Economic Overview - The core viewpoint indicates that China's economy is maintaining a stable operation with a focus on high-quality development, as evidenced by a GDP growth of 5.2% year-on-year in the first three quarters, which is an acceleration of 0.2 and 0.4 percentage points compared to the previous year and the same period last year, respectively [1] - The urban survey unemployment rate has remained stable compared to the first half of the year, and the core CPI has seen an expanding growth for five consecutive months, reflecting the effectiveness of policies aimed at expanding domestic demand and promoting consumption [1] Industrial Performance - In the first three quarters, the added value of the equipment manufacturing industry and high-tech manufacturing industry accounted for 35.9% and 16.7% of the total industrial added value of enterprises above designated size, respectively [2] Energy Transition - Progress has been made in the green low-carbon transition, with the proportion of non-fossil energy consumption in total energy consumption increasing by approximately 1.7 percentage points year-on-year [3] Foreign Trade - A diversified market has become a strong support for export growth, with new driving forces in foreign trade, particularly the "new three samples" products experiencing double-digit growth in exports [4] Social Welfare - There has been effective and robust social welfare support, with the income gap between urban and rural residents continuing to narrow, showcasing the strong resilience and potential of the economy [5] - The 5.2% economic growth demonstrates China's strong ability to withstand pressures in an unstable and uncertain environment, positioning it as a significant driver of global economic growth [5]

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]

Economic Overview - In the first three quarters of the year, China's GDP reached 10,150.36 billion yuan, with a year-on-year growth of 5.2% [1] - The GDP growth rates for each quarter were 5.4% in Q1, 5.2% in Q2, and 4.8% in Q3, with a quarter-on-quarter growth of 1.1% in Q3 [1] - The total economic output in Q3 was 35.5 trillion yuan, surpassing the projected total for the world's third-largest economy in 2024 [1] Investment Trends - National fixed asset investment (excluding rural households) was 3,715.35 billion yuan, showing a year-on-year decline of 0.5%, while investment excluding real estate development grew by 3.0% [1] - Industrial investment increased by 6.4%, contributing 2.1 percentage points to overall investment growth [2] - High-tech service industry investment rose by 6.1%, with information service investment growing significantly by 33.1% [2] Sectoral Performance - Infrastructure investment grew by 1.1%, contributing 0.2 percentage points to total investment growth [2] - Investment in the primary industry increased by 4.6%, with notable growth in food processing (14.3%) and food manufacturing (10.8%) [2] - Investment in electricity and heat production and supply surged by 17.9% [2] Innovation and Policy Support - The development of new productive forces, particularly in high-tech manufacturing, saw an increase in value added by 9.6% [3] - The production of industrial robots and service robots grew by 29.8% and 16.3%, respectively [3] - Macro policies have been effectively implemented to stabilize economic operations, with recent measures aimed at expanding service consumption [3][4] Future Outlook - The foundation for achieving annual economic targets is solid, but continued efforts are necessary [4] - The focus remains on balancing short-term growth with long-term development, enhancing internal economic dynamics, and deepening reforms in key areas [4]

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]