On January 19th, China's economic report for 2025 was released - the Gross Domestic Product (GDP) surpassed the 140 trillion yuan mark for the first time, marking a 5.0% increase from the previous year.
With its economic volume firmly ranking second in the world, its growth rate ranking among the top of major economies worldwide, and its annual growth rate during the 14th Five-Year Plan period far exceeding the world average... A series of indicators clearly outline the solid trajectory of China's steady progress as a super-large economy.
Crossing new thresholds, the "14th Five-Year Plan" comes to a successful conclusion
Over 140 trillion yuan - this figure marks a new milestone in China's economic development.
Taking a longer-term perspective, the world's second-largest economy has been steadily advancing: during the "14th Five-Year Plan" period, China's total economic output has successively reached new milestones of 110 trillion yuan, 120 trillion yuan, 130 trillion yuan, and 140 trillion yuan. The economy has grown at an average annual rate of 5.4%, and per capita GDP has exceeded US$13,000 for three consecutive years.
When viewed from a global perspective, a growth rate of 5.0% ranks among the top in major economies, and its contribution to world economic growth is expected to reach around 30%. China has always been a reliable "power source" and "stabilizer" for world economic growth.
"In 2025, the national economy will forge ahead under pressure, moving towards new and better development, achieving new results in high-quality development, successfully fulfilling the main goals and tasks of economic and social development, and bringing the 14th Five-Year Plan to a successful conclusion," commented Kang Yi, Director of the National Bureau of Statistics.
Observing the trend through numbers, the footprints of China's economic growth and expansion over the past year have become increasingly clear
The pattern of "stability" has been consolidated: the value-added of industrial enterprises above a certain size increased by 5.9% compared with the previous year, the average surveyed urban unemployment rate stood at 5.2%, the scale of trade in goods reached a new high, and the balance of foreign exchange reserves exceeded US$3.3 trillion;
The pace of "progress" is strong: the added value of high-tech manufacturing above a certain size accounts for 17.1% of the total added value of industries above a certain size, the contribution rate of final consumption expenditure to economic growth exceeds 50%, and the per capita disposable income of residents has increased by 5.0% in real terms, in sync with economic growth;
The momentum of "new" industries is growing: the added value of digital product manufacturing above a certain size increased by 9.3% compared with the previous year, green electricity, green energy, and green economy are thriving, and new energy vehicles account for more than 50% of domestic new car sales;
The characteristic of "resilience" is highlighted: despite the severe impact on the world economic and trade order and the transition pains from old to new growth drivers domestically, China's economy has still achieved "quantitative leaps" and "qualitative improvements". China has become a major trading partner for more than 150 countries and regions, and the export value of high-tech products increased by 13.2% compared to the previous year.
The extraordinary achievements are inseparable from proactive and effective policies.
From the intensified efforts to expand the scope of the "two-emphasized" and "two-new" policies, the introduction of several measures to stabilize employment and the economy and promote high-quality development, to the comprehensive rectification of "involutionary" competition and the intensified promotion of the "AI+" initiative... A series of policies focus on expanding demand, optimizing supply, and stabilizing the economy, providing a more solid support and guarantee for the stable and positive operation of the economy.
It is particularly noteworthy that this report card was achieved against the backdrop of multiple intertwined risks and challenges: the deepening impact of changes in the external environment, the prominent contradiction between strong domestic supply and weak domestic demand, and the numerous hidden risks in key areas... China's economy has stabilized its development foundation and consolidated its development roots amidst the storms.
"This year has been an extraordinary one for China's development, and the achievements we have made are inspiring," said Kang Yi. "It truly reflects China's solid economic foundation, numerous advantages, strong resilience, and great potential. It is also the result of the diligent and persevering efforts of the people across the country, which has greatly bolstered our confidence and determination for further development.".
Recently, major international organizations have successively raised their expectations for China's economic growth. "China's growth is more robust, and a more quality-oriented growth model will be more sustainable," the World Bank commented.
