上海市统计局、国家统计局上海调查总队发布《2025年上海市国民经济运行情况》。根据地区生 产总值统一核算结果，2025年，全市实现地区生产总值56708.71亿元，按不变价格计算，同比 增长5.4%。分产业看，第一产业增加值99.39亿元，增长2.0%；第二产业增加值11650.62亿 元，增长3.5%；第三产业增加值44958.70亿元，增长6.0%。详见↓ 2025年，上海坚持以习近平新时代中国特色社会主义思想为指导，全面贯彻落实党 的二十大和二十届历次全会精神，深入贯彻落实习近平总书记考察上海重要讲话精 神，坚决贯彻落实党中央、国务院的决策部署，在中共上海市委坚强领导下，着力推 动高质量发展，加快建设"五个中心"，统筹抓好稳增长、促转型、惠民生、防风险各 项工作，圆满完成了年度目标任务。 一、工业生产稳步增长，新兴动能发展态势良好 2025年，全市工业增加值同比增长5.0%。全市规模以上工业总产值同比增长4.6%。 从行业产值完成情况看，铁路、船舶、航空航天和其他运输设备制造业产值同比增长 15.8%，电气机械和器材制造业产值增长11.1%，汽车制造业产值增长7.8%，计算 机、通信和其他电子设备制造业 ...

Core Viewpoint - The event "Hong Kong Legislative Council Members Enter Qianhai" aims to strengthen the collaboration between Hong Kong and Shenzhen, facilitating Hong Kong's integration into the national development framework and expanding opportunities for Hong Kong enterprises and residents in mainland China [1]. Group 1: Event Overview - The event took place on January 17 in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, inviting ten newly elected Hong Kong Legislative Council members to discuss practical cooperation [1]. - A preliminary intention was established regarding the creation of a regular communication mechanism, collaboration in emerging industries, and attracting Hong Kong youth for innovation and entrepreneurship [1]. Group 2: Qianhai's Role and Achievements - Qianhai is positioned as a national strategic platform focusing on Hong Kong cooperation, with over 11,000 registered Hong Kong-funded enterprises expected by the end of 2025, and a continuous expansion of employment and living space for Hong Kong residents [1]. - Qianhai has become the "first stop" and "preferred location" for Hong Kong enterprises and residents seeking development in mainland China [1]. Group 3: Legislative Council Members' Insights - During the event, members engaged in discussions on financial collaboration, cultural tourism exchange, legal services, education, and youth development, emphasizing the need for Hong Kong professionals to actively participate in national development [2]. - Suggestions included establishing logistics centers for books, cultural products, and artworks to explore cooperation in the cultural and creative sectors between Shenzhen and Hong Kong [2]. - The visit inspired confidence among members regarding their participation in future legislative developments and the creation of a better environment for youth collaboration [2].

Core Insights - In 2025, Beijing is projected to receive 5.48 million inbound tourists, marking a 39% year-on-year increase, with tourism spending reaching 50.56 billion yuan, a growth of 44.7%, both setting new historical records for the city [1] Group 1: Inbound Tourism Growth - The inbound tourism sector is expected to significantly contribute to Beijing's international exchange center development, with a notable increase in tourist numbers and spending [1] - The establishment of efficient "Beijing Service" stations at major airports focuses on four core areas: communication, transportation, finance, and tourism, enhancing the overall visitor experience [1] Group 2: Tax Refund and Retail Growth - The number of duty-free shops in the city has surpassed 1,500, with sales of tax refund goods reaching 1.58 billion yuan, reflecting a 66% increase year-on-year [1] - The total amount of tax refunds processed has reached 160 million yuan, showing a 60% year-on-year growth, indicating the ongoing benefits of tax refund policies for tourists [1] Group 3: Communication Services Enhancement - Communication services have improved with the introduction of an "online application, offline card collection" model, covering 45 international service star-rated outlets and airport areas [1] - The launch of two integrated payment and communication products, "Chuangyou Tong" and "Mifang Card," aims to address travel challenges, with nearly 600 devices and 12,000 cards issued, serving users across 46 countries and regions [1]

