Core Viewpoint - The recently released "China Economic Q3 Report" indicates a stable economic performance with a GDP growth of 5.2% year-on-year for the first three quarters, reflecting positive factors that enhance confidence as the "14th Five-Year Plan" approaches its conclusion [1] Economic Performance - The GDP growth rate of 4.8% in Q3 is still higher than that of most major economies, indicating a substantial economic scale [1] - The report highlights stable growth in production, sales, and imports/exports, with an overall positive development trend in the Chinese economy [1] Structural and Demand Factors - There is an ongoing optimization and upgrading of industrial structure, with orderly release of consumer demand and steady improvement in foreign investment and trade quality [1] - Leading indicators and high-frequency data show positive signs, reinforcing the notion of a stable and progressive economic development [1] Future Outlook - The solid performance in the first three quarters lays a good foundation for achieving annual development goals [1] - There is a recognition of external uncertainties and the need to strengthen the domestic economic recovery [1] - Regions and departments are urged to implement counter-cyclical adjustments, expand domestic demand, and create a favorable industrial ecosystem to promote high-quality development [1] Confidence and Commitment - There is a call for confidence and determination to address challenges, with an expectation that the Chinese economy will achieve a successful conclusion to the "14th Five-Year Plan" [1]

10月20日，国家统计局发布数据显示，初步核算，前三季度国内生产总值（GDP）达到101.5万亿元， 按不变价格计算，同比增长5.2%。其中，三季度GDP同比增长4.8%，环比增长1.1%。 分析指出，三季度经济呈现"生产供给增势良好、内需持续改善、外贸韧性增强"的特点。展望未来，随 着新质生产力加快培育和宏观政策持续发力，中国经济有望继续保持平稳向好态势。 底盘稳：5.2%增速显韧性 前三季度GDP同比增长5.2%，比上年全年和上年同期分别加快0.2、0.4个百分点。 国家统计局新闻发言人表示，今年以来，面对世界经济增长动能不足，地缘政治冲突、国际贸易摩擦频 发等复杂外部环境，以及国内有效需求不足，一些企业经营困难等挑战，我国前三季度经济实现了 5.2%的经济增长，充分展现了中国经济在不稳定不确定环境下应变破局能力和抗压耐压强大韧性，也 为实现全年主要目标奠定了坚实基础。 从全球来看，发言人指出，5.2%的经济增长水平在主要经济体中名列前茅，中国始终是全球经济增长 最稳定、最可靠的动力源。 聚焦三季度，GDP同比增长4.8%，经济总量达35.5万亿元。多项指标体现了经济"稳"的态势：三季度城 镇调查失业率与 ...

Core Viewpoint - The Chinese economy is showing resilience and stability, with a projected GDP growth of 5.2% year-on-year in the first three quarters, despite external pressures and internal challenges [1][4]. Group 1: Economic Performance - China's GDP growth of 5.2% in the first three quarters indicates a steady economic performance, surpassing major economies like Germany [1][4]. - Key economic indicators show positive trends: industrial value added increased by 6.2%, retail sales grew by 4.5%, and the urban unemployment rate remained stable at 5.2% [4]. - The International Monetary Fund forecasts a slowdown in global economic growth, while China's economy continues to be a reliable growth driver [4]. Group 2: Innovation and Development - The growth in high-tech and equipment manufacturing sectors outpaced overall industrial growth by 3.5 and 3.4 percentage points, respectively [5]. - China's innovation index is projected to enter the global top ten by 2025, reflecting a strong integration of innovation and industry [5]. - Companies like Porsche and Henkel are enhancing their R&D capabilities in China, indicating a rapid development pace in local innovation [5]. Group 3: Trade Resilience - China's goods trade saw a 4% year-on-year increase, marking eight consecutive quarters of growth, demonstrating strong trade resilience [6]. - The country has expanded its trade partnerships, being among the top three trading partners for 166 countries and regions [6]. - Bloomberg reported that China's export growth in September was the fastest in six months, showcasing robust trade performance [6]. Group 4: Policy Support and Future Outlook - The Chinese government has implemented proactive macroeconomic policies to support economic growth, including measures to boost service consumption [8]. - The upcoming 14th Five-Year Plan and the recent Fourth Plenary Session of the 20th Central Committee are expected to provide strategic direction for China's economic development [8][9]. - The international community views China's stable policies and commitment to opening up as significant for global economic growth [9].

央视网消息：国家统计局10月20日公布前三季度主要经济指标显示，前三季度，国内生产总值同比 增长5.2%，国民经济延续稳中有进的发展态势，经济运行展现出强大韧性和活力。 ...