Shaping new advantages, and enhancing the quality of high-quality development
Upon closer examination of the report card for 2025, it becomes evident that China's economy has accelerated from mere accumulation in terms of "quantity" to enhancement in "quality". This shift has bolstered its confidence and resilience in pursuing high-quality development.
Supply and demand serve as important windows for observing changes in China's economic structure.
On the supply side, the value-added of equipment manufacturing and high-tech manufacturing above designated size increased by 9.2% and 9.4% respectively, with growth rates 3.3 and 3.5 percentage points higher than that of industrial enterprises above designated size. On the demand side, the total retail sales of consumer goods exceeded 50 trillion yuan, with service retail sales growing by 5.5%. The contribution rate of final consumption expenditure to economic growth reached 52.0%. China's economic structure is improving, and its endogenous driving forces continue to strengthen.
Innovation is the primary driving force that leads development.
This year, faced with the deepening impact of changes in the external environment, China's innovation-driven development has made steady progress, with new driving forces accumulating momentum and new advantages continuously being shaped
In 2025, China's R&D expenditure intensity reached 2.8%, an increase of 0.11 percentage points from the previous year, surpassing the average level of OECD countries for the first time. According to data from the World Intellectual Property Organization, China's innovation index ranked among the top ten globally for the first time.
The low-altitude economy "takes off with wings spread wide", and embodied intelligence "thinks swiftly and acts skillfully". The production of civilian drones and industrial robots increased by 37.3% and 28% respectively compared to the previous year.
In today's China, innovation and vitality are surging forward: In the sky, the "Jiutian" unmanned aerial vehicle (UAV) successfully completed its maiden flight, and the Tianwen-2 mission embarked on its journey to "chase the stars"; on land, the world's first commercial supercritical carbon dioxide power generation unit was put into commercial operation, and the CR450 multiple unit train set set a new record for "China speed"; at sea, the first electromagnetic catapult aircraft carrier was officially commissioned, and the "Jiaolong" submersible achieved China's first manned deep-sea dive in Arctic ice zones
"The transformation of new productive forces from conceptual consensus to practical development results not only enhances the quality and sustainability of economic growth, but also underscores China's firm determination and effective actions to actively seek change and make new breakthroughs in a complex environment," said Kang Yi.
2025 marks the 20th anniversary of the concept of "Lucid waters and lush mountains are invaluable assets". By adhering to the principle of planning for the present and considering the long-term, green development continues to advance, and the leading power of green development is fully demonstrated.
The power generation from clean energy sources such as hydropower, nuclear power, wind power, and solar energy in industrial enterprises above a certain size increased by 8.8% compared to the previous year. The proportion of non-fossil energy in total energy consumption rose by approximately 2 percentage points compared to the previous year. The annual production and sales of new energy vehicles both surpassed 16 million units, maintaining the world's top position for 11 consecutive years... We are accelerating the comprehensive green transformation of economic and social development, writing a new chapter for a beautiful China.
Foreign media articles point out that China has a dominant advantage in the field of green technology, achieving leapfrog development in green transformation and making astonishing progress.
Balancing development and security remains a crucial issue of the times at all times. By safeguarding the new development paradigm with a new security paradigm, China's economic foundation will become stronger and its ability to resist risks will be enhanced.
"Two rice bowls" are held even more firmly - during the "14th Five-Year Plan" period, the total grain output increased from 685 million tons in 2021 to 715 million tons in 2025, stabilizing at the level of 700 million tons for two consecutive years; a diversified energy supply system was established, with the total primary energy production increasing by 5% annually.
Enhanced resilience of industrial and supply chains - The value-added of the manufacturing industry has consistently ranked first in the world for 16 consecutive years, with the localization rate of equipment manufacturing continuously increasing. The domestic manufacturing share in the total supply of electrical machinery and transportation equipment has exceeded 95%.
"A series of achievements not only confirms that China's path towards high-quality development is correct and has achieved remarkable results, but also accumulates strong momentum for future development," said Kang Yi.
