Group 1 - The core viewpoint highlights significant advancements in China's technological and industrial innovation driven by policy and market forces in the first three quarters of the year [1][3] - The high-tech manufacturing sector's added value increased by 9.6% year-on-year, with notable production growth in industrial robots (29.8%), service robots (16.3%), and train sets (8.6%) [1][3] - Investment in automotive manufacturing, rail, shipbuilding, aerospace, and other transportation equipment maintained double-digit growth year-on-year [3] Group 2 - The integration of technology and industry has facilitated the transition of innovative outcomes from laboratories to production lines, with significant production increases in 3D printing equipment (40.5%) and industrial control computers and systems (98.0%) [6] - New energy products such as new energy vehicles and lithium-ion batteries for automobiles saw production growth of 29.7% and 46.9%, respectively [7] - The comprehensive utilization of waste resources in large-scale enterprises increased by 14.4% year-on-year, supported by favorable policies for green circular industries [7] Group 3 - The National Bureau of Statistics emphasized the tailored development of new productive forces, promoting continuous optimization of economic structure and orderly conversion of old and new driving forces [9] - The deep integration of the innovation chain and industrial chain has highlighted the advantages of scale effects and the entire industrial chain, injecting vitality into economic development [9]

Economic Overview - In the first three quarters of 2025, China's GDP grew by 5.2% year-on-year, exceeding the government's target of 5%[7] - The GDP growth rates for the first, second, and third quarters were 5.4%, 5.2%, and 4.8% respectively, indicating a trend of high growth followed by a decline[7] Export and Production - In September, China's export value increased by 8.3% year-on-year, a rise of 4.0 percentage points from August[6] - The industrial added value for large-scale enterprises grew by 6.5% year-on-year in September, up 1.3 percentage points from the previous month[6] - The manufacturing PMI for September was 49.8, indicating a slight recovery but remaining below the growth threshold for six consecutive months[10] Price Index and Inflation - The Producer Price Index (PPI) fell by 2.3% year-on-year in September, with the decline narrowing by 0.6 percentage points from the previous month[6] - The Consumer Price Index (CPI) rose by 1.0% year-on-year in September, marking the fifth consecutive month of increase[6] Investment and Consumption - Fixed asset investment (excluding rural households) decreased by 0.5% year-on-year in the first nine months of 2025, with real estate investment dropping by 13.9%[11] - Retail sales in September grew by 3.0% year-on-year, a decrease of 0.4 percentage points from the previous month[12] Financial Indicators - In September, the total social financing (TSF) increased by 35,296 billion yuan, exceeding expectations but still showing a year-on-year decrease of 2,339 billion yuan[23] - The M1 money supply growth rate rose to 7.2%, reflecting improved liquidity in the economy[6] Risks and Outlook - The report highlights risks including potential overseas economic recession, weak high-frequency economic data in China, and uncertainties surrounding U.S.-China trade relations[32] - The overall economic growth is expected to show a pattern of high growth followed by a decline, with a likelihood of achieving the annual target of 5%[27]

长江商报奔腾新闻记者 李璟 前三季度经济运行数据出炉。 10月20日，国家统计局发布数据显示，初步核算，今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%。分季度看，第一季度国内生产总值同比增长5.4%，第二季度增长5.2%， 第三季度增长4.8%。从环比看，第三季度国内生产总值增长1.1%。 国家统计局新闻发言人表示，受多种因素共同作用，第三季度GDP增速回落，但经济稳中有进发展 态势没有变。第三季度，我国经济总量达35.5万亿元，超过了全球第三大经济体2024年全年经济总量； 城镇调查失业率与上年同期持平，核心CPI同比涨幅持续扩大，PPI降幅连续2个月收窄；货物进出口总 额同比增长6.0%，外汇储备连续2个月增加；经济转型升级态势持续。实现全年目标仍有较多有利条 件。 值得关注的是，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%；扣除房 地产开发投资，全国固定资产投资增长3.0%。 据介绍，投资增速下降主要受房地产开发投资的影响。今年以来，聚焦关键领域和薄弱环节持续扩 大有效投资，持续推动投资结构优化、质效提升。 国家统计局相关负责人表示，从发展态势 ...

