Economic Overview - Guangdong's GDP for the first three quarters reached 10,517.698 billion yuan, with a year-on-year growth of 4.1%, showing a stable economic performance [2] - The primary industry added value was 383.85 billion yuan (4.5% growth), the secondary industry 3,927.075 billion yuan (2.7% growth), and the tertiary industry 6,206.773 billion yuan (4.9% growth) [2] Industrial Growth - Guangdong's industrial production growth rate increased to 3.5% year-on-year, up 1.3 percentage points from January to August [4] - Advanced manufacturing and high-tech manufacturing sectors saw value-added growth of 5.4% and 6.4%, respectively, accounting for 55.5% and 33.8% of total industrial value-added [4] - Notable increases in production for industrial robots (33.7%), service robots (15.2%), civilian drones (44.8%), and 3D printing equipment (40.3%) were reported [4] New Product Development - New products such as robots, drones, 3D printing equipment, and electric vehicles maintained double-digit growth rates in production [3] - Investment in research and experimental development, internet services, and software and IT services grew by 12.7%, 81.2%, and 23.5%, respectively [3][7] Service Sector Performance - The service sector's value-added increased by 4.9%, with financial services growing by 9.8% [5] - Key service industries such as information transmission, software and IT services, and transportation saw revenue growth of 9.5%, 6.6%, and 8.3%, respectively [5] Consumption and Investment Trends - Retail sales of consumer goods grew by 2.8%, with online sales increasing by 16.2%, indicating a shift towards e-commerce [7] - Fixed asset investment decreased by 14.1%, with real estate development investment down by 20.6% [7] Foreign Trade Dynamics - Guangdong's foreign trade reached 7.02 trillion yuan, accounting for 20.9% of the national total, with a year-on-year growth of 3.8% [9] - The province is diversifying its trade markets and enhancing support for enterprises to maintain export growth amid global uncertainties [9] Future Outlook - The Guangdong provincial government emphasizes the need for confidence and proactive measures to address economic challenges and ensure a strong finish to the year [10]

Economic Performance - Zhejiang's GDP reached 68,495 billion yuan in the first three quarters, with a year-on-year growth of 5.7% at constant prices [1] - The primary industry added value was 1,735 billion yuan, growing by 3.7%; the secondary industry added value was 26,086 billion yuan, growing by 5.2%; and the tertiary industry added value was 40,674 billion yuan, growing by 6.0% [1] Trade and Export - Zhejiang's import and export maintained resilient growth, with total imports and exports reaching 4.17 trillion yuan, exports at 3.16 trillion yuan, and imports at 1.01 trillion yuan, accounting for 12.4%, 15.8%, and 7.4% of the national total respectively [1] - Year-on-year growth rates for imports and exports were 6.2%, 8.3%, and 0.2%, all significantly higher than the national average [1] Emerging Industries - The development of emerging industries in Zhejiang accelerated, with high-tech manufacturing, digital economy core industries, equipment manufacturing, and strategic emerging industries growing by 12.4%, 11.6%, 10.6%, and 9.6% respectively [3] - Investment in high-tech industries and digital economy core industries increased by 12.3% and 10.0%, both significantly higher than the overall investment growth [3] Private Sector Contribution - The added value of private enterprises in Zhejiang's industrial sector grew by 7.4%, outpacing the overall industrial growth by 0.3 percentage points, contributing 76.2% to the industrial added value growth [3] - Private enterprises accounted for 82% of the province's total import and export, contributing 6.3 percentage points to the overall growth, with exports increasing by 9.4% [3]

