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]

Group 1 - The service industry has shown significant growth, contributing 60.7% to the national economic growth, with a value added of 592,955 billion yuan, representing a year-on-year increase of 5.4% [2] - The proportion of service industry value added in GDP reached 58.4%, an increase of 0.8 percentage points compared to the same period last year [2] - The modern service industry is thriving, with information transmission, software, and IT services growing by 11.2%, and leasing and business services increasing by 9.2% year-on-year [3] Group 2 - The new momentum in the service industry is evident, with strategic emerging service industries and high-tech service industries seeing revenue growth of 10.6% and 9.4% respectively from January to August [3] - Digital technology application industries have also experienced a revenue increase of 11.7% during the same period [3] - Service consumption has improved, with service retail sales growing by 5.2%, outpacing the growth of goods retail sales by 0.6 percentage points [3] Group 3 - The service industry maintains an expansionary trend, with a business activity index of 50.1% in September, indicating growth [4] - Certain sectors, such as postal, telecommunications, and financial services, have business activity indices above 60.0%, reflecting robust growth [4] - The business activity expectation index for the service industry stands at 56.3%, indicating stable and optimistic expectations for industry development [4]

Group 1: Economic Growth of the Service Sector - The service sector's contribution to economic growth is significant, with a value added of 592,955 billion yuan in the first three quarters, representing a year-on-year growth of 5.4% [2] - The service sector accounted for 58.4% of GDP, an increase of 0.8 percentage points from the previous year, contributing 60.7% to national economic growth [2] - In September, the service production index grew by 5.6% year-on-year, indicating sustained growth [2] Group 2: Innovation and New Momentum - The modern service industry is thriving, with significant growth in information transmission, software, and IT services, which saw a year-on-year increase of 11.2% and 9.2% respectively [3] - These sectors contributed 1.7 percentage points to the growth of the service sector's value added [3] - The high-tech service industry is also expanding, with fixed asset investment growing by 6.1% year-on-year [4] Group 3: Service Consumption Upgrade - Service retail sales increased by 5.2% year-on-year, outpacing the growth of goods retail sales by 0.6 percentage points [5] - Online retail sales grew by 9.8% in the first three quarters, reflecting a shift towards digital consumption [5] - The cultural and tourism sectors are experiencing robust growth, with significant increases in revenue for cultural arts and travel services [5] Group 4: High-Level Opening of the Service Sector - Service trade is steadily increasing, with a total import and export value of 52,476.9 billion yuan, a year-on-year growth of 7.4% [6] - The number of foreign visitors benefiting from visa-free policies increased by 52.1% [6] - The actual use of foreign capital in the service sector reached 3,661.9 billion yuan, accounting for over 70% of total foreign capital utilization [6] Group 5: Business Activity and Future Outlook - The business activity index for the service sector was at 50.1% in September, indicating expansion [7] - The business activity expectation index remained stable and optimistic at 56.3% [7] - Overall, the service sector is maintaining a steady operational trend, with ongoing improvements in development quality [8]

Group 1 - The Ministry of Human Resources and Social Security has officially released the seventh batch of new occupations, including 17 new professions such as cross-border e-commerce operation manager and drone swarm flight planner, along with 42 new job types [1][2] - Since 2019, the Ministry has cumulatively published 110 new occupations, reflecting the evolving nature of "profession" and attracting a diverse workforce, while also indicating two aspects of economic renewal [1][3] - The first aspect of economic renewal is the accelerated cultivation and growth of new productive forces, with rapid technological advancements and the emergence of new industries, as evidenced by R&D expenditure reaching approximately 2.7% of GDP, surpassing the EU average [1][2] Group 2 - The rapid development of artificial intelligence is highlighted by the introduction of new job types such as "generative AI system tester" and "generative AI animation creator," showcasing the technology's impact across various sectors [2] - Emerging industries are thriving, with strategic emerging service enterprises reporting nearly 10% revenue growth in the first five months of the year, driven by innovation and industry integration [2] - The second aspect of economic renewal is the rise of new consumption patterns characterized by personalized and diversified consumption, reflecting structural changes in consumption content, scenarios, and philosophies [2][3]

Group 1 - The service industry has shown rapid growth in the first half of the year, with a service value added of 390,314 billion yuan, representing a year-on-year increase of 5.5% [1] - The proportion of service value added in GDP reached 59.1%, an increase of 0.7 percentage points compared to the same period last year [1] - In the second quarter, the service industry value added accelerated to 195,172 billion yuan, with a year-on-year growth of 5.7%, up by 0.4 percentage points from the first quarter [1] Group 2 - The modern service industry has performed well, with information transmission, software, and IT services growing by 11.1% year-on-year, and leasing and business services by 9.6% [2] - High-tech service industries have seen significant revenue growth, with high-tech service enterprises' revenue increasing by 9.9% and strategic emerging service industries by 9.5% from January to May [2] - The fixed asset investment in high-tech services grew by 8.6% year-on-year in the first half of the year [2] Group 3 - Service consumption has shown steady improvement, with service retail sales increasing by 5.3% year-on-year and per capita service consumption expenditure rising by 4.9% [2] - Online retail sales grew by 8.5% year-on-year, while tourism and cultural services saw significant increases, with tourism services up by 31.9% and cultural sports services by 7.4% [2] Group 4 - The service industry has maintained a positive outlook, with the business activity index averaging 50.2, indicating expansion [4] - The business activity expectation index averaged 56.7, remaining in a high prosperity range throughout the first half of the year [4]

Core Viewpoint - China's economy showed resilience in the first half of the year, with a GDP growth of 5.3% year-on-year, despite external pressures and uncertainties [1][2][6]. Economic Performance - The GDP for the first half of the year reached 66,053.6 billion yuan, with a quarterly growth of 5.4% in Q1 and 5.2% in Q2 [1]. - The unemployment rate remained stable, fluctuating between 5% and 5.4% throughout the year [2]. - Consumer Price Index (CPI) turned positive in June, growing by 0.1%, while the core CPI rose to 0.7% [2]. - The trade balance remained stable, with foreign exchange reserves exceeding $3.2 trillion [2]. Economic Characteristics - The economy demonstrated a "steady" trend, with GDP growth slightly increasing compared to previous years [2]. - Domestic demand contributed 68.8% to GDP growth, with final consumption accounting for 52% [3]. - The high-tech industry saw a value-added growth of 9.5% year-on-year in the first half of the year [4]. Consumption Trends - Retail sales of consumer goods reached 24.55 trillion yuan, growing by 5% year-on-year, with a notable increase in service consumption [5]. - The growth rate of sports goods retail sales was 22.2%, and jewelry sales increased by 11.3% [5]. - New consumption patterns, such as personalized and emotional spending, are emerging [5]. Future Outlook - The economic stability observed in the first half provides a solid foundation for achieving annual targets [6]. - The service sector's contribution to GDP has increased, accounting for 59.1% of GDP, with a contribution rate exceeding 60% [7]. - The government is expected to continue implementing supportive macroeconomic policies to ensure stable economic performance [7][8].