Economic Overview - The national economy showed a steady and progressive development trend in November, supported by proactive macro policies and the deepening of the national unified market construction [2][6] Production and Industry - Industrial production maintained stable growth, with the industrial added value of large-scale enterprises increasing by 4.8% year-on-year in November, consistent with the previous month [4] - The equipment manufacturing industry experienced rapid growth, with an added value increase of 7.7%, contributing 59.4% to the overall industrial growth [4] - The service sector also grew steadily, with a production index increase of 4.2% year-on-year, particularly in modern services like information technology and business services, which grew by 12.9% and 8.4% respectively [4] Market Sales - Retail sales of consumer goods continued to grow, with a year-on-year increase of 1.3% in November, driven by an improvement in consumer quality and rapid growth in certain upgraded products [4] - Retail sales in the cosmetics and gold and jewelry categories increased by 6.1% and 8.5% respectively [4] - Service retail also saw significant growth, with a year-on-year increase of 5.4% from January to November, reflecting a 0.1 percentage point acceleration compared to the previous ten months [4] Foreign Trade - Foreign trade demonstrated resilience, with total goods imports and exports increasing by 4.1% year-on-year in November, a 4 percentage point acceleration from the previous month [5] - Exports grew by 5.7%, reversing the decline seen in the previous month [5] - Trade with countries involved in the Belt and Road Initiative saw a year-on-year increase of 6% from January to November, outpacing overall foreign trade growth [5] Employment and Prices - Urban employment remained stable, with the urban survey unemployment rate at 5.1% in November, unchanged from the previous month [6] - The consumer price index (CPI) rose by 0.7% year-on-year in November, with the core CPI (excluding food and energy) stable at a 1.2% increase [6] Living Standards and Infrastructure - Grain production was robust, contributing to food security and income stability for residents [6] - Energy supply increased, with significant growth in crude oil, natural gas, and electricity generation [6] - Investment in living standards continued to grow, with notable increases in the accommodation and catering, wholesale and retail, and electricity and heat production sectors, all showing year-on-year growth of 7.1% or more [6]

国家统计局公布多个经济数据。 11月份国民经济延续稳中有进发展态势 11月份，在以习近平同志为核心的党中央坚强领导下，各地区各部门认真贯彻落实党中央、国务院决策 部署，坚持稳中求进工作总基调，深入实施更加积极有为的宏观政策，纵深推进全国统一大市场建设， 着力推动高质量发展，生产供给基本平稳，就业形势总体稳定，市场价格继续改善，新质生产力稳步发 展，经济运行延续总体平稳、稳中有进发展态势。 一、全年粮食实现丰收，稳定在1.4万亿斤以上 全年全国粮食产量14298亿斤，比上年增加167.5亿斤，增长1.2%，稳定在1.4万亿斤以上。其中，秋粮 产量10732亿斤，比上年增加163.6亿斤，增长1.5%。全国谷物产量13204亿斤，比上年增加158.4亿斤， 增长1.2%。粮食播种面积增加、单产提高。全国粮食播种面积17.91亿亩，比上年增加134.8万亩，增长 0.1%；粮食单产399.1公斤/亩，每亩产量比上年增加4.4公斤，增长1.1%。 二、工业生产稳定增长，装备制造业和高技术制造业增长较快 11月份，全国规模以上工业增加值同比增长4.8%，环比增长0.44%。分三大门类看，采矿业增加值同比 增长6.3%， ...

据国家统计局，11月份，在以习近平同志为核心的党中央坚强领导下，各地区各部门认真贯彻落实党中 央、国务院决策部署，坚持稳中求进工作总基调，深入实施更加积极有为的宏观政策，纵深推进全国统 一大市场建设，着力推动高质量发展，生产供给基本平稳，就业形势总体稳定，市场价格继续改善，新 质生产力稳步发展，经济运行延续总体平稳、稳中有进发展态势。 一、全年粮食实现丰收，稳定在1.4万亿斤以上 全年全国粮食产量14298亿斤，比上年增加167.5亿斤，增长1.2%，稳定在1.4万亿斤以上。其中，秋粮 产量10732亿斤，比上年增加163.6亿斤，增长1.5%。全国谷物产量13204亿斤，比上年增加158.4亿斤， 增长1.2%。粮食播种面积增加、单产提高。全国粮食播种面积17.91亿亩，比上年增加134.8万亩，增长 0.1%；粮食单产399.1公斤/亩，每亩产量比上年增加4.4公斤，增长1.1%。 二、工业生产稳定增长，装备制造业和高技术制造业增长较快 11月份，全国规模以上工业增加值同比增长4.8%，环比增长0.44%。分三大门类看，采矿业增加值同比 增长6.3%，制造业增长4.6%，电力、热力、燃气及水生产和供应业增 ...

