Economic Performance - In October, China's economy continued to show a steady improvement, with industrial production achieving a year-on-year growth rate of 4.9% [1] - The agricultural sector is expected to have a good harvest, supported by an increase in both the area and yield of autumn grain [1] - The industrial sector demonstrated characteristics of overall stability and structural optimization, with the added value of the equipment manufacturing industry growing by 8.0% and high-tech manufacturing by 7.2% [1] Service Sector Recovery - The recovery of the service sector is closely linked to the holiday economy, with the accommodation and catering industry production index increasing by 3.9% year-on-year, accelerating by 2.6 percentage points compared to September [2] - From January to October, service retail sales grew by 5.3%, outpacing the growth rate of goods retail sales by 0.9 percentage points [2] - The consumption market is expanding due to policy support and the recovery of service scenarios, with social retail sales of consumer goods increasing by 2.9% year-on-year in October [2] Investment Trends - Although the overall investment growth rate slowed in October, there is a clear trend of structural optimization, with manufacturing investment growing by 2.7% year-on-year [3] - Investment in high-end industries such as aerospace and information services saw significant increases, with growth rates of 19.7% and 32.7% respectively [3] - Investment in clean energy, including solar, wind, nuclear, and hydropower, grew by 10.4% year-on-year, indicating a continued acceleration in energy structure transformation [3] Macroeconomic Policy Outlook - To stabilize the macroeconomic operation in the fourth quarter and the first quarter of next year, it is expected that growth-stabilizing policies will be further strengthened by the end of the year [4] - Fiscal policy is anticipated to further support consumption, while monetary policy may implement a new round of interest rate cuts and reserve requirement ratio reductions [4]

● 本报记者 连润 国家统计局11月14日发布数据显示，10月份，全国规模以上工业增加值同比增长4.9%，社会消费品零 售总额46291亿元，同比增长2.9%。国家统计局新闻发言人付凌晖表示，10月份，国民经济保持总体平 稳、稳中有进发展态势。下阶段，要全方位扩大国内需求，着力稳就业、稳企业、稳市场、稳预期，积 极推动宏观政策持续落地增效，全面深化改革开放，进一步强化创新驱动，促进经济质的有效提升和量 的合理增长。 生产需求平稳增长 数据显示，10月份，生产需求平稳增长。 生产供给继续增长。付凌晖表示，工业生产总体稳定，10月份规模以上工业增加值同比增长4.9%，继 续保持总体稳定增长。其中，装备制造业增加值增长8%，明显快于规模以上工业增长，对规模以上工 业增长支撑作用明显。国庆和中秋假期叠加带动相关服务业增长加快，10月份住宿和餐饮业生产指数同 比增长3.9%，比上月加快2.6个百分点。 国家统计局工业司首席统计师孙晓分析，10月份，全国规模以上工业生产稳中有进，多数行业、产品实 现增长，（下转A02版） （上接A01版）产业结构优化升级，新质生产力培育壮大，装备制造业、高技术制造业快速发展，工业 经济高 ...

Economic Overview - In October, the national economy continued to show a stable and progressive development trend, with notable characteristics including growth in production supply and market sales [2][5]. Employment Situation - The urban surveyed unemployment rate decreased to 5.1% in October, down by 0.1 percentage points from the previous month, marking two consecutive months of decline [1]. Production and Supply - Agricultural production remained strong, with an increase in autumn grain area and yield, indicating a promising harvest [2]. - The industrial production maintained stability, with the industrial added value of large-scale enterprises growing by 4.9% year-on-year in October [2]. - The service sector also showed steady growth, with a production index increase of 4.6% year-on-year [2]. Market Sales - Social retail sales of consumer goods increased by 2.9% year-on-year in October, driven by holiday consumption and the promotion of consumption [5]. - Specific categories such as communication equipment and cultural office supplies saw significant retail growth of 23.2% and 13.5%, respectively [5]. Price Trends - The consumer price index (CPI) turned positive in October, rising by 0.2% year-on-year, while the core CPI increased by 1.2%, marking a continuous expansion in growth for six months [7]. - The producer price index (PPI) saw a narrowing decline of 2.1% year-on-year, indicating a positive trend in industrial pricing [7]. Investment Trends - Investment in high-tech manufacturing showed robust growth, with a year-on-year increase of 7.2% in October [10]. - Investment in sectors such as aerospace and information services grew significantly, with increases of 19.7% and 32.7%, respectively [11]. Emerging Industries - The digital economy and green transformation are gaining momentum, with significant growth in sectors like smart manufacturing and artificial intelligence [12]. - New energy vehicles and lithium-ion batteries saw production increases of 19.3% and 30.4%, respectively, highlighting the growth potential in these areas [10].

