Core Viewpoint - China's economy demonstrated resilience and stable growth in April despite external pressures such as tariff and trade wars, showcasing its strong capacity to withstand challenges [1] Group 1: Economic Performance - In April, China's industrial and service sector production remained robust, with exports exceeding expectations [3] - From January to April, China's total goods import and export volume increased by 2.4% year-on-year, accelerating by 1.1 percentage points compared to the first quarter [5] - The production of new products such as 3D printing equipment, industrial robots, and new energy vehicles saw significant year-on-year growth of 60.7%, 51.5%, and 38.9% respectively [4] Group 2: New Drivers of Growth - The rapid development of new productive forces is a key support for China's economic resilience, with high-tech manufacturing value-added increasing by 10% year-on-year in April, outpacing the overall industrial growth by 3.9 percentage points [4] - The import and export growth with countries involved in the Belt and Road Initiative increased by 3.9% from January to April, accelerating by 1.7 percentage points compared to the first quarter [7] Group 3: Policy Support and Investment - Macro policies have played a crucial role in stabilizing the economy, with equipment investment growing by 18.2% year-on-year from January to April, contributing 64.5% to total investment growth [8] - Retail sales of consumer goods increased by 4.7% year-on-year in the same period, with significant growth in categories such as home appliances and communication equipment [8]

2025.05. 19 工业生产是经济稳定增长的重要支撑。今年以来，随着存量政策持续显效、增量政策有效落实，政 策"组合拳"效果不断显现。工业生产保持较快增长，产业发展向高端化、智能化、绿色化转型。 4月份，规模以上工业增加值同比增长6.1%。41个大类行业中，36个行业同比增长，增长面超过八 成。 本文字数：2510，阅读时长大约4分钟 作者 | 第一财经 祝嫣然 面对外部冲击影响加大、内部困难挑战叠加的复杂局面，4月份我国主要经济指标顶住压力、平稳运 行。 国家统计局5月19日发布的数据显示，4月份，全国规模以上工业增加值同比增长6.1%，比上月回 落1.6个百分点；社会消费品零售总额同比增长5.1%，比前值放缓0.8个百分点。1-4月份，全国固 定资产投资（不含农户）同比增长4.0%，比一季度回落0.2个百分点。 国家统计局新闻发言人付凌晖同日在国新办发布会上表示，4月份外部冲击影响加大，但我国经济基 础稳、优势多、韧性强、潜能大，宏观政策协同发力，各方面积极应变、主动作为，国民经济应变克 难稳定运行，发展质量持续提升，进一步增强了我们应对各种风险挑战的信心和底气。但也要看到， 国际环境变数仍多，多重风 ...

转自：央视 尽管国际大宗商品价格是在下行的，拖累了整体的价格。但是我们看黑色金属的冶炼，非金属矿物制品等等行业价格的降幅是收窄的，这些也反映了现在投 资靠前发力，那么基建施工与设备更新政策拉动作用非常显著，因此基建与工业的支撑效果也是非常显著的。应该看到地方政府债券前4个月发行规模同比 是增长84%，超长期特别国债提前发行等等，都是在推动能源、交通、市政等等领域的这个基建，也使得工业的活力不断地增强。 5月19日，国新办举行新闻发布会，介绍2025年4月份国民经济运行情况。4月份经济数据释放了哪些信号？下一步巩固我国经济平稳运行的发力点有哪些？ 来看北京师范大学教授经济学专家万喆的解读。 4月中国经济在复杂的国际环境中展现出显著的韧性，尤其是在关税战持续升级的背景下，多项核心的指标呈现积极的变化，应该说韧性与结构性的突破是 并存的。 首先就是消费回暖和服务消费的升级。我们能够看到消费稳步回升，内需的潜力也在不断地释放，像是食品的价格等等受各种因素的影响也在回升，而且出 行服务像飞机票旅游和黄金饰品等等高端的消费价格也是在上涨的，反映出内需逐步恢复及消费结构升级的趋势。 4月份社会消费品零售总额应该说同比增长也 ...