Core Viewpoints - The main contradiction in the current macroeconomic environment is insufficient domestic demand, particularly in consumer spending, highlighting the strategic importance of enhancing consumption [2][9] - It is recommended to maintain the actual GDP growth rate above the potential growth rate of 5.2% for 2025 and set the 2026 GDP growth target around 5% to signal stability [2][37] - A gradual approach to price level control is suggested, aiming for a three-step process to achieve a core CPI growth target of 2% over two to three years [2][38] Macroeconomic Overview - The GDP growth rate for the first three quarters of 2025 is 5.2%, aligning closely with the potential growth rate, indicating a stable economic operation [6] - Industrial profits have shown positive improvement, with a 0.9% year-on-year increase in profits for large industrial enterprises from January to August 2025 [7] - The service sector has also experienced growth, with a 5.4% year-on-year increase in value added, particularly in modern service industries [8] Current Economic Contradictions - The primary contradiction in the macroeconomy is on the demand side, characterized by insufficient consumer demand, with retail sales growth slowing to 4.5% year-on-year in the first three quarters [9][11] - Investment demand has also declined, with fixed asset investment showing a -0.5% year-on-year growth, a drop of 3.3 percentage points from the first half of the year [9] Macroeconomic Policy Evaluation - The monetary policy index for the first three quarters of 2025 is 44.0, indicating a slight increase in policy strength, with M2 growth at 8.4% by the end of September [12] - The fiscal policy index stands at 57.9, reflecting an increase in fiscal policy strength, with public budget expenditure growing by 3.1% year-on-year [13] - The overall efficiency of stabilization policies is rated at 50.0, showing a positive trend in policy effectiveness [26] Policy Recommendations - It is advised to enhance stabilization policies to address the lack of effective domestic demand, with a focus on both monetary and fiscal measures [38] - Growth policies should prioritize the development of new productive forces, with an emphasis on employment-friendly industrial policies [39] - Structural policies need to optimize investment, industrial, and income distribution structures to better balance total supply and demand [39]

Core Insights - China's GDP for the first three quarters grew by 5.2% year-on-year, indicating a steady economic performance amidst a complex international environment [1][2] - The quarterly GDP growth rates showed a mild recovery trend: 5.4% in Q1, 5.2% in Q2, and 4.8% in Q3, with a quarter-on-quarter growth of 1.1% in Q3, suggesting a gradual accumulation of internal economic momentum [1][2] Economic Overview - The total GDP reached 10,150.36 billion yuan, with a growth rate that outpaced both the previous year and the same period last year by 0.2 and 0.4 percentage points respectively, maintaining a leading position among major global economies [2] - Industrial production demonstrated strong resilience, with a 6.2% year-on-year increase in the added value of industrial enterprises above designated size, particularly in equipment manufacturing and high-tech manufacturing, which grew by 9.7% and 9.6% respectively [2] - The service sector also showed steady recovery, with a 5.4% year-on-year increase in added value, led by the information transmission, software, and IT services sector, which grew by 11.2% [2] Consumption and Employment - The consumer market continued to recover, with total retail sales of consumer goods growing by 4.5% year-on-year, driven by strong sales in essential and some upgraded goods, with categories like food, sports and entertainment products, and jewelry seeing retail growth rates exceeding 10% [2][3] - The policy of replacing old consumer goods with new ones has shown significant effects, with retail sales in categories such as home appliances, furniture, and communication equipment also growing around 20% [3] - Employment and prices remained stable, with an average urban unemployment rate of 5.2% and a slight decrease of 0.1% in the Consumer Price Index (CPI) year-on-year [3] New Growth Drivers - New economic drivers are accelerating, with the added value of the lithium-ion battery manufacturing industry growing by 29.8% and the production of new energy vehicles increasing by 29.7% [3] - The total import and export volume reached 33,607.8 billion yuan, with a year-on-year growth of 4.0%, and private enterprises' imports and exports grew by 7.8%, accounting for 57.0% of the total [3] Expert Insights - Experts noted that the economic growth rate is relatively high compared to global standards, with the IMF predicting a global growth rate of 3.2% for 2025 [4] - Recommendations for enhancing consumer capacity include improving wage determination mechanisms and increasing the proportion of labor remuneration in initial distribution [5] - The importance of innovation and R&D investment is emphasized, with R&D intensity increasing from 1.91% in 2012 to 2.68% in 2024, and a significant rise in the share of basic research funding [5][6]

