National Bureau of Statistics (NBS): Up 5% YoY! China's GDP Surpassed the 140 Trillion Yuan Mark in 2025

According to preliminary calculations by the National Bureau of Statistics (NBS), the annual gross domestic product (GDP) for 2025 reached 140,187.9 billion yuan, representing a 5.0% increase over the previous year calculated at constant prices. By industry, the value added of the primary industry was 9,334.7 billion yuan, up 3.9% YoY; the secondary industry reached 49,965.3 billion yuan, up 4.5%; and the tertiary industry amounted to 80,887.9 billion yuan, up 5.4%. By quarter, GDP grew 5.4% YoY in Q1, 5.2% in Q2, 4.8% in Q3, and 4.5% in Q4. On a QoQ basis, GDP increased 1.2% in Q4.

Economic Development in 2025 Advanced Toward New and Higher Quality, Meeting Expectations and Targets

In 2025, amid complex changes in the domestic and overseas economic environment, under the strong leadership of the CPC Central Committee with Xi Jinping at its core, all regions and departments thoroughly implemented the decisions and deployments of the CPC Central Committee and the State Council, unwaveringly implemented the new development philosophy, promoted high-quality development, balanced domestic and international situations, coordinated development and security, implemented more proactive and effective macro policies, and advanced the construction of a unified national market. The national economy operated under pressure, advancing toward new and higher quality, achieving new results in high-quality development, successfully fulfilling the main targets and tasks for economic and social development, and concluding the 14th Five-Year Plan victoriously.

Preliminary calculations show that the annual GDP was 140,187.9 billion yuan, up 5.0% over the previous year at constant prices. By industry, the value added of the primary industry was 9,334.7 billion yuan, up 3.9% YoY; the secondary industry was 49,965.3 billion yuan, up 4.5%; and the tertiary industry was 80,887.9 billion yuan, up 5.4%. By quarter, GDP increased 5.4% YoY in Q1, 5.2% in Q2, 4.8% in Q3, and 4.5% in Q4. On a QoQ basis, GDP grew 1.2% in Q4.

I. Grain Output Increased and Harvest Was Bountiful, Livestock Production Grew Steadily

The total national grain output for the year was 714.88 million mt, an increase of 8.38 million mt, or up 1.2% YoY. This included summer grain output of 149.75 million mt, down 0.1%; early rice output of 28.51 million mt, up 1.2%; and autumn grain output of 536.62 million mt, up 1.5%. By variety, wheat output was 140.07 million mt, basically flat; corn output was 301.24 million mt, up 2.1%; rice output was 209.04 million mt, up 0.7%; and soybean output was 20.91 million mt, up 1.3%. The annual output of pork, beef, mutton, and poultry meat was 100.72 million mt, up 4.2% YoY, exceeding 100 million mt for the first time. This included pork output of 59.38 million mt, up 4.1%; beef output of 8.01 million mt, up 2.8%; mutton output of 4.96 million mt, down 4.2%; and poultry meat output of 28.37 million mt, up 6.7%. Milk production reached 40.91 million mt, up 0.3% YoY; poultry egg production was 34.98 million mt, down 2.5% YoY. For the full year, 719.73 million hogs were slaughtered, up 2.4% YoY; the number of hogs on hand at year-end was 429.67 million, up 0.5% YoY.

II. Industrial Production Grew Relatively Fast, with Equipment Manufacturing and High-Tech Manufacturing Showing Better Growth Momentum

The value added of industrial enterprises above the designated size nationwide increased by 5.9% compared with the previous year. By three sectors, the value added of the mining industry grew by 5.6%, manufacturing grew by 6.4%, and the production and supply of electricity, heat, gas, and water grew by 2.3%. The value added of equipment manufacturing grew by 9.2%, and that of high-tech manufacturing grew by 9.4%, with growth rates 3.3 and 3.5 percentage points higher than that of industrial enterprises above the designated size, respectively. By ownership, the value added of state-holding enterprises grew by 4.6%; that of joint-stock enterprises grew by 6.3%; that of enterprises with investment from foreign, Hong Kong, Macao, and Taiwan investors grew by 3.9%; and that of private enterprises grew by 5.3%. In terms of products, the production of 3D printing equipment, industrial robots, and NEVs grew by 52.5%, 28.0%, and 25.1%, respectively. In December, the value added of industrial enterprises above the designated size increased by 5.2% YoY and 0.49% MoM. In December, the manufacturing PMI stood at 50.1%, up 0.9 percentage points from the previous month; the sub-index for production and business activity expectations was 55.5%, up 2.4 percentage points. From January to November, the total profits of industrial enterprises above the designated size nationwide reached 6,626.9 billion yuan, up 0.1% YoY.