Economic Growth - In 2025, China's GDP surpassed 140 trillion yuan, marking a 5% increase from the previous year, maintaining a leading growth rate among major global economies [1] - The contribution of final consumption expenditure to economic growth reached 52%, with retail sales of social consumer goods exceeding 50 trillion yuan [1] Demand Side - Domestic demand is increasingly being released, with significant contributions from consumption driven by targeted policies [1] - The "trade-in" policy has effectively boosted retail sales of communication equipment and home appliances, achieving double-digit growth [1] - New consumption models, such as warehouse membership stores and collective stores, are rapidly growing, reflecting a shift towards higher quality consumption [1] Investment Trends - Although total investment has shown some slowdown, the investment structure is optimizing, focusing on key areas like infrastructure and modern industrial systems [2] - Infrastructure investments in pipeline transportation, power supply, and water conservancy projects have all achieved double-digit growth [2] - Equipment purchase investments have risen to 18% of total investments, highlighting efforts to enhance supply structure and investment efficiency [2] Supply Side - The service sector contributed 61.4% to economic growth in 2025, with its share of GDP increasing to 57.7% [2] - Modern service industries, including information technology and finance, are thriving, while emerging service formats like live e-commerce are rapidly developing [2] - The level of openness in the service sector is deepening, with cross-border e-commerce and digital trade emerging as new growth points [2] Industrial Development - The construction of a modern industrial system is progressing, with high-tech manufacturing showing strong growth and leading industrial quality development [3] - The share of equipment manufacturing is increasing, with rapid growth in high-value-added sectors such as aerospace and medical devices [3] - Traditional industries are undergoing optimization and upgrading, with a steady increase in the supply of green low-carbon products [3] Policy Measures - The government plans to implement more proactive macroeconomic policies to expand domestic demand and optimize supply structure [4] - Systematic measures will be taken to enhance economic quality and ensure a good start for the 14th Five-Year Plan [4] - Economic growth is expected to remain stable in 2026, with a moderate recovery in price levels and improved sentiment among businesses and residents [4]

Core Viewpoint - In 2025, China's economy is expected to achieve its annual GDP growth target of 5.0%, with a quarterly growth rate of 4.5% in Q4, reflecting a slight decline due to base effects. The economy exhibits dual differentiation, characterized by a strong industrial production but structural mismatches in capacity and demand, as well as a resilient external demand contrasted with sluggish internal demand [2][4][5]. Economic Structure and Performance - The economic structure continues to show differentiation, with emerging forces performing well during the transition period. Industrial production in December reversed previous slowdowns, driven by high-end manufacturing and green transformation, while the service sector's production index grew by 5.0% year-on-year [2][7][9]. - The investment sector remains under pressure due to funding constraints, insufficient project reserves, and weak demand, with fixed asset investment declining by 3.8% year-on-year [6][23][25]. Supply and Demand Dynamics - There is a persistent contradiction between supply and demand, with industrial production showing strong supply but weak demand. The sales rate of industrial products in December was 98.2%, down 0.7 percentage points year-on-year, indicating that production expansion is outpacing demand recovery [5][8]. - External demand remains robust due to optimized export structures, while internal demand is constrained by slow recovery in consumption and investment. In 2025, cumulative year-on-year growth rates for investment, consumption, and exports were -3.8%, 3.7%, and 5.5%, respectively [6][12]. Policy Focus - The next phase of policy will focus on expanding domestic demand, enhancing consumption quality, and effective investment. This includes promoting the replacement of old consumer goods, supporting new growth points in service consumption, and increasing investment in new infrastructure and equipment updates [7][22]. Consumer Behavior and Trends - In Q4, retail sales of consumer goods showed steady growth for the year but faced year-end pressure, with a 0.9% year-on-year increase in December. Rural consumption outperformed urban consumption, with rural retail sales growing by 4.1% for the year [13][14][18]. - Online consumption remains a stable growth driver, with a year-on-year increase of 8.6% in 2025, significantly higher than the overall retail growth [14][19]. Investment Landscape - Investment continues to face challenges, with fixed asset investment in December showing a year-on-year decline of 15.1%. The real estate sector remains sluggish, with new construction and completion areas decreasing significantly [23][26]. - Manufacturing investment is hindered by weak demand and profit pressures, while infrastructure investment is constrained by funding shortages and insufficient project availability [25][27].

Group 1 - The service industry in 2025 showed a significant growth, with a value added of 808,879 billion yuan, representing a 5.4% increase from the previous year. The contribution rate of the service industry to national economic growth was 61.4%, up by 3.7 percentage points from the previous year [2] - In the fourth quarter of 2025, the service industry added value reached 215,948 billion yuan, with a year-on-year growth of 5.2%, contributing 63.2% to economic growth [2] - The revenue of large-scale service enterprises increased by 7.8% year-on-year from January to November 2025, with notable growth in cultural arts, research and development, and business services [2] Group 2 - Service consumption expanded steadily, with service retail sales growing by 5.5% year-on-year in 2025, outpacing the growth of goods retail sales by 1.7 percentage points. Per capita service consumption expenditure increased by 4.5% [3] - The modern service industry, including information technology and business services, continued to thrive, with value added in information transmission and software services growing by 11.1% and 10.3%, respectively [4] - Emerging service industries showed enhanced leadership, with strategic emerging services and high-tech services seeing revenue growth of 9.9% and 8.6%, respectively, from January to November 2025 [5] Group 3 - The service industry maintained a high level of openness, with service trade imports and exports totaling 72,023.7 billion yuan from January to November 2025, a year-on-year increase of 7.1%. Travel service exports surged by 51.3% [6] - The business activity index for the service industry averaged 50.1 in 2025, indicating continued expansion. The index for postal, telecommunications, and financial services remained above 55.0, reflecting robust growth [7] - Market expectations improved, with the business activity expectation index for December rising to 56.4, indicating increased confidence among service enterprises [7]

