National Bureau of Statistics (NBS): In the next stage, the significant reduction of tariffs between China and the United States will be conducive to the growth of bilateral trade.

The State Council Information Office held a press conference at 10 a.m. today, where Fu Linghui, spokesperson for the National Bureau of Statistics (NBS) and Director of the NBS's Department of Comprehensive Statistics of the National Economy, introduced the operation of China's national economy in April 2025 and answered questions from journalists.

Fu Linghui, spokesperson for the NBS: The fundamental aspects of China's improving economy remain unchanged, with many favorable conditions for sustained economic rebound.

Fu Linghui, spokesperson for the NBS, stated that in the next phase, the international environment will remain complex and severe, with many unpredictable factors of instability and uncertainty. Domestically, cyclical and structural imbalances are intertwined. However, the fundamental aspects of China's improving economy remain unchanged, and there are many favorable conditions for sustained economic rebound.

From January to April, China's investment in equipment procurement increased by 18.2% YoY.

Fu Linghui said that driven by the large-scale equipment renewal policy, from January to April, China's investment in equipment procurement increased by 18.2% YoY, contributing 64.5% to the overall investment growth.

Implement special initiatives to boost consumption and better unleash its potential.

Fu Linghui stated that, overall, the effects of policies have continued to manifest since the beginning of the year, with market sales maintaining a rebound trend. However, the endogenous driving force of consumption still needs to be further strengthened. In the next phase, it is necessary to implement special initiatives to boost consumption, continue to enhance residents' consumption capacity, increase the supply of high-quality goods and services, improve the consumption environment, better unleash consumption potential, and promote healthy economic development and sustained improvement of people's livelihoods.

In the next phase, a significant reduction in tariffs between China and the US will be beneficial for trade growth between the two countries.

Fu Linghui said that in the next phase, a significant reduction in tariffs between China and the US will be beneficial for trade growth between the two countries and also for the global economic recovery.

In April, the driving role of "AI+" strengthened, and the digital industry flourished.

At the press conference, Fu Linghui stated that support for innovation has continued to increase, with high-tech industries growing rapidly. In April, the added value of high-tech manufacturing above designated size increased by 10% YoY. Among them, the added value of aerospace-related equipment manufacturing and integrated circuit manufacturing increased by 21.4% and 21.3%, respectively. The driving role of "AI+" strengthened, and the digital industry flourished. In April, the added value of digital product manufacturing above designated size increased by 10%. The green and low-carbon transformation continued to deepen, with the new energy industry developing rapidly. In April, the production of new energy products such as NEVs and charging piles increased by 38.9% and 43.1%, respectively.

With the coordinated implementation of various macro policies, there are many favorable conditions for sustained economic rebound in China.

Fu Linghui stated that since the beginning of the year, the international environment has evolved complexly, with the US imposing a series of unilateral hefty tariffs on China, severely impacting Sino-US economic and trade relations. In response, China has taken resolute and forceful countermeasures. From May 10 to 11, China and the United States held high-level economic and trade talks in Geneva, Switzerland, and agreed through consultation to significantly reduce tariffs. Against this backdrop, there is widespread concern about the trajectory and prospects of China's economy. Looking ahead, the international environment remains complex and severe, with many unstable, uncertain, and unpredictable factors. Domestically, cyclical and structural imbalances are intertwined. However, the fundamental aspects of China's economy, which have been favorable in the long term, remain unchanged. Various macro policies are working in synergy, with all sectors joining forces to tackle challenges and actively adapt to changes. The momentum for innovation continues to grow, providing many favorable conditions for the sustained rebound of the economy.

As the effects of policies continue to manifest and the momentum of consumption strengthens, consumption is expected to continue boosting economic growth.

Fu Linghui stated that regions and departments across the country have diligently implemented the decisions and arrangements of the CPC Central Committee, vigorously carrying out special initiatives to stimulate consumption, intensifying and expanding the implementation of the "program of large-scale equipment upgrades and consumer goods trade-ins," innovating diversified consumption scenarios, and actively expanding service consumption, with the effects continuously emerging. In April, the total retail sales of consumer goods related to trade-ins, including household appliances and audio-visual equipment, cultural and office supplies, furniture, communication equipment, and building and decoration materials, collectively boosted the growth of total retail sales of consumer goods by 1.4 percentage points. From January to April, service retail sales increased by 5.1%, accelerating for two consecutive months. During the Labour Day holiday, the number of domestic tourists increased by 6.4% YoY. As the effects of policies continue to manifest and the momentum of consumption strengthens, consumption is expected to continue boosting economic growth.

China's investment potential remains enormous, with many favorable factors supporting investment growth.

Fu Linghui noted that since the beginning of this year, the economy has generally operated smoothly, with the effects of the "implementation of major national strategies and the development of security capabilities in key areas" and the "program of large-scale equipment upgrades and consumer goods trade-ins" continuously emerging. Industrial upgrading and development are on an upward trajectory, supporting the expansion of effective investment. Looking ahead, China's investment potential remains enormous, with many favorable factors supporting investment growth. Firstly, there is vast room for industrial upgrading. The new-generation information technology industry is booming, with emerging industries represented by high-end equipment and artificial intelligence showing good development momentum, and investment in innovation is continuously increasing. Secondly, major regional strategies are leading the way. Since the 18th CPC National Congress, a series of major regional strategies have been accelerated in implementation, with urban-rural and regional coordinated development and new-type urbanization holding enormous investment potential. Thirdly, there is still significant investment demand in the field of social and people's livelihood. Although investment in the people's livelihood sector has been continuously increasing, there is still a gap compared to the needs of the people. Currently, China attaches great importance to ensuring and improving people's livelihood, continuously increasing investment in the social and people's livelihood sector, which is also conducive to the sustained growth of investment.

In the next phase, we should continue to leverage the role of macro policies to promote a reasonable rebound in prices.

Fu Linghui stated that currently, prices are generally at a low level, which exerts pressure on enterprises' production and operation, and affects residents' employment and income growth. Therefore, it is crucial to promote a reasonable rebound in prices. In the next phase, we should continue to leverage the role of macro policies to further expand investment demand. We should advance supply-side reforms, improve economic circulation, continuously regulate market order, and promote a reasonable rebound in prices.

Since the beginning of this year, China's real estate market has continued to move towards halting the decline and stabilizing, with transactions recovering in some first- and second-tier cities.

Fu Linghui stated that under the influence of various policies aimed at halting the decline and stabilizing the real estate market, since the beginning of this year, China's real estate market has continued to move towards halting the decline and stabilizing, with transactions recovering in some first- and second-tier cities, and housing prices generally remaining stable. However, it should also be noted that the overall real estate market is still in the process of adjustment and transformation, with rigid and improvement-oriented demand yet to be fully released. In some regions, the pressure to sell off real estate inventory remains relatively high, and continued efforts are needed to promote the halting of the decline and stabilization of the real estate market.