Sailing on a new journey, ensuring a good start for the "15th Five-Year Plan"
In the inaugural year of the "15th Five-Year Plan", China's economy has turned a new page.
The vibrant figures provide vivid footnotes to the economic development at the beginning of the year: during the just-concluded New Year's Day holiday, there were 142 million domestic tourist trips, with a total domestic tourism expenditure of 84.789 billion yuan; the Free Trade Port has celebrated its "full moon" since its closure, with the amount of duty-free shopping on Hainan's offshore islands reaching 4.86 billion yuan, and over 5,000 new foreign trade enterprises being registered
"When observing China's economy, we should not only look at its current situation, but also pay attention to its long-term trend. Looking at the whole year of 2026, the supporting conditions and basic trends for China's economy to maintain long-term positive growth remain unchanged, and the general trend of high-quality economic development remains unchanged. There are foundations and conditions to maintain stable and positive economic operation," said Kang Yi.
Looking at the fundamentals, China's economic increment over the past five years has exceeded 36 trillion yuan, and the intensity of R&D funding has increased by 0.44 percentage points... During the "14th Five-Year Plan" period, China's economic strength, scientific and technological strength, and overall national strength have all reached new heights, laying a solid foundation and accumulating confidence for the "15th Five-Year Plan" period;
Judging from the trend, since September 2025, the year-on-year increase in the core CPI has been above 1% for four consecutive months. In December, the purchasing managers' index for the manufacturing sector returned to the expansion range, and the flow of people, logistics, and information maintained rapid growth, continuously accumulating positive factors that promote the economy to stabilize and improve;
Looking at the momentum, domestically produced large AI models are developing rapidly, with an average of 45,000 new energy vehicles coming off the assembly line every day and over 500 million express parcels being delivered... The continuous accumulation of new momentum is conducive to offsetting downward pressure and enhancing upward momentum;
Looking at the support, the Central Economic Work Conference clearly stated that "we should leverage the integrated effect of existing and new policies, and intensify countercyclical and cross-cyclical adjustments". More proactive and effective macro policies will ensure the stable operation of the economy.
Confidence stems from a solid foundation and is inseparable from diligent efforts.
As we enter 2026, various regions are planning their key tasks for the inaugural year: provinces such as Shanghai, Liaoning, and Fujian are focusing on the continuous optimization of the business environment, Hubei is deploying efforts to accelerate the creation of a nationally influential highland for scientific and technological innovation, and Chongqing is concentrating on enhancing the development level of the Chengdu-Chongqing dual-city economic circle
The first structural "interest rate cut" was implemented within the year; the "two new" policies were optimized and implemented, with the first batch of 62.5 billion yuan of ultra-long-term special treasury bonds for supporting the fund plan of consumer goods trade-in in 2026 issued in advance; a package of policies to promote domestic demand through fiscal and financial coordination was deployed and implemented... A series of policy measures are based on the current situation and plan for the long term, providing impetus for high-quality economic development.
"Since the beginning of the year, all regions and departments have aimed at the established goals, taken proactive actions, continuously innovated policies and measures, and solidly promoted high-quality development through practical actions," said Zhang Linshan, a researcher at the Academy of Macroeconomics of the National Development and Reform Commission.
At the beginning of the new year, foreign-funded enterprises have been increasing their investments in the Chinese market, with several companies announcing plans to boost their investments or launch new facilities. Recently, several international institutions have cast a "vote of confidence" in China's economic fundamentals and the prospects for Chinese assets in 2026.
Facts have once again confirmed that China's economy is like a vast ocean, not a small pond, capable of withstanding the test of wind, waves, and even violent storms.
"In recent years, China's economy has never been short of challenges, but opportunities have always been present. We must strengthen our confidence, maintain our resolve, build consensus, enhance our internal capabilities, strengthen innovation-driven development, deepen reform and opening up, continue to strengthen the domestic circulation, promote effective quality improvement and reasonable quantitative growth of the economy, and ensure a good start for the implementation of the 14th Five-Year Plan," said Kang Yi.