Economic Overview - In October, the industrial added value of large-scale enterprises increased by 4.9% year-on-year, while the service production index rose by 4.6% year-on-year, indicating stable economic performance [1][2]. Production and Supply - Agricultural production remains stable with an increase in autumn grain area and yield, suggesting a promising harvest for the year [2]. - The accommodation and catering industry saw a production index growth of 3.9% year-on-year, accelerated by the overlap of the National Day and Mid-Autumn Festival holidays [2]. Market Sales - The total retail sales of consumer goods in October grew by 2.9% year-on-year, with a notable increase in sales related to the replacement of old consumer goods [2]. - From January to October, the retail sales of services increased by 5.3% year-on-year [2]. Investment Trends - Fixed asset investment decreased by 1.7% year-on-year from January to October, but the actual workload of investment showed slight growth when excluding price factors [3]. - Manufacturing investment grew by 2.7% year-on-year, accounting for 25.6% of total investment [3]. Employment and Prices - The urban surveyed unemployment rate in October was 5.1%, a decrease of 0.1 percentage points from the previous month [3]. - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October [3]. Structural Adjustments and New Growth Drivers - The economy is undergoing structural adjustments with significant growth in new driving forces, including a 19.7% year-on-year increase in investment in the aerospace and aviation equipment manufacturing sector [4]. - The online retail sales of physical goods accounted for 25.2% of total retail sales, reflecting the expansion of new consumption formats [4]. Emerging Industries - The added value of the digital industry manufacturing sector increased by 9.5% year-on-year, with smart device manufacturing and electronic components growing by 11.1% and 12.3%, respectively [5]. Economic Outlook - Despite facing risks and challenges, the long-term supportive conditions for economic growth remain unchanged, with a solid foundation for achieving annual targets [6]. - The GDP growth rate for the first three quarters was 5.2%, placing it among the top global economies [6]. Policy Measures - The implementation of proactive macroeconomic policies, including the introduction of 500 billion yuan in new policy financial tools, is expected to enhance economic momentum [7].

Core Viewpoint - The economic performance in the first ten months of 2025 shows resilience and stability, with various indicators reflecting positive changes, supporting the achievement of annual economic and social development goals [1][3][7]. Economic Indicators - Industrial production continues to grow, with the industrial added value for October increasing by 4.9% year-on-year and 1.17% month-on-month [3]. - The equipment manufacturing sector outperformed, with an added value growth of 8% year-on-year, significantly contributing to overall industrial growth [4]. - The service sector also maintained growth, with the service production index rising by 4.6% year-on-year in October [4]. Consumer Demand - Social retail sales increased by 2.9% year-on-year in October, driven by holiday consumption and the success of consumption-boosting initiatives [5]. - The retail sales of communication equipment and cultural office supplies grew by 23.2% and 13.5%, respectively, among enterprises above designated size [5]. - Service retail sales rose by 5.3% year-on-year from January to October, outpacing goods retail sales [6]. Employment and Prices - The urban unemployment rate was 5.1% in October, a decrease of 0.1 percentage points from the previous month, indicating stable employment conditions [6]. - The Consumer Price Index (CPI) turned from a decline of 0.3% to an increase of 0.2% year-on-year in October, with core CPI rising by 1.2% [6]. Investment Trends - Fixed asset investment (excluding rural households) reached 408.914 billion yuan from January to October, a year-on-year decrease of 1.7%, while investment excluding real estate development grew by 1.7% [8][9]. - Real estate development investment fell by 14.7% year-on-year, significantly dragging down overall investment growth by 3 percentage points [9]. - Manufacturing investment increased by 2.7% year-on-year, with its share rising to 25.6% of total investment [9][10]. Future Outlook - Despite challenges, the long-term fundamentals of the economy remain positive, with macro policies continuing to support growth [7][11]. - There is significant potential for investment to drive economic development, particularly in areas such as industrial upgrading and regional coordination [11].

