Global mainstream media rapidly reported the news on the morning of the 19th: "A 5% year-on-year growth, China's economic development achieves its annual target for 2025!" Data released by the National Bureau of Statistics on the same day showed that China's Gross Domestic Product (GDP) for 2025 reached 140.1879 trillion yuan, leaping onto a new level of 140 trillion yuan for the first time, representing a 5.0% growth compared to the previous year when calculated at constant prices. This signifies that during the "14th Five-Year Plan" period, China's economic aggregate completed a "four consecutive leaps," successively surpassing the thresholds of 110 trillion, 120 trillion, 130 trillion, and 140 trillion yuan. CNN stated that China achieving its 5% GDP growth target for 2025 demonstrates the resilience of its economy. Despite US tariffs on Chinese imports having once soared to triple digits, the Chinese economy still maintained robust growth throughout the year. The UK's *Guardian*, quoting Luke Yeaman, Chief Economist at the Commonwealth Bank of Australia, said that navigating the uncertain geopolitical landscape remains a significant unknown, but the Chinese economy will continue to grow in 2026. Several experts interviewed noted that against a complex external backdrop, achieving 5% growth for an economy of China's size is a rather remarkable accomplishment. China's contribution to the global economy continues to increase, serving as a powerful support for global economic growth.
"The 2025 economic development moved towards the new and the superior, successfully achieving the expected targets," said Kang Yi, Commissioner of the National Bureau of Statistics, at a press conference held by the State Council Information Office on the 19th. He stated that in 2025, facing complex changes in the domestic and international economic environment, the national economy operated under pressure, advancing towards innovation and quality, achieving new results in high-quality development, successfully fulfilling the main objectives and tasks for economic and social development, and marking the successful conclusion of the "14th Five-Year Plan." By industry, the value-added of the primary industry was 9.3347 trillion yuan, up 3.9% year-on-year; the secondary industry reached 49.9653 trillion yuan, growing 4.5%; and the tertiary industry hit 80.8879 trillion yuan, increasing by 5.4%. Quarterly data shows GDP grew 5.4% year-on-year in Q1, 5.2% in Q2, 4.8% in Q3, and 4.5% in Q4. On a quarter-on-quarter basis, GDP increased by 1.2% in the fourth quarter. Singapore's *Lianhe Zaobao* reported that China's economy grew 4.5% year-on-year in the fourth quarter, slightly above analysts' expectations and broadly in line with the government's annual growth target.
A closer look at the detailed data reveals more nuances of the Chinese economy. Statistical data shows that for the full year of 2025, the value-added of industrial enterprises above the designated size increased by 5.9% compared to the previous year. In December, it rose 5.2% year-on-year and 0.49% month-on-month. *The Australian Financial Review* stated that after months of tariff turmoil, the strength of China's export-oriented economy has been proven, as China overcame challenges stemming from tense trade relations with the United States. China achieved its 2025 economic growth target, starkly contrasting earlier expectations that the trade war would weaken the world's second-largest economy. The role of consumption as a stabilizing force was prominent. Data shows that in 2025, China's total retail sales of consumer goods reached 50.1202 trillion yuan, a year-on-year increase of 3.7%. Kang Yi explained that the annual retail sales exceeded 50 trillion yuan, placing its scale among the top global retail markets. Service retail sales grew 5.5% year-on-year, with the growth rate accelerating month by month in recent months. The contribution of final consumption expenditure to economic growth reached 52%, an increase of 5 percentage points from the previous year's contribution rate, making it the main driver and stabilizing anchor of economic growth.
Impressive foreign trade data was also a key focus for international media. Statistics show that China's total goods import and export volume for 2025 reached 45.4687 trillion yuan, a year-on-year increase of 3.8%. Exports were 26.9892 trillion yuan, up 6.1%, while imports were 18.4795 trillion yuan, growing 0.5%. Imports and exports with countries participating in the Belt and Road Initiative increased by 6.3%, accounting for 51.9% of the total import and export value. Exports of high-tech products surged 13.2%. In December, the total goods import and export volume was 4.263 trillion yuan, a year-on-year increase of 4.9%. The *Guardian*, in an article on the 19th, noted that experts had expected US punitive tariffs to significantly impact China's economy in 2025. However, China unexpectedly achieved its largest trade surplus on record ($1.2 trillion) as it found alternative markets for its goods. CNN reported that analysts from the Economist Intelligence Unit pointed out in a report on the 19th that a major highlight of China's economy is "strong investment in artificial intelligence and technology, along with robust financial market activity." They noted, "As strong exports helped achieve the growth target, the Chinese government did not rush to introduce stimulus measures before the year-end, as the 5% annual growth target was within reach."
