National Bureau of Statistics (NBS): In June, the value-added of industrial enterprises above designated size increased by 6.8%, and that of non-ferrous metal smelting and rolling processing industry increased by 9.2%.

In June, the actual year-on-year (YoY) growth of industrial added value for enterprises above designated size was 6.8%. On a MoM basis, the industrial added value for enterprises above designated size increased by 0.50% in June compared to the previous month. From January to June, the YoY growth of industrial added value for enterprises above designated size was 6.4%.

The industrial added value for enterprises above designated size in June 2025 increased by 6.8%.

In June, the actual YoY growth of industrial added value for enterprises above designated size was 6.8% (the growth rates of added value are all actual growth rates after deducting price factors). On a MoM basis, the industrial added value for enterprises above designated size increased by 0.50% in June compared to the previous month. From January to June, the YoY growth of industrial added value for enterprises above designated size was 6.4%.

By sector, in June, the added value of the mining industry increased by 6.1% YoY, manufacturing by 7.4%, and the production and supply of electricity, heat, gas, and water by 1.8%.

By economic type, in June, the added value of state-controlled enterprises increased by 5.7% YoY; joint-stock enterprises by 7.1%, foreign-invested enterprises and enterprises invested by Hong Kong, Macao, and Taiwan by 5.5%; and private enterprises by 6.2%.

By industry, in June, the added value of 36 out of 41 major industries maintained YoY growth. Among them, the coal mining and washing industry increased by 6.5%, the oil and natural gas extraction industry by 3.6%, the agricultural and sideline food processing industry by 8.2%, the liquor, beverage, and refined tea manufacturing industry by 3.4%, the textile industry by 2.5%, the chemical raw material and chemical product manufacturing industry by 7.5%, the non-metallic mineral products industry decreased by 0.1%, the ferrous metal smelting and rolling processing industry increased by 4.1%, the non-ferrous metal smelting and rolling processing industry by 9.2%, the general equipment manufacturing industry by 7.8%, the special equipment manufacturing industry by 4.6%, the automobile manufacturing industry by 11.4%, the railway, shipbuilding, aerospace, and other transportation equipment manufacturing industry by 10.1%, the electrical machinery and equipment manufacturing industry by 11.4%, the computer, communication, and other electronic equipment manufacturing industry by 11.0%, and the electricity and heat production and supply industry by 1.6%.

By product, in June, the production of 379 out of 623 products for enterprises above designated size maintained YoY growth. Among them, steel production was 127.84 million mt, up 1.8% YoY; cement production was 155.47 million mt, down 5.3%; the production of ten non-ferrous metals was 6.95 million mt, up 4.4%; ethylene production was 2.85 million mt, up 5.8%; automobile production was 2.809 million units, up 8.8%, including 1.234 million units of NEVs, up 18.8%; power generation was 796.3 billion kWh, up 1.7%; and crude oil processing volume was 62.24 million mt, up 8.5%.

In June, the sales rate of industrial enterprises above designated size was 94.3%, down 0.3 percentage points YoY. The export delivery value of industrial enterprises above designated size reached 1,367.6 billion yuan, with a nominal YoY increase of 4.0%.

The national economy faced challenges head-on and maintained steady growth in H1

In H1, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, various regions and departments earnestly implemented the decisions and arrangements of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully and accurately implemented the new development philosophy, accelerated the construction of a new development pattern, coordinated domestic economic work with international economic and trade struggles, effectively implemented more proactive and effective macro policies. The national economy withstood pressure, faced challenges head-on, maintained overall stability and steady growth, with stable growth in production and demand, generally stable employment situation, continued increase in residents' income, growth and expansion of new momentum, new progress in high-quality development, and maintained social stability.

According to preliminary calculations, the GDP in H1 was 66,053.6 billion yuan, up 5.3% YoY at constant prices. By industry, the added value of the primary industry was 3,117.2 billion yuan, up 3.7% YoY; the added value of the secondary industry was 23,905 billion yuan, up 5.3% YoY; and the added value of the tertiary industry was 39,031.4 billion yuan, up 5.5% YoY. By quarter, the GDP in Q1 increased by 5.4% YoY, and in Q2 by 5.2% YoY. On a QoQ basis, the GDP in Q2 increased by 1.1%.

I. Stable production and bumper harvest of summer grain, steady growth in animal husbandry

In H1, the added value of agriculture (crop farming) increased by 3.7% YoY. The total summer grain output nationwide was 149.74 million mt, a decrease of 150,000 mt or 0.1% compared to the previous year. In H1, the output of pork, beef, mutton, and poultry meat was 48.43 million mt, up 2.8% YoY. Among them, the output of pork, beef, and poultry meat increased by 1.3%, 4.5%, and 7.4% respectively, while the output of mutton decreased by 4.6%. The output of milk increased by 0.5%, and the output of poultry eggs increased by 1.5%. At the end of Q2, the inventory of live pigs was 424.47 million heads, up 2.2% YoY. In H1, the number of live pigs slaughtered was 366.19 million heads, up 0.6% YoY.

