The year 2025 marked the conclusion of the 14th Five-Year Plan, with China's economy operating steadily overall and its development shifting towards new and superior qualities. The nation's economic aggregate reached a new level, successfully achieving the full-year growth target. Preliminary calculations indicate that in 2025, China's Gross Domestic Product (GDP) surpassed 140 trillion yuan for the first time, reaching 140.1879 trillion yuan, representing a year-on-year growth of 5.0% calculated at constant prices. In the fourth quarter, China's GDP was 38.7911 trillion yuan, a year-on-year increase of 4.5% at constant prices. On a quarterly basis, after seasonal adjustment, the quarter-on-quarter GDP growth rates for 2025 were 1.2%, 1.0%, 1.1%, and 1.2%, respectively, indicating a stable economic performance.
Industrial and agricultural production showed favorable conditions, with the service sector playing a notably significant supporting role. In 2025, production and supply across various industries demonstrated steady improvement. Agricultural production increased steadily, with the nation achieving a bumper grain harvest and stable livestock production capacity. The added value of agriculture, forestry, animal husbandry, and fishery grew by 4.1% compared to the previous year, contributing 0.3 percentage points to economic growth. Industrial growth was relatively rapid, with its added value increasing by 5.8% year-on-year, contributing 1.7 percentage points to economic growth. Policies aimed at boosting consumption proved effective, leading to an increase in the volume and quality of goods consumption, while service consumption demand, such as for transportation and travel, continued to be released. In the fourth quarter, industrial growth remained stable, with added value up 5.0% year-on-year, contributing 1.5 percentage points to economic growth.
Domestic demand continued to be released, and the resilience of foreign trade was consistently evident. Consumer demand grew steadily. In 2025, the contribution rate of final consumption expenditure to economic growth was 52.0%. Specifically, in the fourth quarter, the contribution rate of final consumption expenditure to economic growth was 52.9%. The investment structure continued to optimize. For 2025, the contribution rate of gross capital formation to economic growth was 15.3%. In the fourth quarter, the contribution rate of gross capital formation to economic growth was 16.0%. Net exports demonstrated strong resilience. In 2025, the contribution rate of net exports of goods and services to economic growth was 32.7%. In the fourth quarter, the contribution rate of net exports of goods and services to economic growth was 31.1%.
New quality productive forces grew and strengthened, steadily advancing high-quality development. The digital economy exhibited strong momentum. From January to November 2025, the operating revenue of large-scale enterprises in information transmission, software, and information technology services increased by 11.9% year-on-year, which was 4.1 percentage points higher than that of large-scale service enterprises. In 2025, online retail sales of physical goods grew by 5.2% compared to the previous year, 1.5 percentage points higher than the total retail sales of consumer goods, accounting for 26.1% of the total. Scientific and technological innovation led industrial upgrading. In 2025, the added value of large-scale equipment manufacturing and large-scale high-tech manufacturing increased by 9.2% and 9.4% year-on-year, respectively, which was 3.3 and 3.5 percentage points higher than that of all large-scale industrial enterprises. Enterprises increased equipment purchases, driving industrial renovation and upgrading. Investment in equipment, tools, and器具购置 increased by 11.8% compared to the previous year, 15.6 percentage points higher than the growth rate of total fixed asset investment. The supply of high-tech services was optimized and enhanced. From January to November 2025, the operating revenue of large-scale high-tech service enterprises increased by 8.6% year-on-year, 0.8 percentage points higher than that of large-scale service enterprises. In 2025, investment in high-tech services grew by 3.5% year-on-year, 7.3 percentage points higher than the growth rate of total fixed asset investment.
Comments