Yao Jingyuan, Special Researcher at the Counsellors' Office of the State Council and former Chief Economist of the National Bureau of Statistics, told reporters on the 19th that the Chinese economy delivered a rather remarkable report card in 2025, primarily demonstrated by four key indicators. First, achieving the 5.0% economic growth target placed it among the top performers globally among major economies. Second, regarding employment, China faces the world's greatest employment pressure with a population exceeding 1.4 billion, yet the average surveyed urban unemployment rate for the year was 5.2%. Third, on prices, while many countries in the US and Europe experienced high inflation, China's consumer prices remained generally stable. Fourth, the balance of payments situation was strong, with goods trade reaching a new high and foreign exchange reserves exceeding $3.3 trillion. Overall, during the "14th Five-Year Plan" period, China's average annual economic growth was 5.4%, far exceeding the world average and continuing to lead among major global economies.
Commissioner Kang Yi stated at the press conference that such a large economic aggregate corresponds to tangible productive capacity. China's grain output has stabilized above the 1.4 trillion jin mark for two consecutive years, the value-added of the manufacturing sector has ranked first in the world for 16 consecutive years, the share of the service sector's value-added in GDP has risen to 57.7%, and its network infrastructure is the world's largest and most extensive. These factors form a solid foundation and powerful support for resisting risks and ensuring stable, long-term development. Looking globally, China's economic growth rate ranks among the top of major economies, making it the most stable and reliable source of power for global economic growth, with its contribution to world economic growth estimated to be around 30%.
Tian Yun, Vice President of the Beijing Economic Operation Research Association, reminded in an interview on the 19th to consider the appreciation trend of the Renminbi against the US dollar in 2025. Measured in current US dollars, China's contribution to global economic growth in 2025 is significantly higher than in 2024. As global geopolitical conflicts intensify, China's role and value as the world's most stable supply chain base and industrial output base will be further demonstrated in the days to come. It can be said that the resilience and strong growth of the Chinese economy are powerful supports for global economic growth. How will the Chinese economy develop in 2026? CNN reported that China is expected to set its 2026 economic growth target during the "Two Sessions" in March this year. The government will also unveil the next Five-Year Plan, which will guide China's development strategies and policy priorities for the coming five years.
Commissioner Kang Yi stated on the 19th that when assessing China's economy, one must adopt a comprehensive, dialectical, and long-term perspective. It's essential to look not only at the current situation but also at long-term trends; not just at quarterly changes, but at the annual trajectory; not merely at the aggregate scale, but also at the quality of development. Looking at the whole of 2026, the foundational conditions and basic trends supporting China's long-term economic improvement remain unchanged, the general trend of high-quality economic development is intact, and there is a foundation and conditions for maintaining stable and sound economic operations. In 2025, China's innovation index ranking entered the global top ten for the first time, and the intensity of R&D expenditure reached 2.8%, surpassing the average level of OECD countries for the first time. Hu Qimu, Deputy Secretary-General of the China Digital-Real Integration 50 Forum, told reporters that the deep application of artificial intelligence in more scenarios can fully leverage China's advantages of a complete industrial system, a super-large market, and rich application scenarios. This plays an important role in stimulating consumption, enhancing industrial operational efficiency, and alleviating structural supply-demand contradictions. Simultaneously, it will also give rise to new industries and business formats, bringing new growth points for the Chinese economy.
According to Reuters, the International Monetary Fund (IMF), in an update to its World Economic Outlook report released on the 19th, raised its 2025 economic growth forecast for China by 0.2 percentage points to 5%, while also increasing its 2026 growth expectation for China by 0.3 percentage points to 4.5%. The report forecasts global economic growth of 3.3% for this year, with the US economy expected to grow by 2.4%.
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