II. Rapid growth in industrial production, good growth momentum in equipment manufacturing and high-tech manufacturing

In H1, the industrial added value of enterprises above designated size nationwide increased by 6.4% YoY. By the three major sectors, the added value of the mining industry increased by 6.0% YoY, manufacturing by 7.0% YoY, and the production and supply of electricity, heat, gas, and water by 1.9% YoY. The added value of equipment manufacturing increased by 10.2% YoY, and that of high-tech manufacturing increased by 9.5% YoY, with growth rates 3.8 and 3.1 percentage points faster than that of all industrial enterprises above designated size, respectively. By economic type, the added value of state-controlled enterprises increased by 4.2% YoY; joint-stock enterprises grew by 6.9%, foreign-invested enterprises and enterprises invested by Hong Kong, Macao, and Taiwan grew by 4.3%; private enterprises grew by 6.7%. By product, the production of 3D printing equipment, NEVs, and industrial robots increased by 43.1%, 36.2%, and 35.6% YoY, respectively. In June, the industrial added value of enterprises above designated size increased by 6.8% YoY and 0.50% MoM. In June, the manufacturing PMI was 49.7%, up 0.2 percentage points from the previous month; the expected index of enterprise production and operation activities was 52.0%. From January to May, enterprises above designated size in China achieved a total profit of 2,720.4 billion yuan, down 1.1% YoY.

III. Accelerated Growth in the Service Sector and Sound Development of Modern Service Industries

In H1, the added value of the service sector increased by 5.5% YoY, accelerating by 0.2 percentage points from Q1. Among them, the added value of the information transmission, software and information technology service industry, the leasing and business service industry, the transportation, storage, and postal service industry, and the wholesale and retail industry increased by 11.1%, 9.6%, 6.4%, and 5.9%, respectively. In June, the national service sector production index increased by 6.0% YoY. Among them, the production index of the information transmission, software and information technology service industry, the leasing and business service industry, the financial industry, and the wholesale and retail industry increased by 11.6%, 8.4%, 7.3%, and 6.9%, respectively. From January to May, the operating revenue of service enterprises above designated size increased by 8.1% YoY. In June, the business activity index of the service sector was 50.1%, and the expected index of service sector business activities was 56.0%. Among them, the business activity indices of industries such as postal services, telecommunications, radio, television, and satellite transmission services, internet software and information technology services, monetary financial services, capital market services, and insurance were all above 55.0%, indicating a relatively high prosperity level.

IV. Rebound in Market Sales Growth and Sound Sales of Consumer Upgrade Goods

In H1, the total retail sales of consumer goods were 24,545.8 billion yuan, up 5.0% YoY, accelerating by 0.4 percentage points from Q1. By the location of business units, the retail sales of consumer goods in urban areas were 21,305 billion yuan, up 5.0% YoY; the retail sales of consumer goods in rural areas were 3,240.9 billion yuan, up 4.9% YoY. By consumption type, the retail sales of goods were 21,797.8 billion yuan, up 5.1% YoY; the catering revenue was 2,748 billion yuan, up 4.3% YoY. Sales of basic living goods and some upgrade goods showed a good growth trend, with the retail sales of grain, oil, and food products, sports and entertainment goods, and gold, silver, and jewelry goods in enterprises above designated size increasing by 12.3%, 22.2%, and 11.3%, respectively. The trade-in policy for consumer goods continued to show positive effects, with retail sales of household appliances, audio and video equipment, cultural and office supplies, communication equipment, and furniture by units above designated size increasing by 30.7%, 25.4%, 24.1%, and 22.9%, respectively. The nationwide online retail sales reached 7,429.5 billion yuan, up 8.5% YoY. Among this, online retail sales of physical goods amounted to 6,119.1 billion yuan, growing by 6.0% and accounting for 24.9% of the total retail sales of consumer goods. In June, the total retail sales of consumer goods increased by 4.8% YoY and decreased by 0.16% MoM. In H1, the retail sales of services increased by 5.3% YoY, accelerating by 0.3 percentage points compared to Q1.

V. Fixed Asset Investment Continues to Expand, with Manufacturing Investment Growing Rapidly

In H1, the nationwide fixed asset investment (excluding rural households) reached 24,865.4 billion yuan, up 2.8% YoY. Excluding real estate development investment, nationwide fixed asset investment increased by 6.6%. By sector, infrastructure investment increased by 4.6% YoY, manufacturing investment grew by 7.5%, and real estate development investment declined by 11.2%. The sales area of newly-built commercial housing nationwide was 458.51 million m², down 3.5% YoY, and the sales value of newly-built commercial housing was 4,424.1 billion yuan, down 5.5% YoY. By industry, investment in the primary sector increased by 6.5% YoY, the secondary sector by 10.2%, and the tertiary sector decreased by 1.1%. Private investment decreased by 0.6% YoY. Excluding real estate development investment, other private investment increased by 5.1%. Among high-tech industries, investment in the information service industry, aviation, spacecraft, and equipment manufacturing, and computer and office equipment manufacturing increased by 37.4%, 26.3%, and 21.5% YoY, respectively. In June, fixed asset investment (excluding rural households) decreased by 0.12% MoM.

