Economic Growth - Beijing's GDP for the first three quarters reached 38,415.9 billion RMB, with a year-on-year growth of 5.6% [1] - The primary industry saw a decrease in value added by 1.1%, while the secondary industry grew by 4.0% to 5,055.9 billion RMB, and the tertiary industry increased by 5.8% to 33,282.0 billion RMB [1] Sector Performance - The information transmission, software, and IT services sector achieved a value added of 9,225.5 billion RMB, growing by 11.2%, contributing significantly to the tertiary industry's growth [1] - The financial sector's value added reached 6,700.0 billion RMB, with a growth rate of 9.0%, together with the information sector, accounting for nearly 80% of the tertiary industry's growth [1] - The rental and business services sector grew by 3.9% to 2,114.8 billion RMB, while transportation, warehousing, and postal services increased by 7.9% to 1,056.0 billion RMB [1] Investment and Consumption - Fixed asset investment in Beijing (excluding rural households) grew by 9.0%, with equipment purchase investment surging by 83.1%, now accounting for 29.3% of total fixed asset investment [2] - Total market consumption in Beijing increased by 0.5%, driven by a 4.8% rise in service consumption, while retail sales of consumer goods totaled 9,803.1 billion RMB, declining by 5.1% [2] - The per capita disposable income of Beijing residents reached 67,206 RMB, marking a growth of 4.5%, with a real growth of 4.9% after adjusting for price factors [2]

Economic Growth - Shanghai's GDP for the first three quarters of 2025 reached 40,721.17 billion yuan, with a year-on-year growth of 5.5%, surpassing the national average by 0.3 percentage points [1][2] - The primary industry added value was 64.26 billion yuan, growing by 0.9%; the secondary industry added value was 8,448.67 billion yuan, growing by 3.9%; and the tertiary industry added value was 32,208.24 billion yuan, growing by 5.9% [1] Industrial Performance - The industrial added value in Shanghai increased by 5.2% year-on-year, with the total output value of above-scale industries growing by 5.7%, an increase of 0.1 percentage points compared to the first half of the year [1] - The three leading industries in manufacturing saw an output value growth of 8.5%, outpacing the overall growth of above-scale industrial output value by 2.8 percentage points [1] Tertiary Sector Insights - The tertiary sector's added value grew by 5.9% year-on-year, with significant contributions from the information transmission, software, and IT services sector, which saw a 15.5% increase in added value [1] - The financial sector's added value reached 6,965.27 billion yuan, growing by 9.8%, while transportation, storage, and postal services increased by 5.2% [1] Investment and Consumption - Fixed asset investment in Shanghai increased by 6.0% year-on-year, while the total retail sales of social consumer goods reached 12,302.77 billion yuan, growing by 4.3%, with an acceleration of 2.6 percentage points compared to the first half of the year [2] - The average urban survey unemployment rate in Shanghai was 4.2% [2] Financial Market and Budget - The transaction volume in major financial markets in Shanghai grew by 12.7% year-on-year [2] - Local general public budget revenue was 6,555.68 billion yuan, a 1.0% increase, while expenditures rose by 8.0% to 6,876.39 billion yuan [2]

Core Viewpoint - The article provides an overview of China's GDP calculations for the third quarter of 2025, highlighting growth rates across various sectors and the overall economic performance compared to previous periods [2][4]. GDP Overview - China's GDP for Q3 2025 is estimated at 35,450 billion yuan, with a year-on-year growth of 4.8% and a growth of 5.2% for the first three quarters [2]. - The primary industry shows a growth of 4.0%, while the secondary industry grows at 4.2%, and the tertiary industry leads with a growth of 5.4% [2]. Sector Performance - The agricultural sector (including agriculture, forestry, animal husbandry, and fishery) has a GDP of 28,401 billion yuan, growing by 4.1% year-on-year [2]. - The manufacturing sector shows a robust growth of 6.3%, with a GDP of 84,866 billion yuan [2]. - The construction industry, however, faces a decline with a growth rate of -2.3% [2]. - The financial sector grows by 5.2%, contributing 26,789 billion yuan to the GDP [2]. - The information transmission, software, and IT services sector exhibits significant growth at 11.7% [2]. Historical Context - The article compares the current GDP growth rates with historical data, indicating a recovery trend from the pandemic lows in 2020, where Q1 saw a decline of -6.8% [4][6]. - The GDP growth rates for 2023 are projected to be 4.7% in Q1, 6.5% in Q2, and 5.0% in Q3, indicating a stable economic recovery [4]. Calculation Methodology - The GDP is calculated using the production method, which reflects the value added by various sectors after deducting intermediate consumption [8][9]. - The article outlines the three methods of GDP calculation: production, income, and expenditure, emphasizing the production method as the basis for the quarterly GDP data [8][9]. Data Quality and Release - The article discusses the importance of data quality in GDP calculations, ensuring that the statistics accurately reflect economic conditions [35][36]. - Quarterly GDP data is released approximately 15 days after the end of the quarter, with final revisions published in January of the following year [39][41].

