic recovery [5]. - Recent upgrades in growth forecasts by major international organizations reflect a positive outlook on China's economic development [5]. - The confidence in China's economic trajectory is expected to generate new opportunities globally, showcasing a new interpretation of growth [5].

Economic Overview - In 2025, China's GDP reached a new milestone of 140 trillion yuan, marking a 5.0% increase from the previous year [4] - The average urban survey unemployment rate was 5.2%, indicating overall employment stability [4] - Foreign exchange reserves exceeded 3.3 trillion USD [4] Industrial and Technological Development - The added value of high-tech manufacturing accounted for 17.1% of the total industrial added value [6] - The contribution rate of final consumption expenditure to economic growth surpassed 50% [6] - The R&D expenditure intensity reached 2.8%, surpassing the OECD average for the first time [8] - The growth rate of the added value of digital product manufacturing was 9.3%, with significant increases in server and industrial robot production [9] Trade and Export Performance - Total goods import and export volume increased by 3.8% compared to the previous year [6] - High-tech product exports grew by 13.2%, becoming the main driver of export growth [12] - China has become a major trading partner for over 150 countries and regions [12] Innovation and Economic Resilience - China ranked in the top ten of the global innovation index for the first time, showcasing its commitment to innovation [9] - The development of green energy and green economy is thriving, with new energy vehicle sales exceeding 50% of domestic new car sales [10] - China's economy is recognized as a stable and reliable source of global economic growth [11] International Recognition - International Monetary Fund President Kristalina Georgieva praised China's strong economic resilience and responsible policy measures [14] - World Economic Forum President Børge Brende highlighted China's contributions to global economic growth and its focus on emerging technologies [16] - The European Silk Road Intelligent Connection Promotion Association emphasized China's determination in high-quality development despite external uncertainties [18]

Economic Overview - In 2025, China's nominal GDP reached 140.2 trillion yuan, marking a significant increase with a cumulative growth of approximately 36.7 trillion yuan during the "14th Five-Year Plan" period[6] - The actual GDP growth rate for 2025 was 5%, surpassing global average growth of 2.7% and growth rates of developed economies at 1.7%[6] Economic Growth Dynamics - Quarterly GDP growth rates were 5.4%, 5.2%, 4.8%, and 4.5%, indicating a trend of high growth followed by stability throughout the year[6] - The contribution of net exports to economic growth was 32.7%, demonstrating resilience against trade conflicts[7] Structural Changes - The industrial sector showed robust performance with industrial added value growing by 5.9% and the service sector index increasing by 5.4%[7] - High-end manufacturing saw significant growth, with drone and industrial robot production increasing by 37.3% and 28%, respectively[8] Consumer Trends - Retail sales of consumer goods grew by 3.7%, with final consumption contributing approximately 52% to economic growth[8] - The service sector's retail sales increased by 5.5%, outpacing goods retail growth by 1.7 percentage points[8] Investment Insights - Fixed asset investment (excluding rural households) totaled 48.5 trillion yuan, a decrease of 3.8%, with real estate investment dropping by 17.2%[10] - High-tech industry investment grew significantly, with information services up by 28.4% and aerospace manufacturing by 16.9%[13] Trade Performance - Total foreign trade reached 45.47 trillion yuan, a 3.8% increase, with exports at 26.99 trillion yuan, growing by 6.1%[14] - The share of high-tech products in exports rose to 61%, with high-tech exports increasing by 13.2%[15]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The report predicts that the price of finished steel products will experience a period of low-level consolidation [4] Group 3: Summary Based on Related Catalogs Economic Data in 2025 - China's GDP increased by 5.0% year-on-year, reaching 140.19 trillion yuan; the added value of industrial enterprises above designated size grew by 5.9%, 0.1 percentage points faster than the previous year; the total retail sales of consumer goods increased by 3.7%, 0.2 percentage points faster than the previous year; fixed - asset investment decreased by 3.8%, with real estate development investment dropping by 17.2% [3] - At the end of 2025, China's population was 140,489,000. The number of births was 792,000, and the number of deaths was 1,131,000, resulting in a population decrease of 339,000 [3] Steel Production and Export Data in 2025 - China's crude steel production was 960.81 million tons, a year - on - year decrease of 4.4%; pig iron production was 836.04 million tons, a year - on - year decrease of 3.0%; steel production was 1,446.12 million tons, a year - on - year increase of 3.1% [3] - China's cumulative exports of steel bars were 19.15 million tons, a year - on - year increase of 42.4% [3] Market Situation of Finished Steel Products - Finished steel products fluctuated and declined yesterday. The supply - demand contradiction was not prominent, showing obvious off - season characteristics. With temperature drops in many parts of China this week, the terminal demand for building materials further weakened. The macro market was calm, having limited impact on prices [3] Later Concerns - Macro - policies and downstream demand conditions [4]