新华社北京10月20日电 题：透视中国经济"三季报"释放的重要信号 新华社"新华视点"记者王雨萧、张晓洁 中国经济"三季报"20日最新出炉：前三季度，国内生产总值（GDP）1015036亿元，按不变价格计算， 同比增长5.2%。其中，三季度增长4.8%。 这些重要数据的背后透出了哪些信号？ 信号一：中国经济延续稳中有进态势 前三季度，中国经济运行总体表现如何？ 国家统计局新闻发言人用三个"没有变"作出评价—— "经济平稳运行的主基调没有变""高质量发展扎实推进的态势没有变""经济韧性强潜能大的基本特性没 有变"。 看经济增长： 前三季度GDP同比增长5.2%，比上年全年和上年同期分别加快0.2、0.4个百分点；经济增量达39679亿 元，同比多增1368亿元。 对中国这样超大体量的经济体而言，保持稳定发展已属不易，在各种风险挑战交织背景下仍体现了坚强 韧性，则更显可贵。 再看就业物价： 前三季度，全国城镇调查失业率平均值为5.2%，与上半年持平；全国居民消费价格指数（CPI）同比略 降0.1%，但扣除食品和能源的核心CPI上涨0.6%，其中9月上涨1.0%，涨幅连续5个月扩大。 "尽管增速有所回落，但经济稳中 ...

Economic Growth - China's GDP for the first three quarters grew by 5.2% year-on-year, with a total of 101,503.6 billion yuan [1][2] - Quarterly growth rates were 5.4% in Q1, 5.2% in Q2, and 4.8% in Q3, indicating a steady economic performance despite external pressures [1][2] Industrial Performance - Industrial profits for large-scale enterprises shifted from a 1.7% decline in the first seven months to a 0.9% increase by August, marking a significant turnaround [3][5] - Key sectors driving this recovery include raw materials manufacturing and equipment manufacturing, highlighting strong market demand for high-tech products [5][9] Manufacturing and Innovation - High-tech manufacturing value added increased by 9.6% year-on-year in the first three quarters, with notable growth in 3D printing equipment (40.5%), industrial robots (29.8%), and new energy vehicles (29.7%) [9][11] - The rapid growth of server production, which surged by 86.2% in August, underscores the importance of digital economy infrastructure [9][11] Investment Trends - Manufacturing investment grew by 4.0%, outpacing overall investment, with significant contributions from traditional industry upgrades and high-end equipment investments [13][14] - Private enterprises are increasingly investing in innovation and emerging industries, despite a slowdown in overall private investment [13][14] Consumer Behavior - Retail sales of consumer goods increased by 4.5% year-on-year, with a notable shift towards consumption upgrades driven by policies promoting product replacement [14][16] - Service retail sales grew by 5.2%, indicating a robust demand for service-oriented consumption [16] Trade Performance - China's goods trade reached 33.61 trillion yuan in the first three quarters, with a 4% year-on-year increase, and exports grew by 7.1% [20][22] - The export of industrial robots rose by 54.9%, reflecting an improvement in the structure and value of exports [22]

中新社北京10月20日电 (记者 王恩博)中国国家统计局最新公布的前三季度国内生产总值(GDP)等核心数 据平稳运行，反映出中国经济在复杂环境下有三个"不变"。 其一，"稳"的格局不变。这从经济增长、价格等观察经济运行的关键指标中可见一斑。 从经济增长看，前三季度中国GDP同比增长5.2%，比上年全年和上年同期分别加快0.2、0.4个百分点； 经济增量达到39679亿元(人民币，下同)，同比多增1368亿元。放眼全球，5.2%的经济增长水平在主要 经济体中亦名列前茅。 即便只看三季度当季，中国4.8%的经济增速水平仍明显高于多数主要经济体。据测算，三季度中国经 济总量达35.5万亿元，超过了全球第三大经济体2024年全年经济总量。 从物价这个经济冷热的"体温计"看，前三季度，中国居民消费价格指数(CPI)同比略降0.1%，但扣除食 品和能源的核心CPI上涨0.6%，其中9月份上涨1.0%，涨幅连续5个月扩大。中国民生银行首席经济学家 温彬称，物价延续修复态势，得益于消费潜力释放、产业结构升级和市场竞争秩序持续优化。 其二，"进"的态势不变。不断调优的经济结构、有序转换的新旧动能，凸显这一特点。 从人工智能大模 ...