Core Viewpoint - Shanghai's economy demonstrated resilience and growth in the first three quarters of the year, achieving a GDP of 40,721.17 billion yuan, a year-on-year increase of 5.5%, surpassing the national growth rate of 5.2% [3][4]. Economic Growth and New Drivers - The growth in Shanghai's economy is attributed to the continuous expansion of new industries, new business formats, and new models, which have become significant driving forces [5]. - The manufacturing sector saw an 8.5% increase in output value, with key industries such as artificial intelligence, integrated circuits, and biomedicine growing by 12.8%, 11.3%, and 3.6% respectively [6][7]. - Strategic emerging industries in Shanghai experienced a 7.3% increase in output value, accounting for 44.1% of the city's total industrial output [6][7]. Industrial Performance - High-tech manufacturing output grew by 10.3%, with aerospace and electronic equipment manufacturing increasing by 20.6% and 13.4% respectively [6]. - Industrial investment in Shanghai rose by 20.3%, significantly outpacing the overall fixed asset investment growth of 6.0% [9]. Service Sector Growth - The tertiary sector, which constitutes nearly 80% of GDP, saw a value-added increase of 5.9%, with the financial sector growing by 9.8% [10]. - The information transmission, software, and IT services sector grew by 15.5%, reflecting the ongoing transformation and upgrading of Shanghai's industrial structure [10][12]. Consumer Market Dynamics - Shanghai's total retail sales of consumer goods reached 12,302.77 billion yuan, with a year-on-year growth of 4.3% in the first three quarters [15]. - The hospitality and catering sectors showed improvement, with significant increases in revenue due to promotional activities and events [16][17]. Future Outlook - The ongoing development of emerging industries and the enhancement of the innovation ecosystem are expected to further strengthen Shanghai's economic resilience [7][12]. - The city's focus on technology innovation and consumer market activation is crucial for maintaining stable economic growth amid global uncertainties [17].

二、工业生产增势较好，高端制造引领增长 央视网消息：据北京市统计局消息，前三季度，北京全市坚决贯彻落实党中央、国务院决策部署， 坚持稳中求进工作总基调，着力落实稳经济一揽子政策措施，总体经济呈现"一季度开局良好，二、三 季度增势稳定"特征。主要领域中，工业、投资较快增长，服务业重点行业增速提高，就业物价保持稳 定，居民收入稳步增加，新质生产力不断培育壮大，高质量发展迈出坚实步伐。 根据地区生产总值统一核算结果，全市实现地区生产总值38415.9亿元，按不变价格计算，同比增 长5.6%。分产业看，第一产业实现增加值77.9亿元，下降1.1%；第二产业实现增加值5055.9亿元，增长 4.0%；第三产业实现增加值33282.0亿元，增长5.8%。 一、农业生产保持稳定，种业收入两位数增长 前三季度，全市实现农林牧渔业总产值165.7亿元，同比下降0.4%（按可比价格计算，下同）。其 中，实现农业（种植业）产值88.5亿元，受极端天气影响，下降0.8%，蔬菜（含食用菌）播种面积和产 量分别增长3.7%和4.7%；实现林业产值37.3亿元，下降13.6%；实现牧业产值30.1亿元，增长11.9%，生 猪、牛、禽出栏量 ...