III. The Service Sector Grew Steadily, with Modern Services Developing Well

The value added of the service sector increased by 5.4% compared with the previous year. Specifically, the value added of information transmission, software, and information technology services; leasing and business services; transport, storage, and post; wholesale and retail trade; and accommodation and catering grew by 11.1%, 10.3%, 5.2%, 5.0%, and 4.9%, respectively. In December, the service sector production index increased by 5.0% YoY. Specifically, the production indices for information transmission, software, and information technology services; leasing and business services; and financial services grew by 14.8%, 11.3%, and 6.5%, respectively. From January to November, the operating revenue of service enterprises above the designated size increased by 7.8% YoY. In December, the service sector business activity index stood at 49.7%, up 0.2 percentage points from the previous month; the business activity expectation index for the service sector was 56.4%, up 0.5 percentage points. Among these, the business activity indices for industries such as telecommunication, radio and television, and satellite transmission services; monetary financial services; and capital market services were all in the high expansion zone above 60.0%.

IV. Market Sales Scale Expanded, and Service Retail Sales Grew Rapidly

Annual total retail sales of consumer goods reached 50,120.2 billion yuan, up 3.7% YoY. By location of business units, urban retail sales reached 43,297.2 billion yuan, up 3.6% YoY; rural retail sales reached 6,823 billion yuan, up 4.1% YoY. By consumption type, retail sales of goods reached 44,322 billion yuan, up 3.8% YoY; catering revenue reached 5,798.2 billion yuan, up 3.2% YoY. Sales of basic living necessities and some upgraded goods showed good growth momentum. For the full year, retail sales of communication equipment, cultural and office supplies, sports and entertainment goods, household appliances and audio-video equipment, and grain, oil, and food products by units above the designated size increased by 20.9%, 17.3%, 15.7%, 11.0%, and 9.3%, respectively. National online retail sales reached 15,972.2 billion yuan, up 8.6% YoY. Among them, online retail sales of physical goods reached 13,092.3 billion yuan, up 5.2% YoY, accounting for 26.1% of total retail sales of consumer goods. In December, total retail sales of consumer goods increased by 0.9% YoY but decreased by 0.12% MoM. Annual service retail sales increased by 5.5% YoY. Among them, retail sales of cultural, sports, and leisure services; communication and information services; tourism consulting and rental services; and transportation services grew rapidly.

V. Fixed-Asset Investment Decreased YoY, While Manufacturing Investment Maintained Growth

Annual national fixed-asset investment (excluding rural households) reached 48,518.6 billion yuan, down 3.8% YoY; excluding real estate development investment, national fixed-asset investment decreased by 0.5% YoY. By sector, infrastructure investment decreased by 2.2% YoY, manufacturing investment increased by 0.6% YoY, and real estate development investment decreased by 17.2% YoY. The floor space of newly built commercial buildings sold nationwide was 881.01 million m², down 8.7% YoY; the sales value of newly built commercial buildings was 8,393.7 billion yuan, down 12.6% YoY. By industry, investment in the primary industry increased by 2.3% YoY, investment in the secondary industry increased by 2.5% YoY, and investment in the tertiary industry decreased by 7.4% YoY. Private investment decreased by 6.4% YoY; excluding real estate development investment, private investment decreased by 1.9% YoY. In high-tech industries, investment in information services and in the manufacturing of aircraft, spacecraft, and related equipment increased by 28.4% and 16.9% YoY, respectively. In December, fixed-asset investment (excluding rural households) decreased by 1.13% MoM.

VI. Stable Growth in Goods Imports and Exports, with Continuous Optimization of Trade Structure

The total value of goods imports and exports for the year was 45,468.7 billion yuan, up 3.8% YoY. Among them, exports were 26,989.2 billion yuan, up 6.1% YoY; imports were 18,479.5 billion yuan, up 0.5% YoY. Imports and exports by private enterprises increased by 7.1%, accounting for 57.3% of the total import and export value, up 1.8 percentage points from the previous year. Imports and exports with countries co-building the Belt and Road increased by 6.3%, accounting for 51.9% of the total import and export value. Exports of high-tech products increased by 13.2%. In December, the total value of goods imports and exports reached 4,263 billion yuan, up 4.9% YoY. Exports amounted to 2,535.9 billion yuan, up 5.2%, while imports were 1,727.1 billion yuan, up 4.4%.

VII. Generally Stable Consumer Prices and Mild Rebound in Core CPI

For the full year, the consumer price index (CPI) remained flat compared with the previous year. By category, prices for food, tobacco, and alcohol decreased by 0.7%; clothing prices increased by 1.5%; housing prices rose by 0.1%; prices for household goods and services increased by 0.9%; prices for transportation and communication decreased by 2.6%; prices for education, culture, and entertainment increased by 0.8%; healthcare prices rose by 0.8%; and prices for other goods and services increased by 9.3%. Within food, tobacco, and alcohol, pork prices decreased by 6.1%, fresh vegetable prices fell by 3.9%, grain prices dropped by 1.0%, and fresh fruit prices increased by 1.2%. Core CPI, which excludes food and energy prices, increased by 0.7%, with the growth rate widening by 0.2 percentage points from the previous year. In December, consumer prices rose by 0.8% YoY, with the growth rate expanding by 0.1 percentage points from the previous month; they increased by 0.2% MoM. For the full year, the ex-factory prices of industrial producers decreased by 2.6% compared with the previous year; in December, they fell by 1.9% YoY and rose by 0.2% MoM. For the full year, the purchase prices of industrial producers decreased by 3.0% compared with the previous year; in December, they declined by 2.1% YoY and increased by 0.4% MoM.