总体上，我国就业形势总体稳定，但三季度前两个月的青年失业率提高，青年尤其是高校应届毕业生就业承压。 我国就业形势总体稳定 9月份，全国城镇调查失业率为5.2%，本地户籍劳动力调查失业率为5.3%，外来户籍劳动力调查失业率为4.9%，31个大城市城镇调查失业率为5.2%，均比上 月下降0.1个百分点。 国家统计局10月20日发布三季度经济数据。三季度，城镇调查失业率平均值为5.2%，与上年同期持平。9月份，城镇调查失业率为5.2%，比上月下降0.1个百 分点。 季度数据的环比表现也显示出就业形势仍然复杂严峻。 近日举行的劳动经济学会就业促进专业委员会2025年三季度就业形势分析会认为，三季度全国城镇就业市场总体稳定，但需要高度警惕外部不确定性的冲 击，认真应对就业工作的波动性和复杂性。 会议建议，面对高度不确定的国际经济环境，要更加重视扩大内需特别是消费需求，在落实好已有政策的同时着眼未来做好新的政策谋划和储备。 值得注意的是，三季度青年尤其是高校应届毕业生就业承压。7月份，全国城镇不包含在校生的16—24岁劳动力失业率为17.8%，比上月提高3.3个百分点， 比去年同期提高0.7个百分点；8月份为18.9%， ...

21世纪经济报道记者王峰 北京报道 国家统计局10月20日发布三季度经济数据。三季度，城镇调查失业率平均值为5.2%，与上年同期持平。9月份，城镇调 查失业率为5.2%，比上月下降0.1个百分点。 但上述指标均比去年同期提高0.1个百分点，显示出就业形势仍然复杂严峻。 三季度，全国城镇调查失业率平均值为5.2%，比上季度提高0.2个百分点，与去年同期持平；本地户籍劳动力调查失业率平均值为5.3%，比上季度提高0.2个 百分点，与去年同期持平；外来户籍劳动力调查失业率平均值为5%，比上季度和去年同期分别提高0.1个百分点；31个大城市城镇调查失业率为5.2%，比上 季度提高0.2个百分点，比去年同期下降0.1个百分点。 季度数据的环比表现也显示出就业形势仍然复杂严峻。 近日举行的劳动经济学会就业促进专业委员会2025年三季度就业形势分析会认为，三季度全国城镇就业市场总体稳定，但需要高度警惕外部不确定性的冲 击，认真应对就业工作的波动性和复杂性。 会议建议，面对高度不确定的国际经济环境，要更加重视扩大内需特别是消费需求，在落实好已有政策的同时着眼未来做好新的政策谋划和储备。 值得注意的是，三季度青年尤其是高校应届 ...

三季度GDP同比增长4.8%，增速比二季度回落0.4个百分点。国家统计局新闻发言人称，经济平稳运行 的主基调没有改变。经济韧性强潜能大的基本特性没有改变。中国经济长期稳定发展背后蕴藏着深刻的 内在逻辑，是体制优势、供给优势、需求优势、人才优势等多种因素协同联动、系统集成形成强大合力 的结果。 经济增长、就业、价格和国际收支是观察经济运行最为重要的宏观指标。 国家统计局表示，今年以来我国经济顶住压力、稳步前行，主要宏观经济指标总体平稳，新质生产力加 快培育，高质量发展取得新成效。这一良好局面的背后，离不开宏观政策的主动作为和精准发力。"两 新""两重"政策加力扩围，扩大内需、活跃资本市场、整治"内卷"等一系列政策发力显效，既为当前经 济运行"稳底盘"，也为长远发展"蓄势增能"。 今年前三季度国内生产总值（GDP）同比增长5.2%。其中，三季度同比增长4.8%。 展望四季度，财信金控首席经济学家伍超明对第一财经表示，受高基数、关税不确定性、政策效应退坡 叠加影响，四季度压力加大，全年实现5%左右增长目标，仍需政策加力聚焦稳投资、促消费，不排除 四季度增量政策出台的可能。 从9月当月来看，9月规模以上工业增加值同比 ...

专家表示，不排除四季度增量政策出台的可能。 今年前三季度国内生产总值（GDP）同比增长5.2%。其中，三季度同比增长4.8%。 从9月当月来看，9月规模以上工业增加值同比增长6.5%，回升1.3个百分点，为3个月来最高水平；社会 消费品零售总额同比增长3.0%，增速较8月回落0.4个百分点。1-9月，全国固定资产投资同比下降 0.5%。 国家统计局表示，今年以来我国经济顶住压力、稳步前行，主要宏观经济指标总体平稳，新质生产力加 快培育，高质量发展取得新成效。这一良好局面的背后，离不开宏观政策的主动作为和精准发力。"两 新""两重"政策加力扩围，扩大内需、活跃资本市场、整治"内卷"等一系列政策发力显效，既为当前经 济运行"稳底盘"，也为长远发展"蓄势增能"。 展望四季度，财信金控首席经济学家伍超明对第一财经表示，受高基数、关税不确定性、政策效应退坡 叠加影响，四季度压力加大，全年实现5%左右增长目标，仍需政策加力聚焦稳投资、促消费，不排除 四季度增量政策出台的可能。 经济平稳运行主基调没变 三季度GDP同比增长4.8%，增速比二季度回落0.4个百分点。国家统计局新闻发言人称，经济平稳运行 的主基调没有改变。经济 ...