Economic Overview - Shanghai's GDP for the first three quarters reached 40,721.17 billion yuan, with a year-on-year growth of 5.5% [1] - The primary industry added value was 64.26 billion yuan, growing by 0.9%; the secondary industry added value was 8,448.67 billion yuan, growing by 3.9%; and the tertiary industry added value was 32,208.24 billion yuan, growing by 5.9% [1] Industrial Production - Industrial added value in Shanghai increased by 5.2% year-on-year, with total industrial output value growing by 5.7% [2] - Key sectors such as railway, shipbuilding, aerospace, and other transport equipment manufacturing saw a growth of 15.9% [2] - The three leading manufacturing sectors (AI, integrated circuits, and biomedicine) experienced growth rates of 12.8%, 11.3%, and 3.6% respectively [2] Tertiary Sector Growth - The tertiary sector's added value grew by 5.9%, with information transmission, software, and IT services leading at 15.5% growth [3] - The financial sector's added value reached 6,965.27 billion yuan, growing by 9.8% [3] Fixed Asset Investment - Fixed asset investment in Shanghai increased by 6.0%, with industrial investment growing significantly by 20.3% [4] - Urban infrastructure investment rose by 11.7%, while real estate development investment saw a modest increase of 2.2% [4] Retail Market Performance - The total retail sales of consumer goods reached 12,302.77 billion yuan, with a year-on-year growth of 4.3% [5] - Categories such as sports and entertainment goods, furniture, and home appliances saw retail sales growth of 27.7%, 22.1%, and 28.2% respectively [5] Financial Market Activity - Major financial markets in Shanghai experienced a transaction value increase of 12.7%, with the Shanghai Stock Exchange seeing a 38.4% growth in securities transactions [6] - By the end of September, the balance of deposits in financial institutions reached 23.84 trillion yuan, growing by 8.4% [6] Consumer Price Stability - The consumer price index (CPI) remained stable, with an average disposable income of 69,220 yuan per capita, reflecting a 4.3% increase [7] - The average urban unemployment rate was recorded at 4.2% [7]

Core Points - Guangzhou is accelerating the development of future industries, focusing on six key areas: intelligent unmanned systems, embodied intelligence, cell and gene technology, future networks and quantum technology, advanced new materials, and deep sea and deep space [1][2][3] - The city aims to create a modern industrial system blueprint called "12218" and plans to establish 10 high-energy innovation platforms, 50 concept verification centers, and 100 application scenarios for future industries [1][2] - By 2029, Guangzhou plans to develop over five leading future industry zones and cultivate 1,000 leading enterprises in future industries, with the goal of creating internationally influential industry clusters by 2035 [3] Industry Development - The "Implementation Opinions" released by the Guangzhou government outlines a systematic approach to nurturing future industries, including the establishment of potential tracks for innovation [3] - The city has already gathered over 2,000 related enterprises in the future industry sector, indicating a strong foundation for growth [3] - The focus on intelligent unmanned systems includes initiatives to support urban mobility and engineering manufacturing, with specific projects in Nansha and Panyu districts [2][3]

Core Viewpoint - The report highlights the resilience and positive development of China's industrial economy in the first three quarters of 2025, emphasizing the need for coordinated macroeconomic policies to support growth and innovation [1][2][4]. Economic Performance - In the first three quarters of 2025, the industrial added value grew by 6.2%, surpassing the growth rates of 2023 and 2024 by 1.6 and 0.4 percentage points respectively [2]. - The equipment manufacturing and high-tech manufacturing sectors saw added value growth of 9.7% and 9.6%, respectively, exceeding the overall industrial growth by 3.5 and 3.4 percentage points [2]. - The service sector also experienced rapid growth, with a 5.4% increase in added value, 0.4 percentage points higher than in 2024 [2]. - Notably, the information transmission, software, and IT services sector achieved an impressive growth rate of 11.2% [2]. R&D and Innovation - China's R&D investment intensity rose from 1.91% in 2012 to 2.68% in 2024, indicating a strong commitment to innovation [3]. - The proportion of basic research funding within total R&D expenditures increased from below 5% (2012-2014) to 6.91% in 2024, highlighting a focus on foundational research [3]. - China's global innovation index ranking improved from 34th in 2012 to 11th in 2024, marking a significant advancement in overall innovation capabilities [3]. Policy Recommendations - The report suggests enhancing the proportion of basic R&D investment and improving the coordination of stability, structural, and growth policies to address potential impacts on employment and economic structure [3]. - It emphasizes the need for a comprehensive macroeconomic policy package in the fourth quarter, focusing on optimizing investment, industrial, and income distribution structures to balance supply and demand [4].

