Economic Overview - In 2025, China's GDP surpassed 140 trillion yuan, reaching 140.19 trillion yuan, with a year-on-year growth of 5% [1][3] - The economy achieved a "four consecutive jumps" during the 14th Five-Year Plan, moving from 110 trillion to 140 trillion yuan [4] Production Growth - The primary industry added value was 9.33 trillion yuan, growing by 3.9%; the secondary industry reached 49.97 trillion yuan, up by 4.5%; and the tertiary industry hit 80.89 trillion yuan, increasing by 5.4% [3] - National grain production totaled 715 million tons, a 1.2% increase, while meat production exceeded 10 million tons, growing by 4.2% [3] - Industrial production saw a 5.9% increase in value added, with equipment manufacturing and high-tech manufacturing growing by 9.2% and 9.4%, respectively [3] Demand Expansion - The total retail sales of consumer goods reached 50.12 trillion yuan, with a year-on-year growth of 3.7% [5] - Manufacturing investment grew by 0.6%, with high-tech industries like information services and aerospace seeing significant increases of 28.4% and 16.9% [5] - The total import and export volume was 45.47 trillion yuan, up by 3.8%, with private enterprises' exports increasing by 7.1% [5] High-Quality Development - The economic growth reflects a commitment to high-quality development, with R&D expenditure intensity reaching 2.8%, surpassing the OECD average for the first time [7] - The innovation index ranked China in the global top ten, with significant advancements in AI, quantum technology, and green energy [7] - The per capita disposable income reached 43,300 yuan, growing by 5%, indicating a strong correlation between income growth and economic performance [7] Future Outlook - The economic foundation remains stable, with strong potential and resilience, suggesting a favorable outlook for 2026 despite external challenges [8] - The government is expected to implement proactive macroeconomic policies to support stable economic operations [8]

随着2025年国内生产总值(GDP)超过140万亿元(人民币，下同)，中国经济总量在"十四五"时期已先后迈 上四个十万亿大台阶。五年"四连跳"背后，显现三个趋势。 ——经济底盘更稳，抗风险能力更强。 "四连跳"背后，"新"的特质更加鲜明。 五年里，中国新质生产力稳步成长，创新指数排名首次晋升全球前十，规模以上高技术制造业增加值年 均增长9.2%，人工智能、5G等数字技术蓬勃兴起；能源供应清洁化、低碳化加速，新能源产品市场竞 争力不断增强。 一个突出的例子是，不止"新三样"，越来越多中国产品"先进""高端"的属性凸显。2025年，中国规模以 上装备制造业、高技术制造业增加值占规上工业增加值的比重分别达36.8%和17.1%；高技术产品出口 同比增长13.2%，拉动出口增长2.4个百分点。 跨过140万亿大关之后，粤开证券首席经济学家、研究院院长罗志恒预计，2026年中国经济增长的动力 结构将继续发生明显变化，旧动能拖累减弱，新动能拉动增强。 其中，制造业投资将呈现结构优化特征，半导体、工业母机等自主可控领域的资本开支将保持较高增 速。基建投资在"十五五"开局之年有望提速，投向将转向以信息通信网络、重大科技基础设 ...

Group 1 - The core viewpoint of the article highlights the increase in household car ownership in China, reaching 52.9 cars per hundred households by the end of 2025, which is an increase of 1.7 cars from the previous year [1] - The large-scale equipment renewal policy is accelerating the pace of industrial upgrades, leading to rapid growth in related industries [1] - In 2025, the added value of the equipment manufacturing industry above designated size is expected to grow by 9.2% compared to the previous year, which is an acceleration of 1.5 percentage points, and its share is expected to rise to 36.8% [1]

Economic Overview - In 2025, China's GDP reached 140,187.9 billion yuan, marking a 5.0% increase from the previous year, achieving a significant milestone in economic growth [1][2] - The economic growth during the "14th Five-Year Plan" period has consistently crossed major thresholds of 110 trillion, 120 trillion, 130 trillion, and now 140 trillion yuan [2] Growth Characteristics - The year 2025 showcased a distinct "new direction" in the economy, evident in sectors such as consumption, investment, and exports, with emerging trends like the silver economy, ice and snow economy, and first-release economy becoming new growth points [1][8] - High-tech industries, particularly in information services, saw double-digit investment growth, indicating a shift towards advanced manufacturing and innovation [3][7] Manufacturing Sector - The added value of the manufacturing industry grew by 6.4%, significantly outpacing mining (5.6%) and electricity, heat, gas, and water production (2.3%), highlighting manufacturing as the core driver of industrial economic growth [5][6] - In 2025, the added value of high-tech manufacturing increased by 9.4%, with a notable contribution from equipment manufacturing, which grew by 9.2% [4][5] Consumption and Investment - Total retail sales of consumer goods surpassed 50 trillion yuan, growing by 3.7%, with online retail sales increasing by 8.6% [8] - Investment in high-tech industries, such as information services and aerospace manufacturing, rose by 28.4% and 16.9%, respectively, despite an overall decline in total investment by 3.8% [8] Export Performance - The total value of goods imports and exports reached 454,687 billion yuan, reflecting a 3.8% increase, with high-tech product exports rising by 13.2% [8] Future Outlook - Looking ahead to 2026, the focus will be on stabilizing domestic demand and enhancing the role of high-tech manufacturing to counteract potential external pressures on trade [9][10] - The government aims to maintain a stable growth trajectory while addressing structural adjustments to ensure quality development [9]