Core Viewpoint - In November, the industrial added value of enterprises above designated size in China experienced a year-on-year growth of 4.8%, indicating a stable economic performance under the leadership of the central government [1][20]. Industrial Performance - The industrial added value for the first eleven months of the year increased by 6.0% year-on-year [2][22]. - The mining industry saw a year-on-year increase of 6.3%, manufacturing grew by 4.6%, and the electricity, heat, gas, and water production and supply industry rose by 4.3% in November [4][22]. - High-tech manufacturing increased by 8.4%, outpacing the overall industrial growth [6][22]. Economic Types - In November, state-controlled enterprises' added value grew by 4.2%, while joint-stock enterprises increased by 5.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 3.4%, and private enterprises by 3.2% [4][22]. Product Output - Among 623 industrial products, 310 saw a year-on-year increase in output in November [5][22]. - Notable growth was observed in the production of 3D printing equipment (100.5%), industrial robots (20.6%), and new energy vehicles (17.0%) [22]. Sales and Exports - The product sales rate for industrial enterprises above designated size was 96.5%, a decrease of 0.8 percentage points year-on-year [5][22]. - The export delivery value reached 1.361 trillion yuan, showing a nominal decline of 0.1% year-on-year [5][22]. Employment and Consumer Prices - The urban survey unemployment rate in November was 5.1%, remaining stable compared to the previous month [27]. - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November, with food prices increasing by 0.3% [28].

国家统计局公布多个经济数据。 11月份国民经济延续稳中有进发展态势 11月份，在以习近平同志为核心的党中央坚强领导下，各地区各部门认真贯彻落实党中央、国务院决策部署，坚持稳中求进工作总基调，深入实施更加积极有为的 宏观政策，纵深推进全国统一大市场建设，着力推动高质量发展，生产供给基本平稳，就业形势总体稳定，市场价格继续改善，新质生产力稳步发展，经济运行延 续总体平稳、稳中有进发展态势。 一、全年粮食实现丰收，稳定在1.4万亿斤以上 全年全国粮食产量14298亿斤，比上年增加167.5亿斤，增长1.2%，稳定在1.4万亿斤以上。其中，秋粮产量10732亿斤，比上年增加163.6亿斤，增长1.5%。全国谷物 产量13204亿斤，比上年增加158.4亿斤，增长1.2%。粮食播种面积增加、单产提高。全国粮食播种面积17.91亿亩，比上年增加134.8万亩，增长0.1%；粮食单产 399.1公斤/亩，每亩产量比上年增加4.4公斤，增长1.1%。 二、工业生产稳定增长，装备制造业和高技术制造业增长较快 11月份，全国规模以上工业增加值同比增长4.8%，环比增长0.44%。分三大门类看，采矿业增加值同比增长6.3%，制造业 ...

全年全国粮食产量14298亿斤，比上年增加167.5亿斤，增长1.2%，稳定在1.4万亿斤以上。其中，秋粮产量10732亿斤，比上年增加163.6亿斤，增长1.5%。全 国谷物产量13204亿斤，比上年增加158.4亿斤，增长1.2%。粮食播种面积增加、单产提高。全国粮食播种面积17.91亿亩，比上年增加134.8万亩，增长 0.1%；粮食单产399.1公斤/亩，每亩产量比上年增加4.4公斤，增长1.1%。 二、工业生产稳定增长，装备制造业和高技术制造业增长较快 11月份，全国规模以上工业增加值同比增长4.8%，环比增长0.44%。分三大门类看，采矿业增加值同比增长6.3%，制造业增长4.6%，电力、热力、燃气及水 生产和供应业增长4.3%。装备制造业增加值同比增长7.7%，高技术制造业增加值增长8.4%，分别快于全部规模以上工业增加值2.9和3.6个百分点。分经济类 型看，国有控股企业增加值同比增长4.2%；股份制企业增长5.2%，外商及港澳台投资企业增长3.4%；私营企业增长3.2%。分产品看，3D打印设备、工业机 器人、新能源汽车产品产量同比分别增长100.5%、20.6%、17.0%。1-11月份，全 ...

新增专精特新中小企业超过10万家。 随着数量、效益显著提高，中小企业发展进入新阶段。 中国互联网络信息中心近日发布的《从互联网大数据看中小企业发展（2025）》（下称《报告》）称，中小企业广泛分布于各 个产业细分领域，贡献了我国60%以上的GDP、70%以上的技术创新、80%以上的城镇劳动就业。 "'十四五'期间，我国中小企业的发展数量、效益、质量都有显著提高。"在今年9月举行的国新办发布会上，工业和信息化部部 长李乐成介绍称，截至2024年底，全国登记在册的中小企业数量超过6000万户。 从省份分布看，根据《报告》数据，广东、江苏、山东三个省份中小企业数量总计超过1800万户，占中小企业数量比重近三 成。 年均新增超400万户 李乐成在上述发布会上介绍称，2021年以来，平均年新增中小企业超过400万户。"去年，全国规模以上中小企业的用工人数超 过1.28亿，就业的主渠道作用进一步发挥。规模以上工业中小企业的增加值、营业收入、利润总额的年均增速分别为6.4%、 7.4%、5.4%，均高于大型企业。" 根据"微信公报"，今年前8个月，规模以上工业中小企业增加值同比增长7.6%，增速比大型企业高3.3个百分点。 ...