Economic Overview - The province's GDP for the first three quarters reached 24,283.9 billion yuan, with a year-on-year growth of 4.3% at constant prices [1] - The primary industry added value was 1,611.5 billion yuan, growing by 4.3%; the secondary industry added value was 8,367.7 billion yuan, growing by 2.1%; and the tertiary industry added value was 14,304.7 billion yuan, growing by 5.4% [1] Industry Performance - The industrial added value for large-scale enterprises increased by 2.2% year-on-year, with high-tech manufacturing growing by 6.1% [1][2] - Among 40 major industrial categories, 24 saw a year-on-year increase in added value, resulting in a growth rate of 60.0% [2] - Notable product growth included transformers, civilian steel ships, synthetic ammonia, and new energy vehicles, all showing double-digit growth [2] Service Sector - The service sector's added value grew by 5.4% year-on-year, with wholesale and retail, and accommodation and catering sectors increasing by 6.0% and 5.4%, respectively [2] - The transportation and postal sectors also showed growth, with cargo turnover increasing by 4.3% and postal business volume growing by 20.9% [2] Consumer Trends - Social retail sales totaled 7,866.0 billion yuan, with a year-on-year growth of 4.1% [3] - Urban retail sales reached 6,835.5 billion yuan, growing by 4.2%, while rural retail sales were 1,030.4 billion yuan, growing by 3.3% [3] - Significant growth in retail sales was observed in home appliances (51.0%), furniture (49.2%), and communication equipment (33.2%) [3] Investment Insights - First industry investment grew by 12.1%, while second industry investment increased by 1.6%, with manufacturing investment rising by 12.0% and high-tech manufacturing investment by 11.7% [3] Fiscal Performance - General public budget revenue reached 2,309.1 billion yuan, growing by 0.7%, while expenditure increased by 3.0% to 4,960.3 billion yuan [4] - Per capita disposable income for residents was 31,441 yuan, with urban residents at 37,493 yuan (4.5% growth) and rural residents at 18,691 yuan (5.1% growth) [4] Price Trends - Consumer prices remained stable, while industrial producer prices declined [5]

面对复杂严峻的内外部环境，这份成绩单来之不易。它不仅体现在宏观指标的"稳"，更体现在产业结构 的"进"。透过数据，我们既要正视压力，更要看到亮点；既要承认挑战，更要坚定信心。中国经济正在 经历一场由"规模扩张"向"质量跃升"的深刻变革，而前三季度的表现，正是这一进程的阶段性注脚。 10月20日，国家统计局发布了前三季度国民经济运行数据。在全球经济增长动能趋弱、国内结构调整阵 痛持续显现的背景下，中国经济交出了一份"总体平稳、稳中有进"的成绩单。前三季度GDP同比增长 5.2%，虽较上半年略有放缓，但仍处于中高速增长区间，增量规模近4万亿元，同比多增1368亿元，展 现出超大规模经济体强大的抗压能力与韧性。 "稳"的基本盘没有变 判断经济运行态势，要看四大宏观指标。经济增长方面，前三季度中国GDP同比增长5.2%，增速虽逐 季放缓，但连续三个季度保持在4.8%以上，显著高于全球经济平均增速，充分体现了"稳"的底色。就业 方面，前三季度全国城镇调查失业率平均值为5.2%，与上半年持平，重点群体就业基本稳定。物价方 面，前三季度CPI同比微降0.1%，但核心CPI上涨0.6%，9月涨幅扩大至1.0%，连续5个月回升 ...

前三季度，规模以上高技术制造业增加值同比增长9.6%；规模以上数字产品制造业增加值同比增 长9.7%……翻开前三季度中国经济成绩单，新动能稳步成长，高质量发展态势鲜明。 国家统计局新闻发言人表示，今年以来，在政策与市场双轮驱动下，中国科技创新和产业创新亮点 颇多，新质生产力在实践中逐步发展壮大，为高质量发展注入源源不断的新动能。 创新链产业链深度融合 一方面，创新成果竞相迸发，创新能力有效提升。今年以来各方面继续加大创新投入，推动新兴领 域投资扩产，促进新质生产力形成。前三季度，汽车制造业、铁路船舶航空航天和其他运输设备制造业 投资同比保持两位数增长。世界知识产权组织最新发布的报告显示，2025年我国创新指数首次跻身全球 前十，24个创新集群成为全球百强，入围数量连续3年居全球首位。 另一方面，人工智能赋能增强，数字经济蓬勃发展。今年以来，人工智能、脑机接口等前沿技术超 前布局，扑面而来的科技感和未来感带来很多惊喜，带动数字经济快速增长。前三季度，规模以上数字 产品制造业增加值同比增长9.7%，信息传输软件和信息技术服务业增加值增长11.2%；规模以上高技术 制造业中，智能无人机飞行器制造、智能车载设备制造增 ...