Core Insights - The overall fixed asset investment in China for the first ten months of 2025 reached 4,089.14 billion yuan, showing a year-on-year decline of 1.7%. However, project investment excluding real estate development increased by 1.7% [2] Group 1: Equipment Investment - Investment in equipment and tools saw a significant increase of 13.0% year-on-year, contributing 1.9 percentage points to the overall investment growth. This category accounted for 17.0% of total investment, up 2.2 percentage points from the previous year [3] Group 2: Industrial Investment - Industrial investment grew by 4.9% year-on-year, contributing 1.7 percentage points to overall investment growth. Within this sector, mining investment increased by 3.8%, while manufacturing investment rose by 2.7%. Notably, investment in railway, shipbuilding, aerospace, and other transportation equipment surged by 20.1%, and automotive manufacturing investment grew by 17.5% [4] Group 3: High-Tech Service Investment - Investment in high-tech services increased by 5.5% year-on-year, representing 5.3% of total service investment, an increase of 0.5 percentage points from the previous year. Information service investment alone grew by 32.7% [5] Group 4: Infrastructure Investment - Infrastructure investment in key areas saw rapid growth, with internet and related services investment rising by 20.0% and water transportation investment increasing by 9.4%. Private investment in infrastructure grew by 4.5%, making up 22.6% of total infrastructure investment, an increase of 1.0 percentage points from the previous year [6] Group 5: Livelihood Investment - In the primary industry, forestry investment surged by 35.6%, and fishery investment grew by 10.9%. In the secondary and tertiary industries, investment in electricity and heat production increased by 14.6%, while accommodation and catering investment rose by 10.5% [7]

Economic Overview - In October, the Consumer Price Index (CPI) turned from decline to increase, rising by 0.2% year-on-year, compared to a decrease of 0.3% in the previous month. The core CPI, excluding food and energy, increased by 1.2%, with the growth rate expanding by 0.2 percentage points from the previous month, marking six consecutive months of growth acceleration [1] - The Producer Price Index (PPI) decreased by 2.1% year-on-year in October, but the decline narrowed by 0.2 percentage points from the previous month, continuing a trend of three months of narrowing [1] Industry Performance - The prices in industries such as lithium-ion battery manufacturing and photovoltaic equipment manufacturing showed month-on-month increases of 0.2% and 0.6%, respectively, indicating a positive effect from the regulation of market competition [1] - The service sector's production index grew by 4.6% year-on-year in October, although the growth rate slowed compared to the previous month due to a higher base from the same period last year. However, the service sector's growth remains stable when viewed over two years and cumulative growth [1] Consumer Behavior - The holiday economy has had a significant impact, with retail sales of consumer goods continuing to grow. In October, the total retail sales of consumer goods increased by 2.9% year-on-year, with sales of products related to the trade-in of old goods maintaining rapid growth [2] - Retail sales of communication equipment and cultural office supplies increased by 23.2% and 13.5%, respectively, in the retail sector above designated size [2] - Increased travel during holidays has expanded consumption in tourism and cultural services, with service retail sales growing by 5.3% year-on-year from January to October, outpacing the growth rate of goods retail sales [2]

Economic Overview - In October, the Consumer Price Index (CPI) turned from a decline to an increase, rising by 0.2% year-on-year, compared to a decrease of 0.3% in the previous month. The core CPI, excluding food and energy, increased by 1.2%, with the growth rate expanding by 0.2 percentage points from the previous month, marking six consecutive months of growth acceleration [1][3]. Producer Price Index (PPI) Trends - The Producer Price Index (PPI) saw a year-on-year decline of 2.1% in October, with the rate of decline narrowing by 0.2 percentage points from the previous month, continuing a trend of three months of narrowing declines. Prices in industries such as lithium-ion battery manufacturing and photovoltaic equipment manufacturing increased by 0.2% and 0.6% month-on-month, respectively [3]. Service Sector Performance - The service sector's production index grew by 4.6% year-on-year in October, although the growth rate slowed compared to the previous month due to a higher base from the same period last year. The growth in the service sector remains stable when viewed over two-year averages and cumulative growth. The combined impact of the National Day and Mid-Autumn Festival holidays accelerated growth in related services, with the accommodation and catering industry production index increasing by 3.9%, up 2.6 percentage points from the previous month [3]. Retail Sales Insights - The retail sales of consumer goods showed a year-on-year increase of 2.9% in October, supported by the holiday economy. Sales of goods related to the "old for new" consumption initiative maintained rapid growth. In October, retail sales of communication equipment and cultural office supplies increased by 23.2% and 13.5%, respectively. From January to October, service retail sales grew by 5.3%, outpacing the growth rate of goods retail sales [4].