Group 1 - The Shanghai Stock Exchange has imposed disciplinary actions on Hubei Jiuyou Investment Co., Ltd. and its responsible persons for failing to timely disclose related party transactions and for significant omissions and false records in their annual reports from 2020 to 2023, violating multiple regulations [1] - The disciplinary actions include a public reprimand of Hubei Jiuyou Investment Co., Ltd. and its former actual controller and chairman, Li Ming, who has been deemed unsuitable to serve as a director, supervisor, or senior management personnel of a listed company for 10 years [1] - Other responsible parties will be dealt with according to regulations, indicating a broader scope of accountability within the company [1] Group 2 - For the year 2024, the revenue composition of the delisted Jiuyou includes 74.69% from the daily chemical industry, 22.49% from internet information services, and 2.82% from leasing and business services [2]

Core Insights - The 2025 China Foreign Investment Statistical Bulletin indicates that in 2024, China attracted actual foreign investment of $116.24 billion, showing a year-on-year adjustment but a continued optimization in investment structure, with a 9.9% increase in the number of newly established foreign-invested enterprises, reflecting the enduring appeal and resilience of the Chinese market [1][18]. Investment Structure - The service sector remains the dominant force in foreign investment, with the tertiary industry accounting for 66.0% of actual foreign investment and 91.2% of new enterprises established in 2024. Key areas of foreign investment include leasing and business services, scientific research and technical services, wholesale and retail, and information transmission and software services [2][21]. - High-tech industries showed remarkable performance, with actual foreign investment amounting to $40.26 billion, representing 34.6% of the national total. High-tech manufacturing attracted $13.51 billion, an increase of 0.5 percentage points, while high-tech services received $26.76 billion [2][28]. Regional Distribution - Foreign investment remains highly concentrated in eastern regions, which accounted for 87.0% of the total actual foreign investment. The Yangtze River Economic Belt attracted 53.4% of the national foreign investment, highlighting its role as a key driver of high-quality economic development in China. Jiangsu province led in actual foreign investment, followed by Shanghai, Zhejiang, Guangdong, and Shandong, collectively accounting for over two-thirds of the national total [3][31]. Source of Foreign Investment - Asia is the primary source of foreign investment, contributing 78.8% to China's actual foreign investment in 2024. Hong Kong remains the largest source, accounting for 63.5%, followed by Singapore at 9.2%. Investments from free ports like the Cayman Islands and British Virgin Islands are also significant, while EU investments account for 5.8%, primarily in manufacturing and R&D [4][22]. Global Context - In the global landscape, China ranks fourth in attracting foreign direct investment (FDI), maintaining its position as the leading developing country for 33 consecutive years, capturing 7.7% of the global FDI total. Despite increasing international competition, China's vast market, complete industrial system, and continuously improving business environment ensure its significant role in global foreign investment flows [5][19].

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes the importance of promoting high-quality and efficient development of the service industry as a major task for building a modern industrial system and achieving high-quality development in the context of Chinese-style modernization [1] Group 1: Significance of Promoting High-Quality and Efficient Development of the Service Industry - The service industry is a crucial component of the national economy and its development level is a key indicator of a country's economic progress [2] - High-quality and efficient development of the service industry is essential for building a modern industrial system, integrating modern services with advanced manufacturing and modern agriculture [2] - It is an inherent requirement for establishing a strong domestic market, with a significant shift in consumption patterns expected as GDP per capita exceeds $13,400 in 2024 [3] - The service industry is vital for improving the quality of life for citizens, providing numerous employment opportunities and addressing public service needs [4] - It serves as a key driver for cultivating new advantages in international economic cooperation and competition, especially in the context of evolving global trade dynamics [5] Group 2: Foundations for High-Quality and Efficient Development of the Service Industry - Since the 18th National Congress, the service industry has seen significant growth, with its value-added increasing from 24.5 trillion yuan in 2012 to 76.6 trillion yuan in 2024 [6] - The contribution of the service industry to economic growth has risen from 49.9% in 2014 to 56.2% in 2024, indicating a solidifying role as a growth driver [7] - Employment in the service sector has increased by approximately 84 million from 2013 to 2024, accounting for 48.8% of total employment [8] - The structure of the service industry is continuously optimizing, with modern services becoming a significant force in driving industrial transformation [7] - The scale and quality of service trade have improved, with total service imports and exports growing from about 3 trillion yuan in 2012 to over 7.5 trillion yuan in 2024 [9] Group 3: Major Tasks for Promoting High-Quality and Efficient Development of the Service Industry - Implement actions to expand and improve the quality of the service industry, focusing on professionalization and high-end value chain extension [11] - Deepen reform and opening up in the service sector to enhance development momentum and improve service trade quality [12] - Enhance the quality and efficiency of integrated development between modern services and advanced manufacturing, promoting collaborative growth [13] - Improve the policy framework and foundational systems supporting service industry development, including financial, investment, and talent support [14]