VIII. Generally Stable Employment Situation and Steady Surveyed Urban Unemployment Rate

The average surveyed urban unemployment rate nationwide for the full year was 5.2%. In December, the surveyed urban unemployment rate nationwide was 5.1%. The surveyed unemployment rate for the local registered labor force was 5.3%; that for the migrant registered labor force was 4.7%, of which the surveyed unemployment rate for the migrant agricultural registered labor force was 4.4%. The surveyed urban unemployment rate in 31 major cities was 5.1%. The average weekly working hours for employed persons in enterprises nationwide were 48.6 hours. The total number of migrant workers for the full year was 301.15 million, an increase of 1.42 million, or up 0.5%, from the previous year. Among them, local migrant workers numbered 121.09 million, up 0.1%, while migrant workers working outside their hometowns totaled 180.06 million, up 0.8%.

IX. Continued Growth in Residents’ Income, with Rural Residents’ Income Growing Faster Than Urban Residents’

The national per capita disposable income for the full year was 43,377 yuan, a nominal increase of 5.0% from the previous year, and a real increase of 5.0% after deducting price factors. By place of residence, the per capita disposable income of urban households was 56,502 yuan, a nominal increase of 4.3% and a real increase of 4.2% over the previous year; the per capita disposable income of rural households was 24,456 yuan, a nominal increase of 5.8% and a real increase of 6.0%. The median per capita disposable income of the national population was 36,231 yuan, a nominal increase of 4.4%. Grouped by income quintiles, the per capita disposable income of the low-income group was 10,150 yuan, the lower-middle-income group 22,702 yuan, the middle-income group 35,536 yuan, the upper-middle-income group 55,586 yuan, and the high-income group 103,778 yuan. The per capita consumption expenditure of the national population was 29,476 yuan for the whole year, a nominal increase of 4.4%, or a real increase of 4.4% after deducting price factors. The proportion of per capita spending on food, tobacco, and liquor in per capita consumption expenditure (Engel’s coefficient) was 29.3%, down 0.5 percentage points from the previous year; per capita spending on services increased by 4.5%, accounting for 46.1% of per capita consumption expenditure, the same as the previous year.

X. The Total Population Decreased Slightly, and the Urbanization Rate Continued to Increase

The national population at year-end (including the population of 31 provinces, autonomous regions, and municipalities directly under the central government and military personnel, excluding residents of Hong Kong, Macao, and Taiwan and foreigners living in the 31 provinces, autonomous regions, and municipalities directly under the central government) was 1.4049 billion, a decrease of 3.39 million from the end of the previous year. The number of births was 7.92 million, with a crude birth rate of 5.63‰; the number of deaths was 11.31 million, with a crude death rate of 8.04‰; the natural growth rate was -2.41‰. By gender, the male population was 716.85 million, and the female population was 688.04 million, with a sex ratio of 104.19 (females = 100). By age composition, the population aged 16–59 was 851.36 million, accounting for 60.6% of the national population; the population aged 60 and above was 323.38 million, accounting for 23.0%, of which the population aged 65 and above was 223.65 million, accounting for 15.9%. By urban-rural composition, the permanent urban population was 953.8 million, an increase of 10.3 million from the end of the previous year; the permanent rural population was 451.09 million, a decrease of 13.69 million; the share of urban population in the national population (urbanization rate) was 67.89%, up 0.89 percentage points from the end of the previous year. By education level, the average years of schooling for the population aged 16–59 reached 11.3 years, an increase of 0.1 year from the previous year.

Overall, in 2025, the national economy withstood multiple pressures and maintained a stable and progressive development trend, achieving new results in high-quality development. However, it should also be noted that the impact of changes in the external environment has deepened, domestic supply-demand imbalances remain prominent, and there are still many old problems and new challenges in economic development. In the next stage, we must adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 20th National Congress of the Communist Party of China and its plenary sessions, as well as the deployment requirements of the Central Economic Work Conference. We will uphold the principle of seeking progress while maintaining stability, improving quality, and enhancing efficiency, implement more proactive and effective macro policies, continuously expand domestic demand and optimize supply, improve incremental growth and revitalize existing resources, develop new quality productive forces according to local conditions, advance the construction of a unified national market in greater depth, promote effective qualitative improvement and reasonable quantitative growth in the economy, and ensure a good start and a solid step for the 15th Five-Year Plan.