Economic Overview - In April 2025, the industrial added value above designated size increased by 6.1% year-on-year and 0.22% month-on-month, while the service production index rose by 6.0% year-on-year [1][3] - The total retail sales of consumer goods reached 37,174 billion yuan, marking a year-on-year increase of 5.1% and a month-on-month increase of 0.24% [1][3] Consumption Insights - The sales of products related to the "old-for-new" policy saw significant growth, with retail sales of home appliances and audio-visual equipment, cultural and office supplies, furniture, and communication equipment increasing by 38.8%, 33.5%, 26.9%, and 19.9% year-on-year, respectively [7] - Basic living and upgraded goods also experienced rapid growth, with retail sales of grain and oil, sports and entertainment products, and gold and silver jewelry increasing by 14%, 23.3%, and 25.3% year-on-year [7] Investment Trends - Fixed asset investment grew by 4% from January to April 2025, with equipment investment rising by 18.2%, contributing 64.5% to total investment growth [9] - Manufacturing investment increased by 8.8% year-on-year, driven by the upgrade of traditional industries and the development of emerging industries [9] - High-tech service industry investment rose by 11.3%, with professional technical services and information services growing by 17.6% and 40.6%, respectively [9] Employment Situation - The urban survey unemployment rate in April was 5.1%, a decrease of 0.1 percentage points from the previous month, with notable declines in unemployment rates among migrant workers and youth [14] - Despite overall employment stability, structural issues remain, particularly for the youth demographic and a mismatch in labor supply and demand [14] Real Estate Market - The real estate market showed basic stability in April, with some first- and second-tier cities experiencing increased transaction activity [15][17] - New residential sales prices in first- and second-tier cities remained stable month-on-month, while year-on-year declines in prices continued to narrow [17] - The demand for green, smart, and safe housing is expanding, indicating a positive outlook for the renovation of old communities and improvements in real estate construction quality [17]

央视网消息：国务院新闻办公室5月19日上午举行新闻发布会，国家统计局发布4月份经济数据。4月份，我国加紧实施更加积极有为的宏观政 策，经济顶住压力稳定增长，延续向新向好态势。 4月全国规模以上工业增加值同比增长6.1% 4月份，生产供给较快增长。从工业来看，宏观政策组合效应持续释放，工业保持较快增长。4月份，规模以上工业增加值同比增长6.1%，是 2024年以来月度增速中比较快的速度。 4月装备制造业增加值同比增长9.8% 国家统计局新闻发言人付凌晖介绍，从服务业来看，在扩大内需政策的作用下，服务业增势平稳。4月份，服务业生产指数同比增长6%，这也 是2025年以来月度增速中次高的水平。数字化转型持续深入，旅游交通出行增多，带动信息和商务服务业等稳定增长。 4月份社会消费品零售总额同比增长5.1% 在"两新"政策加力扩围和产业升级带动下，装备制造业持续较快增长。4月份，装备制造业增加值同比增长9.8%，对规模以上工业增长的贡献 率达到55.9%。 国内需求稳步扩大。从消费来看，消费品以旧换新政策效应持续释放，市场销售保持稳定增长。4月份，社会消费品零售总额同比增长5.1%， 其中，消费品以旧换新相关商品销售大 ...

央视网消息：4月份经济数据释放了哪些信号？下一步，巩固我国经济平稳运行的发力点有哪些？北京师范大学教授、经济学专家万 喆就此进行了解读。 经济韧性与结构性突破并存 外贸韧性凸显 结构持续优化 4月，中国经济在复杂的国际环境中展现出显著的韧性，尤其是在关税战持续升级的背景下，多项核心的指标呈现积极的变化，韧性 与结构性的突破是并存的。 内需逐步恢复和消费结构升级趋势 首先是消费回暖和服务消费的升级。消费稳步回升，内需的潜力也在不断的释放，像食品价格等受各种因素的影响也在回升。而 且，出行服务像飞机票旅游和黄金饰品等高端消费价格也在上涨，反映出内需逐步恢复及消费结构升级的趋势。 同时，线下消费热度应该说也是不断的增长，休闲娱乐、餐饮等服务业消费的增速非常的亮眼。入境消费的热度也创了新高，像免 签和支付便利化政策，推动国际航班的班次增长，各地入境人数都是屡创新高，也显示中国消费市场对全球吸引力在增强。 工业增长韧性凸显 高技术产业起引领作用 4月份，社会消费品零售总额应该说同比增长也非常的明显，尤其是当中通信器材家电升级类的商品增速都超过了19%，家电网络零 售额同比增长也超过了13%，绿色化智能化产品成为消费的趋 ...

国务院新闻办今天举行新闻发布会，国家统计局新闻发言人付凌晖介绍，4月份，我国加紧实施更加积 极有为的宏观政策，经济顶住压力稳定增长，延续向新向好态势。 4月份，生产供给较快增长。从工业来看，宏观政策组合效应持续释放，工业保持较快增长。4月份，规 模以上工业增加值同比增长6.1%，是去年以来月度增速中比较快的速度。在"两新"政策加力扩围和产业 升级带动下，装备制造业持续较快增长，4月份装备制造业增加值同比增长9.8%。对规模以上工业增长 的贡献率达到55.9%。 今年以来，我国外贸韧性持续彰显。就业形势总体稳定。4月份，全国城镇调查失业率为5.1%，比上月 下降0.1个百分点，连续两个月下降。 今年，我国新质生产力成长壮大。4月份，规模以上高技术制造业增加值同比增长10%，其中，航空航 天相关设备制造、集成电路制造增加值快速增长，数字产业蓬勃发展。 国家统计局新闻发言人 付凌晖：4月份，外部冲击影响加大，但我国经济基础稳、优势多、韧性强、潜 能大，宏观政策协同发力，各方面积极应变、主动作为，国民经济应变克难稳定运行，发展质量持续提 升，进一步增强了我们应对各种风险挑战的信心和底气。 来源：央视新闻客户端 国家统 ...