VI. Cargo Import and Export Continue to Grow, with Trade Structure Continuing to Optimize

In H1, the total value of cargo import and export reached 21,787.6 billion yuan, up 2.9% YoY. Among this, exports amounted to 13,000 billion yuan, growing by 7.2%, and imports were 8,787.5 billion yuan, down 2.7%. The import and export of private enterprises increased by 7.3%, accounting for 57.3% of the total import and export value, an increase of 2.3 percentage points compared to the same period last year. Import and export with countries participating in the joint construction of the "Belt and Road" increased by 4.7%. The export of mechanical and electrical products increased by 9.5%, accounting for 60.0% of the total export value. In June, the total value of import and export was 3,852.7 billion yuan, up 5.2% YoY. Among this, exports were 2,339.4 billion yuan, growing by 7.2%, and imports were 1,513.4 billion yuan, growing by 2.3%.

VII. Consumer Prices Remain Basically Stable, with Core CPI Rebounding Mildly

In H1, the nationwide consumer price index (CPI) decreased by 0.1% YoY. By category, prices for food, tobacco, and liquor fell by 0.3%, clothing prices rose by 1.3%, housing prices increased by 0.1%, prices for daily necessities and services remained unchanged, transportation and communication prices dropped by 2.9%, education, culture, and entertainment prices rose by 0.8%, healthcare prices increased by 0.3%, and prices for other goods and services rose by 6.7%. Among food, tobacco, and liquor prices, fresh vegetable prices fell by 5.3%, grain prices decreased by 1.3%, fresh fruit prices rose by 2.7%, and pork prices increased by 3.8%. In June, the national consumer price index (CPI) rose by 0.1% YoY and fell by 0.1% MoM. In H1, the core CPI, excluding food and energy prices, rose by 0.4% YoY, an increase of 0.1 percentage points from Q1. Among them, the core CPI rose by 0.7% YoY in June, an increase of 0.1 percentage points from the previous month.

In H1, the national ex-factory prices of industrial producers fell by 2.8% YoY. Among them, they fell by 3.6% YoY and 0.4% MoM in June. In H1, the purchase prices of industrial producers fell by 2.9% YoY. Among them, they fell by 4.3% YoY and 0.7% MoM in June.

VIII. The employment situation remained generally stable, with a slight decline in the surveyed urban unemployment rate.

In H1, the average surveyed urban unemployment rate was 5.2%, a decrease of 0.1 percentage points from Q1. In June, the national surveyed urban unemployment rate was 5.0%. The surveyed unemployment rate for local registered labor was 5.1%, while that for migrant workers was 4.8%, with the surveyed unemployment rate for migrant agricultural workers also at 4.8%. The surveyed urban unemployment rate in 31 major cities was 5.0%. The national average weekly working hours for employed individuals in enterprises was 48.5 hours. At the end of Q2, the total number of migrant rural workers was 191.39 million, up 0.7% YoY.

IX. Residents' income grew steadily, with rural residents' income growing faster than urban residents'.

In H1, the national per capita disposable income of residents was 21,840 yuan, up 5.3% YoY in nominal terms and 5.4% in real terms after adjusting for price factors. By place of residence, the per capita disposable income of urban residents was 28,844 yuan, up 4.7% YoY in nominal terms and 4.7% in real terms; the per capita disposable income of rural residents was 11,936 yuan, up 5.9% YoY in nominal terms and 6.2% in real terms. From the perspective of income sources, the national per capita wage income, net operating income, net property income, and net transfer income of residents increased by 5.7%, 5.3%, 2.5%, and 5.6% respectively in nominal terms. The median per capita disposable income of national residents was 18,186 yuan, up 4.8% YoY in nominal terms.

Overall, the more proactive and effective macro policies implemented in the first half of the year (H1) have yielded results, with the economy continuing to develop steadily and improve, demonstrating strong resilience and vitality. However, it should also be noted that there are many external unstable and uncertain factors, and domestic effective demand remains insufficient. The foundation for economic rebound and improvement still needs to be strengthened and consolidated. In the next stage, we should adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, uphold the general principle of pursuing progress while ensuring stability, fully and accurately implement the new development philosophy, accelerate the construction of a new development pattern, coordinate domestic economic work with international economic and trade struggles, unwaveringly focus on our own affairs, further strengthen the domestic great circulation, respond to external uncertainties with the certainty of high-quality development, and promote sustained, stable, and healthy economic development.