Economic Overview - China's GDP grew by 5.2% year-on-year in the first three quarters, showing an increase of 0.2 and 0.4 percentage points compared to the previous year and the same period last year respectively [3][11] - The total economic increment reached 39,679 billion, which is an increase of 1,368 billion year-on-year [3] - The urban survey unemployment rate remained stable compared to the first half of the year, while the core CPI has seen a continuous expansion for five months [3][11] Industrial Performance - The industrial added value for large-scale industries increased by 6.2% year-on-year, with manufacturing growing by 6.8% [14][16] - The added value of equipment manufacturing and high-tech manufacturing increased by 9.7% and 9.6% respectively, outpacing the overall industrial growth by 3.5 and 3.4 percentage points [16] - Notable growth in production includes 3D printing equipment (40.5%), industrial robots (29.8%), and new energy vehicles (29.7%) [16] Consumer Market - The total retail sales of consumer goods reached 365,877 billion, with a year-on-year growth of 4.5% [18] - Sales of basic living goods and certain upgraded products showed strong growth, with home appliances and audio-visual equipment sales increasing by 25.3% [18] - The retail sales of services also grew by 5.2% year-on-year [18] Investment Trends - Manufacturing investment grew by 4.0% year-on-year, with significant increases in high-tech industries such as information services (33.1%) and aerospace equipment manufacturing (20.6%) [19]

Economic Growth - In Q3 2025, GDP growth slowed to 4.8% year-on-year, down from 5.2% in the first three quarters[1] - Fixed asset investment from January to September 2025 decreased by 0.5%, marking a historical low[16] - The average growth rate of social retail sales in Q3 was 3.4%, a decline of 2 percentage points from the previous quarter[14] Industrial Production - In September 2025, industrial added value grew by 6.5% year-on-year, an increase of 1.3 percentage points from the previous month[9] - Cumulative industrial added value from January to September increased by 6.2%, surpassing the GDP growth rate[10] - The manufacturing sector's added value in September rose significantly, driven by a 3.8% increase in export delivery value[9] Investment Trends - Manufacturing investment from January to September 2025 saw a cumulative year-on-year growth of 4.0%, down 1.1 percentage points from the previous value[17] - Real estate investment from January to September 2025 fell by 13.9%, with a widening decline of 1.0 percentage point[19] - Infrastructure investment (excluding electricity) grew by 1.1% year-on-year, a decrease of 0.9 percentage points from the previous value[20] Consumer Behavior - Retail sales in September 2025 grew by 3.0% year-on-year, a decline of 0.4 percentage points from the previous month[11] - The cumulative year-on-year growth of retail sales from January to September was 4.5%, an increase of 1.2 percentage points compared to the previous year[14] - Consumer confidence remains low due to the ongoing adjustment in the real estate market[14]

Core Viewpoint - The article highlights the economic performance of China in the first three quarters of 2023, indicating a GDP growth of 5.2% year-on-year, with a slight decline in growth rate in the third quarter due to various external and internal factors [1][2][3]. Economic Growth Analysis - The GDP growth rates for each quarter are as follows: Q1 at 5.4%, Q2 at 5.2%, and Q3 at 4.8%, with a quarter-on-quarter growth of 1.1% in Q3 [2][3]. - The total economic output in Q3 reached 35.5 trillion yuan, surpassing the projected total for the third-largest global economy in 2024 [2]. Investment Trends - Fixed asset investment (excluding rural households) for the first three quarters was 371.535 billion yuan, showing a year-on-year decline of 0.5%. However, excluding real estate development, the investment grew by 3.0% [5]. - Equipment investment has consistently maintained a growth rate above 10%, serving as a primary driver for overall investment growth [6]. - Industrial investment increased by 6.4% year-on-year, contributing 2.1 percentage points to total investment growth [6]. Employment and Income - The average urban unemployment rate for the first three quarters was 5.2%, with a slight decrease in September [8]. - The per capita disposable income for residents reached 32,509 yuan, reflecting a nominal growth of 5.1% year-on-year, and a real growth of 5.2% after adjusting for price changes [8]. Support for Economic Goals - Several favorable conditions are identified for achieving annual economic targets, including stable growth in the first three quarters and the emergence of new growth drivers from technological innovation [10][11]. - The manufacturing purchasing managers' index showed signs of recovery, indicating potential improvements in business conditions [11].