近年来，湖南省永州市东安县以数字化转型为引领，大力扶持制造企业开展生产技术革新和生产设备升 级，推动制造业高端化、智能化发展。图为日前，东安县华维节水科技装备（湖南）有限公司生产车间 内，工人在流水线上作业。 蔡小平摄（人民视觉） 前三季度，规模以上高技术制造业增加值同比增长9.6%；规模以上数字产品制造业增加值同比增 长9.7%……翻开前三季度中国经济成绩单，新动能稳步成长，高质量发展态势鲜明。 国家统计局新闻发言人表示，今年以来，在政策与市场双轮驱动下，中国科技创新和产业创新亮点 颇多，新质生产力在实践中逐步发展壮大，为高质量发展注入源源不断的新动能。 创新链产业链深度融合 新产业新产品快速发展，新业态新模式加快拓展——科技和产业融合创新持续深化，更多创新成果 从"实验室"走到"生产线"，创新"势能"向经济"动能"不断转化。前三季度，规模以上高技术制造业增加 值同比增长9.6%，其中集成电路制造、电子专用材料制造行业增加值分别增长22.4%、20.5%，工业机 器人、3D打印设备、工业控制计算机及系统产量分别增长29.8%、40.5%、98%。新兴产业茁壮成长， 推动产业向高端化、智能化、绿色化转型，提升 ...

2025.10. 23 本文字数：2225，阅读时长大约4分钟 作者 | 第一财经 祝嫣然 从行业看，41个工业大类行业中37个行业增加值同比增长，增长面为90.2%。从产品看，在统计的 623种主要工业产品中，385种产品产量同比增长，增长面为61.8%。 出口改善是工业增速超预期的重要原因。前三季度，规模以上工业出口交货值同比增长3.3%，增速 较1~8月份回升0.3个百分点。从当月情况看，9月份，规模以上工业出口交货值同比由8月份下降转 为增长3.8%，工业品出口情况明显改善。 在十大出口行业中，9个行业出口增速较8月份加快或降幅收窄，其中铁路船舶航空航天、专用设 备、通用设备、化工等行业出口分别增长30.6%、12.4%、9.6%、9.2%。在主要出口地区中，浙 江、广东出口交货值分别由8月份下降转为增长5.4%、2.8%，江苏、福建出口交货值分别增长 6.8%、5.2%，较8月份加快6.0个、3.6个百分点。 中国宏观经济研究院产业经济与技术经济研究所副主任任继球分析，一方面，我国高技术制造业国际 竞争力逐步提升，国际市场开拓能力不断增强，在推动工业品出口结构改善的同时，有效推动工业品 出口水平提升 ...

Economic Growth Overview - In the first three quarters of 2025, China's GDP reached 10,150.36 billion yuan, with a year-on-year growth of 5.2% [17] - The GDP growth in the third quarter was 1.1%, a slight increase of 0.1 percentage points from the second quarter [3][17] - The contribution of the primary industry to economic growth was 4.7%, while the secondary industry contributed 34.6%, and the tertiary industry contributed 60.7% [17] Consumption and Retail - Final consumption expenditure contributed 53.5% to economic growth, driving GDP up by 2.8 percentage points [4][13] - The total retail sales of consumer goods reached 365,877 billion yuan, with a year-on-year growth of 4.5%, accelerating by 1.2 percentage points compared to the same period in 2024 [4][18] - Service retail sales increased by 5.2%, showing a continuous acceleration in growth [4][18] Investment Trends - National fixed asset investment (excluding rural households) totaled 371,535 billion yuan, a year-on-year decrease of 0.5% [6][18] - Excluding real estate development investment, fixed asset investment grew by 3.0%, indicating a shift towards more promising sectors [6][18] - Infrastructure investment rose by 1.1%, while manufacturing investment increased by 4.0% [6][18] Foreign Trade Performance - The total import and export value reached 336,078 billion yuan, with a year-on-year growth of 4.0% [8][18] - Exports amounted to 199,450 billion yuan, increasing by 7.1%, while imports slightly decreased by 0.2% to 136,629 billion yuan [8][18] - The contribution of net exports to GDP growth was 1.5 percentage points, with a contribution rate of 29.0% [8][18] Industrial and Service Sector Developments - The added value of the industrial sector increased by 6.2%, with manufacturing growing by 6.8%, outpacing the overall industrial growth rate [3][17] - The high-tech manufacturing sector saw a 9.6% increase in added value, contributing 24.7% to the growth of the industrial sector [14][18] - The information transmission, software, and IT service industries reported a revenue growth of 12.1%, surpassing the overall service sector growth by 4.4 percentage points [10][18]