During the 14th Five-Year Plan period, China's total economic output achieved four consecutive leaps, successively surpassing new thresholds of 110 trillion, 120 trillion, 130 trillion, and 140 trillion yuan. According to preliminary calculations, the country's Gross Domestic Product (GDP) in 2025 broke through the 140 trillion yuan mark for the first time, reaching 140.1879 trillion yuan, a year-on-year increase of 5.0%.
On January 19, the National Bureau of Statistics released the performance of the national economy for the year 2025. Kang Yi, Commissioner of the National Bureau of Statistics, summarized the economic development achievements of the past year with four keywords: "Stability, Progress, Innovation, and Resilience."
Stability was the prominent feature of the Chinese economy in 2025. By quarter, GDP grew 5.4% year-on-year in Q1, 5.2% in Q2, 4.8% in Q3, and 4.5% in Q4. By industry, the value-added of the primary industry was 9.3347 trillion yuan, up 3.9% from the previous 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%.
Globally, China's economic growth rate ranked among the top of major economies, serving as the most stable and reliable engine for global growth, with its contribution to world economic growth estimated to be around 30%.
Beyond GDP reaching a new level, China's industrial production remained stable and improved in 2025, with growth seen in most industries and products. The value-added of industrial enterprises above the designated size increased by 5.9% year-on-year, accelerating by 0.1 percentage points from the previous year. The value-added of the service sector was 80.8879 trillion yuan, growing 5.4%, contributing 3.0 percentage points to GDP growth and accounting for 61.4% of the contribution to national economic growth.
Grain output has stabilized above the 1.4 trillion jin (700 million tons) mark for two consecutive years. Goods trade reached a new record high, with China being a major trading partner for over 150 countries and regions. Total exports grew 3.8% year-on-year, and foreign exchange reserves exceeded $3.3 trillion.
Livelihood safeguards were strong and effective. The average surveyed urban unemployment rate was 5.2%, indicating overall stable employment. Per capita disposable income of residents increased by 5.0% in real terms, keeping pace with economic growth.
The stable and progressive economic performance in 2025 created favorable conditions for positive development. Since September, the core Consumer Price Index (CPI) year-on-year increase has remained above 1% for four consecutive months. In December, the Manufacturing Purchasing Managers' Index (PMI) returned to expansion territory, while flows of people, logistics, and information all maintained rapid growth momentum.
"Innovation" was another crucial keyword for 2025. "We are in a critical period of transitioning between old and new growth drivers. While growth in some traditional industries and sectors is indeed slowing, new drivers are accumulating strength, which helps counter downward pressure and enhance upward momentum."
In 2025, emerging industries and new consumption scenarios drove growth in industrial value-added and service retail sales. Research and development (R&D) expenditure intensity reached 2.8%, an increase of 0.11 percentage points from the previous year, surpassing the average level of OECD countries for the first time. Data from the World Intellectual Property Organization shows that China's innovation index ranking entered the global top ten for the first time.
In 2025, the value-added of equipment manufacturing and high-tech manufacturing industries above the designated size accounted for 36.8% and 17.1%, respectively, of the total value-added of industrial enterprises above the designated size. Emerging sectors such as high-end equipment, green energy, and smart manufacturing continued to see investment and capacity expansion. An average of 45,000 new energy vehicles rolled off production lines daily. The low-altitude economy "soared," and embodied intelligence demonstrated "agile thinking and skillful action." The output of civilian drones and industrial robots increased by 37.3% and 28% year-on-year, respectively. The number of smart factories grew steadily, and integrated applications of the industrial internet comprehensively covered 41 major industrial categories.
The main driver and stabilizing anchor of economic growth in 2025 was final consumption expenditure, which contributed 52% to economic growth, an increase of 5 percentage points from the previous year, highlighting the ballast role of consumption. Total retail sales of consumer goods for the year exceeded 50 trillion yuan, a year-on-year increase of 3.7%. Service retail sales grew 5.5% year-on-year. Service consumption expenditure accounted for 46.1% of per capita consumer spending. Policies and measures to expand service consumption accelerated their implementation, and new consumption scenarios continued to emerge. Retail sales in tourism consulting and leasing services, transportation services, and cultural, sports, and leisure services all maintained double-digit growth. The total domestic box office revenue increased by over 21.7% year-on-year. The silver economy, ice-and-snow economy, and first-release economy continued to gain traction, increasingly becoming new growth points for consumption.
The 14th Five-Year Plan period saw solid achievements in China's pursuit of high-quality development, with economic strength, technological prowess, and comprehensive national power all reaching new levels. Over the five-year period, the economic increment exceeded 36 trillion yuan, with an average annual economic growth rate of 5.4%, far exceeding the world average and continuing to lead major global economies.
Converted at the average annual exchange rate, China's per capita GDP rose from $10,632 in 2020 to $13,953 in 2025, having exceeded $13,000 for three consecutive years. The development of a unified national market advanced in depth, and the business environment continued to improve, with the market access negative list缩减至106项. The Third Plenum of the 20th Central Committee部署了 over 300 reform measures, and the Fourth Plenum also made部署 for further comprehensively deepening reforms, indicating continued advancement in the breadth and depth of reforms.
China's high-level opening-up continued to expand, with the Belt and Road Initiative deepening and solidifying. The construction of Pilot Free Trade Zones accelerated, restrictions on foreign investment access in the manufacturing sector were completely "lifted," and a new edition of the Catalogue of Industries Encouraging Foreign Investment was released, continuously enhancing the "substance" of institutional opening-up.
The major achievements made during the 14th Five-Year Plan period were hard-won, achieved while effectively responding to complex international situations, undergoing the pains of economic restructuring, industrial upgrading, and动能转换, and successfully overcoming various risks and challenges.
Looking ahead to the 15th Five-Year Plan period, China's development environment faces profound and complex changes. However, the fundamentals of China's long-term economic growth remain unchanged. The advantages of its institutional framework, market size, industrial system, and talent resources are becoming more pronounced. The momentum of innovation-driven development is strengthening, and reform and opening-up are advancing in depth, which will support China in achieving new results in high-quality development.
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