Core Viewpoint - The economic performance of China remains stable, with key indicators showing a solid foundation for achieving annual targets despite facing various risks and challenges [1][7]. Group 1: Economic Indicators - In October, the industrial added value for large-scale industries grew by 4.9% year-on-year, while the total retail sales of consumer goods reached 46,291 billion yuan, marking a 2.9% increase year-on-year [1][2]. - From January to October, fixed asset investment (excluding rural households) totaled 408,914 billion yuan, reflecting a 1.7% year-on-year decline; however, excluding real estate development investment, fixed asset investment grew by 1.7% [1][2]. Group 2: Production and Consumption - Industrial production remains stable, with equipment manufacturing value-added increasing by 8%, significantly outpacing the overall industrial growth [2]. - The holiday economy has positively impacted service sectors, with accommodation and catering production indices rising by 3.9% year-on-year in October, an acceleration of 2.6 percentage points from the previous month [2]. Group 3: Investment Trends - Manufacturing investment continues to grow, driven by the transformation and upgrading of traditional manufacturing and the expansion of emerging manufacturing sectors [4]. - Investment in high-end industries and green transition-related projects is also on the rise, indicating substantial potential and space for investment in China [4]. Group 4: Future Economic Strategy - The focus will be on high-quality development, optimizing investment structures, and enhancing the investment environment to stimulate private investment and support domestic demand [5]. - The government plans to leverage new policy financial tools worth 5 trillion yuan to enhance local government financial capacity and expand effective investment [7].

Economic Overview - The national economy is generally stable with a trend of steady progress, characterized by stable production supply, overall employment stability, improved prices, and the cultivation of new growth drivers [1] Production and Supply - Agricultural production is favorable with an increase in autumn grain area and continuous improvement in yield, indicating a promising harvest for the year [3] - Industrial production remains stable, with a 4.9% year-on-year increase in the added value of industrial enterprises above designated size in October, supported significantly by an 8% increase in equipment manufacturing [3] - The service sector shows steady growth, with a 4.6% year-on-year increase in the service production index for October, influenced by the combined effect of the National Day and Mid-Autumn Festival [3] Market Sales - Retail sales continue to expand, with total retail sales of consumer goods reaching 46,291 billion yuan in October, a 2.9% year-on-year increase [4] - Notable growth in retail sales of communication equipment and cultural office supplies, with increases of 23.2% and 13.5% respectively [4] - Service retail sales from January to October grew by 5.3%, outpacing the growth of goods retail sales [4] Employment Situation - The urban survey unemployment rate decreased to 5.1% in October, down 0.1 percentage points from the previous month, marking two consecutive months of decline [5] - The unemployment rate for migrant agricultural workers is notably lower at 4.5%, down 0.2 percentage points from the previous month [5][6] Price Trends - Consumer prices have shifted from decline to increase, with a 0.2% year-on-year rise in October, compared to a 0.3% decline in the previous month [7] - The core Consumer Price Index (CPI), excluding food and energy, rose by 1.2%, with the increase rate expanding for six consecutive months [7] - The Producer Price Index (PPI) saw a narrowing decline of 2.1% year-on-year in October, indicating a positive trend [7] Transformation and Upgrading - High-tech manufacturing continues to grow, with a 7.2% year-on-year increase in added value for high-tech manufacturing enterprises above designated size in October [8] - The export of high-tech products increased by 7.3% in the first ten months [8] - The modern service industry is performing well, with significant growth in information transmission and software services, as well as leasing and business services [8] Investment and Foreign Trade - Fixed asset investment decreased by 1.7% year-on-year from January to October, but the investment structure is optimizing [9] - Manufacturing investment grew by 2.7%, accounting for 25.6% of total investment, an increase of 1.1 percentage points from the previous year [9] - Total import and export volume increased by 3.6% year-on-year in the first ten months, with exports growing by 6.2% [10] - In October, total import and export volume grew by 0.1% year-on-year, with imports increasing by 1.4% [10]