面对外部冲击影响加大、内部困难挑战叠加的复杂局面，中国经济表现如何？5月19日国家统计局最新 数据表明，4月份，中国经济顶住压力、稳定增长，延续向新向好发展态势。一系列释放出积极信号的 数据，足以令我们打消顾虑、坚定信心、安心发展。 4月份经济数据，充分彰显了国内大循环的内在稳定性和长期成长性。 从需求来看，国内需求稳步扩大。 消费潜力持续释放。4月份，社会消费品零售总额同比增长5.1%，其中，消费品以旧换新政策带动相关 商品销售大幅增长。在假日经济等带动下，服务零售也保持稳定增长。1至4月份，服务零售额同比增长 5.1%，连续两个月加快。 有效投资接续落地。1至4月份，固定资产投资同比增长4%。其中，设备工器具购置投资同比增长 18.2%，对全部投资增长的贡献率达到64.5%。 从供给来看，实体经济量增质升。 量，合理增长。4月份，规模以上工业增加值同比增长6.1%，是去年以来月度增速中较快的速度。其 中，4月份装备制造业增加值同比增长9.8%，实现持续较快增长，对规模以上工业增长的贡献率达到 55.9%。 也得益于加大外贸多元化发展、"不把鸡蛋放在一个篮子里"的出口策略——1至4月，我国对共建"一带 一路 ...

Economic Overview - In the first four months of 2023, multiple economic indicators showed a year-on-year growth acceleration compared to Q1, indicating stable growth in production and demand, overall stable employment, and the accumulation of new growth drivers [1][4] - The National Bureau of Statistics reported that the total value of goods imports and exports increased by 2.4% year-on-year, accelerating by 1.1 percentage points compared to Q1 [4] Industrial Growth - In April, the industrial added value of large-scale enterprises increased by 6.1% year-on-year, exceeding market expectations by 0.9 percentage points [2] - Among 41 major industries, 36 experienced year-on-year growth, indicating a broad growth base [2] - High-tech manufacturing added value grew by 10% year-on-year, significantly outpacing overall industrial growth [2][3] New Growth Drivers - In April, production of new energy vehicles and lithium-ion batteries for vehicles surged by 38.9% and 61.8% respectively, showcasing rapid growth in smart products [3] - The manufacturing value added of smart drones and smart vehicle-mounted equipment increased by 74.2% and 29.3% respectively, far exceeding the overall industrial growth rate [3] Employment Situation - The urban surveyed unemployment rate in April was 5.1%, a decrease of 0.1 percentage points from the previous month, marking two consecutive months of decline [7] - The average urban surveyed unemployment rate for January to April was 5.2%, consistent with the same period last year [7] Investment Trends - From January to April, fixed asset investment (excluding rural households) reached 147,024 billion yuan, growing by 4.0% year-on-year, with a 0.10% month-on-month increase in April [5][6] - The focus on improving and safeguarding livelihoods, along with significant regional strategies, is expected to drive sustained investment growth [6]

Core Viewpoint - The article highlights that China's economy is showing signs of stable growth, with various economic indicators improving in the first four months of the year, despite external uncertainties. The industrial sector, in particular, has demonstrated robust performance, driven by policy support and innovation [1][5]. Economic Indicators - In April, the industrial added value for large-scale enterprises increased by 6.1% year-on-year, surpassing market expectations by 0.9 percentage points [3][4]. - From January to April, the total value of goods imports and exports grew by 2.4% year-on-year, accelerating by 1.1 percentage points compared to the first quarter [7]. - Retail sales of consumer goods rose by 4.7% year-on-year in the same period, with service retail sales increasing by 5.1% [7][8]. Industrial Performance - In April, 36 out of 41 major industries reported year-on-year growth, indicating a broad-based recovery in industrial production [4]. - High-tech manufacturing saw a significant increase, with added value growing by 10% year-on-year, driven by sectors such as integrated circuit manufacturing and optoelectronic device manufacturing, which grew by 21.3% and 19%, respectively [4]. - Production of new energy vehicles and lithium-ion batteries surged by 38.9% and 61.8%, respectively, showcasing the growth of industrial new momentum [4]. Employment Situation - The urban surveyed unemployment rate in April was 5.1%, a decrease of 0.1 percentage points from the previous month, indicating a stable employment environment [9]. - The average urban surveyed unemployment rate from January to April was 5.2%, consistent with the same period last year [9]. Investment Trends - Fixed asset investment (excluding rural households) reached 147,024 billion yuan, growing by 4.0% year-on-year, with a notable 8.0% increase when excluding real estate development [8]. - The article emphasizes the potential for industrial upgrades and the positive development of emerging industries, such as high-end equipment and artificial intelligence [8].