Economic Performance - In 2025, China's GDP grew by 5.0% compared to the previous year, with quarterly growth rates of 5.4% in Q1, 5.2% in Q2, 4.8% in Q3, and 4.5% in Q4 [2] - The economic performance reflects strong resilience and vitality, achieving major expected goals and marking a good start for the new journey towards the second centenary goal [2] Industrial Growth - The industrial production maintained a rapid growth rate, with the value-added of industrial enterprises above designated size increasing by 5.9%, a 0.1 percentage point acceleration from the previous year [3] - The equipment manufacturing sector saw a value-added increase of 9.2%, with its share of total industrial value-added rising to 36.8%, up by 2.2 percentage points [3] - High-tech manufacturing also showed robust growth, with a 9.4% increase in value-added, contributing 26.1% to the overall industrial growth rate, an increase of 1.7 percentage points from the previous year [3] Structural Optimization - The growth in equipment and high-tech manufacturing indicates a significant optimization and upgrading of the industrial structure, with both sectors contributing over half of the total industrial growth [3][4] - The shift in growth drivers from traditional scale expansion to quality and efficiency improvements is evident, driven by advancements in "Artificial Intelligence+" and the transition towards intelligent and green industries [4] Future Outlook - The industrial economy is expected to continue its "high, new, and green" development trend in 2026, supported by high-tech industries and equipment manufacturing [4] - Macroeconomic policies are anticipated to remain supportive, promoting industrial investment and technological upgrades [4][5]

Economic Overview - In 2025, China's GDP reached 140,187.9 billion yuan, growing by 5.0% year-on-year, with quarterly growth rates of 5.4%, 5.2%, 4.8%, and 4.5% respectively [3][5] - The average annual growth rate during the "14th Five-Year Plan" period was 5.4%, with an economic increment exceeding 36 trillion yuan, showcasing China's resilience and adaptability [5] Foreign Trade Performance - China's total import and export value in 2025 was 45.47 trillion yuan, a historical high, with a year-on-year growth of 3.8% and exports increasing by 6.1% [7] - High-tech product exports grew by 13.2%, with significant increases in the export of handling and welding robots [8] - Exports to countries involved in the "Belt and Road" initiative rose by 11.2%, indicating a diversified market strategy [8] Consumption Trends - The total retail sales of consumer goods surpassed 50 trillion yuan, growing by 3.7%, with final consumption contributing 52.0% to economic growth [14] - Online retail sales increased by 8.6%, with live-streaming sales growing over 10% and instant retail transactions exceeding 30% [14] - Service consumption became a core driver of growth, with service retail sales increasing by 5.5% [15] Manufacturing and Production - The added value of major equipment manufacturing grew by 9.2%, and high-tech manufacturing increased by 9.4%, outpacing overall industrial growth [16] - New energy vehicles accounted for over 50% of domestic new car sales, with an average of 45,000 new energy vehicles produced daily [16] Technological Advancements - The integration of artificial intelligence into the economy is accelerating, with the core industry scale exceeding one trillion yuan [20] - Investment in high-tech manufacturing is outpacing traditional sectors, contributing to structural optimization and the formation of new growth drivers [24] - China's innovation index has entered the global top ten, with rapid growth in sectors like artificial intelligence and commercial aerospace [22] Conclusion - The "14th Five-Year Plan" has concluded successfully, with China's economy demonstrating resilience and a steady growth trajectory despite external pressures [25]

21世纪经济报道记者冉黎黎 北京报道 2026年1月19日，国家统计局发布数据显示，2025年，全国规模以上工业增加值比上年增长5.9%，保持较快增长态 势，增速较上年加快0.1个百分点。 其中，规模以上高技术制造业增加值比上年增长9.4%，增速较上年加快0.5个百分点，为2022年以来最高点；同时，规模以上装备制造业增加值比上年增长 9.2%，增速较上年加快1.5个百分点，2025年1—11月份，规模以上工业企业利润保持增长，其中装备制造业利润同比增长7.7%，拉动全部规模以上工业企业 利润增长2.8个百分点，是对规模以上工业企业利润增长拉动作用最强的板块。 国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖指出，2025年，工业生产呈现出增长较快、结构向优、动能向新的特点，为经济稳定运 行发挥了重要的支撑作用。 展望2026年，财信金控首席经济学家、财信研究院副院长伍超明对21世纪经济报道记者表示，预计规模以上工业增加值增速稳定在5%左右，结构更优、动 能更足。中国民生银行首席经济学家温彬对21世纪经济报道记者表示，综合来看，考虑基数效应和内外部环境，预计2026年工业增加值增速整体保持平稳， ...