Core Viewpoint - In 2025, China's GDP surpassed 140 trillion yuan, achieving a 5% growth compared to the previous year, marking a significant milestone in the country's economic development and laying a solid foundation for future growth [1][4]. Economic Performance - The GDP reached 140,187.9 billion yuan, with a stable urban unemployment rate averaging 5.2% and record high goods trade, alongside foreign exchange reserves exceeding 3.3 trillion USD [2]. - The contribution of final consumption expenditure to economic growth exceeded 50%, indicating a shift towards a consumption-driven economy [2]. Structural Changes - The proportion of high-tech manufacturing value added in total industrial value added rose to 17.1%, reflecting ongoing structural optimization in the economy [2]. - The service sector's contribution to GDP increased to 57.7%, showcasing the growth of the service industry [4]. Innovation and New Growth Drivers - R&D expenditure intensity reached 2.8%, surpassing the OECD average for the first time, and China's innovation index entered the global top ten [3]. - Significant advancements were noted in cutting-edge fields such as artificial intelligence and quantum technology, indicating a robust development of new productive forces [3]. Economic Resilience - Despite global economic challenges, China's economy demonstrated strong resilience, contributing approximately 30% to global economic growth [3][5]. - The diversification of foreign trade partnerships has accelerated, with China becoming a major trading partner for over 150 countries and regions [3]. Future Outlook - The economic foundation has strengthened, with a focus on high-quality development and a commitment to deepening reforms and opening up [4][6]. - The government plans to implement more proactive macroeconomic policies to ensure stable economic growth in the face of external uncertainties [7].

监 制：齐东向 统 筹：姜范 策 划：潘笑天 记 者：熊丽 制 作：樊楚楚张博雅王雨婷 视 觉：王墨晗 ...

Core Viewpoint - International opinion positively evaluates China's economic performance, highlighting "unexpected growth" and "strong resilience" as key themes, leading to increased foreign investment in Chinese assets [1][9]. Group 1: Economic Growth and Projections - China's GDP is projected to reach the government's target of around "5%" growth by 2025, which is considered significant in the global economic context [3]. - The GDP has surpassed 140 trillion yuan, marking a new milestone in China's economic development [5]. - Major international organizations have recently raised their growth forecasts for China, indicating a stable and positive economic outlook despite external challenges [9]. Group 2: Domestic Demand and Policy Measures - The Chinese government is implementing more proactive macroeconomic policies to continuously expand domestic demand, which has been fully released to drive economic growth [3]. - The three major industries in China have shown growth, maintaining a steady development trend despite global economic challenges [7]. - The consumer price index remained stable year-on-year, and employment levels have been generally stable, contributing to a favorable economic environment [7]. Group 3: Global Economic Impact - China's economic growth is seen as a reliable source of stability and momentum for the global economy, especially in a time of increasing global uncertainty [5][7]. - The resilience of the Chinese economy presents tangible opportunities for multinational companies [9]. - Observers are closely monitoring China's economic growth targets for 2026 and the government's measures to stimulate consumption and economic development in the coming year [9].

2025年是"十四五"收官之年。全年目标实现的同时，"十四五"胜利收官。"胜利"两个字很有分量，凝聚 着拼搏与努力。这一路我们战胜了很多困难挑战，成绩来之不易。国际上，关税战、贸易战、卡脖子难 题给我们带来不少挑战，国内也有产业升级、动能转换带来的阵痛。面对不利因素，中国经济顶压前 行，"十四五"时期，经济总量实现"四连跳"，先后迈上了110万亿、120万亿、130万亿、140万亿元的新 台阶，各方面实力大幅增强，增长动力更加强劲。这样的中国不仅是世界经济增长的主要引擎，也为各 国企业带来广泛机遇。中国美国商会近日发布的调查结果显示，近六成在华美企计划加大投资。看好中 国，顺应潮流，已成共识，因为大家从中看到的是一个不断向新向好、充满机遇的中国。 （文章来源：央视新闻客户端） 年初设定的目标任务圆满达成，说它"圆满"，是因为这份成绩单含金量很高。国家统计局用了四个字来 概括，分别是"稳、进、新、韧"，特别是其中的"新"字，新动能不断培育壮大，这一点相信大家都有感 受。去年年初，一款国产人工智能大模型的横空出世让人眼前一亮，而到今年年初，AI助手已经来 了，一个指令就能"办事"。新兴动能积厚成势，有利于对冲下行 ...

01 实现5%的经济增速 展现强大的韧性和活力 国务院发展研究中心宏观经济研究部二级巡视员、研究员张俊伟表示，2025年，面对各种风险和挑战，中国推动经济结构深度调整，经济高质量发展取得 新进展。 上海社会科学院经济研究所所长、二级研究员沈开艳说，2025年中国经济运行"前高后稳"，呈现开局良好、逐季调整、韧性存续的特点。经济体量稳居全 球第二位，为应对外部冲击、扩大内需、推进科技创新提供了坚实基础，充分彰显了我国发展的韧性。 ■ 中国经济时报记者 周子勋 跨越140万亿元关口、实现5%增长目标……1月19日，国家统计局公布的2025年经济数据显示，面对国内外经济环境的复杂变化，2025年中国经济交出了 一份稳中有进、量质齐升的亮眼答卷。 接受中国经济时报记者采访的智库专家学者表示，2025年我国经济发展面临错综复杂的国内外形势。全年实现5%的经济增速殊为不易，展现出中国经济 强大的韧性和活力。 国家发展改革委经济研究所所长、研究员杜飞轮表示，中国经济总量跨越140万亿元新台阶，可以用"稳、进、新、韧、畅"五个字概括背后的运行特征。 清华大学国情研究院院长、清华大学公共管理学院教授周绍杰说，中国经济总量突破1 ...