Core Viewpoint - China's economy shows a steady growth trend with a GDP of 10,150.36 billion yuan, reflecting a year-on-year increase of 5.2% in the first three quarters, and a growth of 4.8% in the third quarter [1][3]. Group 1: Economic Performance - The GDP growth of 5.2% in the first three quarters is an acceleration of 0.2 and 0.4 percentage points compared to the previous year and the same period last year, respectively [3]. - The economic increment reached 3,967.9 billion yuan, which is an increase of 136.8 billion yuan year-on-year [3]. - The average urban unemployment rate stood at 5.2%, unchanged from the first half of the year, while the Consumer Price Index (CPI) slightly decreased by 0.1% year-on-year [4]. Group 2: International Trade and Currency - The scale of goods import and export reached a historical high for the same period, with a gradual increase in growth rate [5]. - As of the end of September, foreign exchange reserves remained above 3.3 trillion USD, and the RMB exchange rate showed a stable upward trend [5]. Group 3: Policy and Development - A series of macro policies have been implemented to stimulate high-quality development and expand domestic demand [7]. - The contribution rate of final consumption expenditure to economic growth reached 53.5%, an increase of 9.0 percentage points compared to the previous year [8]. - Investment in equipment and tools increased by 14.0% year-on-year, contributing to a 2.0 percentage point increase in overall investment growth [8]. Group 4: Innovation and Technology - High-tech manufacturing value added increased by 9.6% year-on-year, with significant growth in industrial robots and 3D printing equipment [9]. - The digital product manufacturing sector also saw a year-on-year increase of 9.7% [9]. Group 5: Future Outlook - The economic growth target of around 5% for the year remains achievable, supported by a solid foundation from the first three quarters [11]. - Recent macroeconomic adjustments and policies are expected to further stabilize economic performance [12].

中国经济 数据观 组数据见证 中国经济韧性活力 初步核算,2025年前三季度 国内生产总值 1015036亿元 按不变价格计算，同比增长 5.2%0 分季度看 5 4% 54% 53% 5.2% 4.8% 4.7% 4.6% 二季度 三季度 四季度 二季度 三季度 2024年一季度 2025年一季度 分产业看 第一产业增加值58061亿元，同比增长 3.8%o 第二产业增加值364020亿元，增长４.9%o 第三产业增加值592955亿元，增长 5．4％o 2025年前三季度 我国货物贸易进出口 33.61万亿元 同比增长 4% 9 2025年前三季度 全国固定资产投资 (不含农户) 371535亿元 同比下降0.5% 高技术产业中,信息服务业,航空、航天器及 设备制造业，计算机及办公设备制造业投资 同比分别增长33.1%、20.6%、 7 10/2 O ルー、二季度分别增长 1.3%、 4.5% 到三季度增长 6% 我国进出口已连续 8个季度 实现同比增长 三个季度进出口规模均在 10万亿元以上，保持了历史较高水平 0 I 65 740 2025年前三季度 社会消费品零售总额 365877亿元 同比增长4. ...

Core Insights - The 138th China Import and Export Fair (Canton Fair) is being held from October 15 to November 4, with a record total of 74,600 exhibition booths and over 32,000 participating companies, marking a historical high and attracting significant international attention [1][3]. Group 1: Participation and Economic Indicators - This year's fair has surpassed 32,000 participating companies, with over 10,000 high-tech and specialized enterprises, showcasing the resilience and vitality of China's foreign trade [3]. - China's foreign trade report for the first three quarters indicates an export growth rate exceeding 7%, maintaining growth for eight consecutive quarters, reflecting a solid economic foundation [3]. Group 2: Innovation and Product Development - The fair features over 1 million new products developed in the past year, nearly 1.1 million products with independent intellectual property rights, and around 800,000 products making their debut, highlighting the ongoing R&D strength of Chinese enterprises [5]. - The event serves as a crucial window for understanding the dynamics of China's manufacturing development, showcasing a complete industrial chain and robust innovation capabilities [5]. Group 3: Global Trade and Market Integration - The Canton Fair exemplifies China's comprehensive industrial chain and mature industrial support capabilities, acting as a one-stop trade platform for global buyers [7]. - The fair facilitates efficient connections between emerging and traditional market demands, injecting more certainty into global trade [7]. Group 4: Future Directions and Trade Ecosystem - The fair focuses on "new," "intelligent," and "green" development directions, aligning with the ongoing R&D and upgrade efforts of Chinese foreign trade enterprises [9]. - The integration of online and offline models at the fair breaks spatial and temporal limitations, creating a perpetual trade ecosystem that enhances the quality and efficiency of China's foreign trade [9].