Economic Performance - In 2025, China's GDP reached 140.19 trillion yuan, marking a 5% increase from the previous year, and achieving a significant milestone in economic growth [2][3] - The economy demonstrated resilience and progress, with a "four consecutive jumps" in GDP crossing 110 trillion, 120 trillion, 130 trillion, and finally 140 trillion yuan during the "14th Five-Year Plan" [3][4] New Growth Drivers - Research and development (R&D) investment intensity reached 2.8% in 2025, surpassing the OECD average for the first time, indicating a strong focus on innovation [4] - The manufacturing sector saw a 9.3% increase in the value added of digital product manufacturing, with significant growth in new energy vehicles, which accounted for over 50% of domestic new car sales [4][5] Trade and Consumption - Despite external challenges, China's total goods import and export value reached 45.47 trillion yuan in 2025, a 3.8% increase year-on-year, with exports growing by 6.1% [5] - Retail sales of consumer goods surpassed 50 trillion yuan, reflecting a 3.7% increase from the previous year, showcasing the strength of domestic consumption [5] Price Stability - The Consumer Price Index (CPI) remained stable in 2025, with an annual average unchanged from the previous year, while December saw a 0.8% increase, the highest in nearly three years [6][9] - Factors contributing to CPI stability included a decline in food prices by 1.5% and energy prices by 3.3%, which collectively impacted CPI negatively [6][7] Future Outlook - The government aims to promote economic stability and reasonable price recovery as key considerations for monetary policy in 2026, with expectations for CPI to achieve moderate positive growth [9][10] - Structural reforms and demand expansion are anticipated to support price recovery, with a focus on improving residents' income and employment expectations [8][9]

据介绍，初步核算，2025年全年国内生产总值(GDP)1401879亿元，按不变价格计算，比上年增长 5.0%。 "2025年，面对国内外经济环境的复杂变化，我国国民经济运行顶压前行、向新向优，高质量发展取得 新成效，经济社会发展主要目标任务圆满实现，'十四五'胜利收官。"1月19日，在国新办举行的新闻发 布会上，国家统计局局长康义介绍2025年国民经济运行情况。 1401879亿元 "放眼全球，我国经济，贡献率预计达到30%左右。"康义表示。 71488万吨 粮食增产丰收 全年全国粮食总产量71488万吨，比上年增加838万吨，增长1.2%。 全年猪牛羊禽肉产量10072万吨，比上年增长4.2%，首次超过1亿吨。 5.9% 工业生产较快增长 全年全国规模以上工业增加值比上年增长5.9%。 分三大门类看，采矿业增加值增长5.6%，制造业增长6.4%，电力、热力、燃气及水生产和供应业增长 2.3%。 装备制造业增加值增长9.2%，高技术制造业增加值增长9.4%。3D打印设备、工业机器人、新能源汽车 产品产量分别增长52.5%、28.0%、25.1%。 5.4% 服务业平稳增长 全年服务业增加值比上年增长5.4% ...

Economic Overview - In 2025, China's GDP surpassed 140 trillion yuan, reaching 140.19 trillion yuan, with a year-on-year growth of 5% [1][3] - The economic growth during the "14th Five-Year Plan" period has achieved significant milestones, marking consecutive increases in GDP from 110 trillion to 140 trillion yuan [1][3] Production Growth - The primary industry added value was 9.33 trillion yuan, growing by 3.9%; the secondary industry added value was 49.97 trillion yuan, growing by 4.5%; and the tertiary industry added value was 80.89 trillion yuan, growing by 5.4% [3] - National grain production reached 715 million tons, a 1.2% increase, while meat production exceeded 10 million tons, growing by 4.2% [3] - Industrial production saw a significant increase, with a 5.9% growth in the value added of large-scale industries, and high-tech manufacturing sectors grew by 9.4% [3] Demand Expansion - The total retail sales of consumer goods reached 50.12 trillion yuan, with a year-on-year growth of 3.7%, driven by a 3.8% increase in goods retail and a 5.5% increase in service retail [4] - Manufacturing investment grew by 0.6%, with high-tech industries such as information services and aerospace seeing substantial increases of 28.4% and 16.9%, respectively [4] - The total import and export volume reached 45.47 trillion yuan, growing by 3.8%, with private enterprises' exports increasing by 7.1% [4] High-Quality Development - The economic growth is supported by high-quality development, with R&D expenditure intensity reaching 2.8%, surpassing the OECD average for the first time [6] - China's innovation index entered the global top ten, reflecting advancements in key technologies and integration of technological and industrial innovation [6] - The manufacturing value added of digital products grew by 9.3%, and new energy vehicle sales accounted for over 50% of domestic new car sales [6] Future Outlook - The economic foundation remains strong, with favorable conditions for stable growth in 2026, despite external challenges [7] - The contribution rate of final consumption expenditure to economic growth exceeded 50%, indicating a shift towards balanced consumption between goods and services [4][7]