Core Insights - China's GDP for the first three quarters of 2025 reached 101.5036 trillion yuan, growing by 5.2% year-on-year, significantly surpassing Germany's projected GDP for 2024 by more than three times [1][10] - The data reflects the resilience of a large-scale economy and highlights the growth momentum from structural optimization and upgrading [1] Economic Performance by Sector - The primary industry added value of 58.061 billion yuan, with a growth rate of 3.8%, ensuring food security [5] - The secondary industry achieved an added value of 364.02 billion yuan, with a growth rate of 4.9%, indicating positive results from the manufacturing sector's transformation and upgrading [5] - The tertiary industry reached an added value of 592.955 billion yuan, with a growth rate of 5.4%, emphasizing the increasing prominence of the service-oriented economy [5] Growth Trends and Market Dynamics - The information transmission, software, and IT services sector led all industries with an 11.2% growth rate, while leasing and business services, transportation, warehousing, and retail sectors maintained over 5% growth, reflecting the deep integration of the digital economy with traditional services [6] - Quarterly data shows a "steady progress" characteristic in economic growth, with GDP growth rates of 5.4% in Q1, 5.2% in Q2, and 4.8% in Q3, alongside a quarter-on-quarter growth of 1.1% in Q3, surpassing the pre-pandemic five-year average [8] - The active market sentiment is highlighted by a rise in the business activity expectation index to 54.1 in September, and a 0.9% year-on-year increase in profits for industrial enterprises from January to August, ending a seven-month decline [8] Trade and Export Performance - Total import and export volume reached 336.078 billion yuan, growing by 4.0% year-on-year, which is notable amid a general contraction in foreign trade among major economies [8] - Exports of "new three items" such as new energy vehicles, lithium batteries, and photovoltaic products increased by 42%, while cross-border e-commerce imports and exports grew by 15%, indicating a structural shift towards technology-intensive industries [8] Future Outlook - China's GDP for the first three quarters is approximately 14 trillion USD, reaching 70% of the US's economic total for the same period, with a continuous contribution rate to global economic growth exceeding 30% for 17 years [10] - The manufacturing PMI in China has remained in the expansion zone for four consecutive months since June, providing a strategic advantage amid a global manufacturing slowdown [10] - Looking ahead to 2025, the economy is expected to exceed 140 trillion yuan, driven by coordinated advancements in new urbanization, industrialization, and agricultural modernization, with a focus on technological innovation and domestic demand expansion [10]

Economic Growth - The cumulative growth rate for the first three quarters is 5.2%, establishing a solid foundation for achieving the annual target of 5%[3] - The minimum GDP growth requirement for the fourth quarter is set at 4.6% to meet the annual goal[3] Policy Measures - Continuous and stable policies will be maintained, with potential for monetary policy adjustments such as interest rate cuts if pressures increase[3] - Fiscal policy may involve increasing the scale of policy financial tools and utilizing government bond balances to support growth[3] GDP Performance - In Q3, GDP at constant prices grew by 4.8% year-on-year, down from 5.2%, while nominal GDP growth was 3.7%, also lower than the previous 3.9%[5] - Q3 fixed asset investment (FAI) saw a significant decline of 6.6%, while retail sales growth dropped to 3.4%[5] Economic Disparities - The gap between constant price GDP growth and nominal GDP growth indicates a disparity in economic performance, with nominal GDP growth at its lowest for 2023[8] - The GDP deflator index has shown negative growth for ten consecutive quarters, reflecting ongoing price pressures in the economy[8] Sectoral Insights - Industrial value added increased by 5.8% year-on-year in Q3, with high-tech manufacturing growing by approximately 9.6%[12] - Service sector value added rose by 5.4%, with information technology services leading at 11.2% growth[12] Investment Dynamics - Despite a decline in fixed asset investment, capital formation contributed positively to GDP growth, adding 0.9 percentage points[19] - The performance of intangible asset investments, particularly in software, has been relatively strong, benefiting from advancements in artificial intelligence[19] Future Outlook - Economic growth may slow in Q4 due to high base effects, particularly in consumer goods, with automotive retail showing negative growth[21] - Policy efforts will focus on boosting service consumption and fixed asset investment, with an estimated 2.2 percentage point support from new fiscal measures[21] Risk Factors - Risks include US-China trade tensions, tariff increases, and global supply chain adjustments, which may impact exports and corporate profits[4] - Ongoing geopolitical changes and international market fluctuations could affect commodity prices and related industries[4]