Core Insights - The core viewpoint of the article highlights the growth of China's service industry, with a projected increase in value added by 5.4% in 2025 compared to the previous year [1] Group 1: Service Industry Growth - The value added in the information transmission, software, and IT services sector is expected to grow by 11.1% [1] - The leasing and business services sector is projected to increase by 10.3% [1] - The transportation, warehousing, and postal services sector is anticipated to grow by 5.2% [1] - The wholesale and retail sector is expected to see a growth of 5.0% [1] - The accommodation and catering sector is projected to grow by 4.9% [1] Group 2: Production and Business Activity Indices - In December, the service production index increased by 5.0% year-on-year [1] - The production indices for the information transmission, software, and IT services sector, leasing and business services sector, and financial sector grew by 14.8%, 11.3%, and 6.5% respectively [1] - From January to November, the operating revenue of large-scale service enterprises increased by 7.8% year-on-year [1] Group 3: Business Activity Indices - The business activity index for the service industry in December was 49.7%, up by 0.2 percentage points from the previous month [1] - The business activity expectation index for the service industry rose to 56.4%, an increase of 0.5 percentage points [1] - Industries such as telecommunications, broadcasting, television, satellite transmission services, monetary financial services, and capital market services all had business activity indices above 60.0%, indicating a high level of prosperity [1]

Core Viewpoint - The National Bureau of Statistics of China reported a projected 5.4% year-on-year growth in the value added of the service industry for 2025, indicating a positive outlook for various sectors within the industry [1] Group 1: Sector Performance - The value added growth rates for specific sectors in the service industry are as follows: Information transmission, software, and IT services at 11.1%, leasing and business services at 10.3%, transportation, warehousing, and postal services at 5.2%, wholesale and retail at 5%, and accommodation and catering at 4.9% [1] - In December, the service production index increased by 5% year-on-year, with notable growth in the information transmission, software, and IT services sector at 14.8%, leasing and business services at 11.3%, and the financial sector at 6.5% [1] Group 2: Business Activity Indicators - From January to November, the operating revenue of large-scale service enterprises grew by 7.8% year-on-year [1] - In December, the service business activity index was recorded at 49.7, reflecting a month-on-month increase of 0.2 percentage points, while the business activity expectation index rose to 56.4, up by 0.5 percentage points [1] - Industries such as telecommunications, broadcasting, television, and satellite transmission services, monetary financial services, and capital market services all reported business activity indices above 60%, indicating a high level of economic activity [1]

Group 1 - The core viewpoint of the articles highlights the growth in various sectors of the economy, particularly in the service industry, which saw an overall increase of 5.4% in value added compared to the previous year [1][2] - The information transmission, software, and IT services sector experienced the highest growth at 11.1%, followed by leasing and business services at 10.3%, and transportation, warehousing, and postal services at 5.2% [1] - The total retail sales of consumer goods reached 5,012.02 billion yuan, marking a 3.7% increase year-on-year, with retail sales of goods growing by 3.8% and catering revenue increasing by 3.2% [1] Group 2 - Online retail sales amounted to 1,597.22 billion yuan, reflecting an 8.6% increase from the previous year, with physical goods online retail sales at 1,309.23 billion yuan, growing by 5.2% [2] - The proportion of online retail sales of physical goods accounted for 26.1% of the total retail sales of consumer goods [2] - The service retail sector also showed growth, with an overall increase of 5.5%, particularly in leisure services, communication information services, and travel consulting and rental services [2]

Group 1 - The core viewpoint of the article indicates that the service industry in China is projected to grow by 5.4% in 2025 compared to the previous year, highlighting a positive trend in various sectors [1] - The information transmission, software, and IT services sector is expected to see the highest growth at 11.1%, followed by leasing and business services at 10.3%, and transportation, warehousing, and postal services at 5.2% [1] - In December, the service production index increased by 5.0% year-on-year, with notable growth in the information transmission, software, and IT services sector at 14.8% [1] Group 2 - The revenue of large-scale service enterprises increased by 7.8% year-on-year from January to November [1] - The service business activity index for December was reported at 49.7, showing a slight increase of 0.2 percentage points from the previous month, while the business activity expectation index rose to 56.4, up by 0.5 percentage points [1] - Specific sectors such as telecommunications, monetary financial services, and capital market services reported business activity indices above 60.0, indicating a high level of economic activity [1]