On January 19, the National Bureau of Statistics released data showing that in 2025, China's Gross Domestic Product (GDP) historically surpassed the 140 trillion yuan mark, reaching 140,187.9 billion yuan. Calculated at constant prices, this represents a 5.0% growth compared to the previous year. Amid a complex and volatile global economic environment, this report card not only successfully achieved the full-year economic growth target but also, with its resilience under pressure and high-quality composition, provided a successful conclusion to the "14th Five-Year Plan," demonstrating the solid foundation of a super-large economy and the strong momentum of high-quality development. The 5% growth rate and the 140 trillion yuan total reflect the Chinese economy's breakthrough against the odds amidst multiple challenges. In 2025, the external environment was complex and severe, with impacts from U.S. tariff hikes, ongoing geopolitical conflicts, intensified financial volatility, and a further rise in unilateralism and protectionism. Domestically, the economy faced deep-seated issues such as sluggish domestic demand and weak expectations, compounded by challenges like floods in some regions, putting operational pressure on the economy at times. In the face of these pressures, China adhered to precise policy measures, implemented more proactive and effective macroeconomic policies, and deepened the construction of a unified national market. Particularly since the third quarter of 2025, a series of growth-stabilizing measures have taken effect, promoting steady economic progress. Looking at the quarterly trend, the year-on-year growth rates for the four quarters of the year were 5.4%, 5.2%, 4.8%, and 4.5% respectively, demonstrating with tangible growth that the fundamental trend of long-term improvement in the Chinese economy remains unchanged. Compared to other major global economies, the 5% growth rate not only far exceeds that of developed economies but is also higher than the average level of emerging markets. China has become a "stabilizer" and "power source" for global economic recovery, with its contribution to world economic growth consistently remaining around 30%. The true value of this achievement is further reflected in the structural upgrading towards "innovation and excellence." The driving forces of economic growth continue to optimize, with innovation-driven development and industrial upgrading becoming the core engines. In 2025, the value-added of high-tech manufacturing above the designated size grew by 9.4%, and that of equipment manufacturing grew by 9.2%, with growth rates 3.5 and 3.3 percentage points faster than the overall industrial average, respectively. The output of 3D printing equipment, industrial robots, and new energy vehicles increased by 52.5%, 28.0%, and 25.1% respectively, showing significant results in cultivating new quality productive forces. The structure of investment and exports was simultaneously optimized. Investment in information services and in the manufacturing of aircraft, spacecraft, and related equipment grew by 28.4% and 16.9% respectively, making high-tech sector investment a key support for stabilizing growth. The total value of goods imports and exports reached 45,468.7 billion yuan, a year-on-year increase of 3.8%, with the export growth rate of high-tech products significantly higher than the overall level. The proportion of imports and exports from the private economy continued to increase, highlighting the resilience and vitality of the open economy. The consumer market also showcased numerous bright spots. Online retail sales of physical goods accounted for 26.1% of the total retail sales of consumer goods. Consumption of digital, green, and smart products grew rapidly, while retail sales in service sectors such as culture, sports, leisure, and tourism consulting maintained double-digit growth, continuously strengthening consumption's fundamental role in economic growth. The continuous improvement in people's livelihoods adds a sense of warmth to the 140 trillion yuan GDP. Multiple livelihood targets set in the "14th Five-Year Plan" were achieved ahead of schedule and exceeded. In 2025, the national average surveyed urban unemployment rate remained stable at 5.2%, and the total number of migrant workers reached 301.15 million, indicating an overall stable employment situation. The per capita disposable income of residents was 43,377 yuan, with a real growth of 5.0% after adjusting for price factors. The real income growth of rural residents was 6.0%, 1.8 percentage points faster than that of urban residents, leading to a continued narrowing of the urban-rural income gap. The social safety net has been woven increasingly tighter, with the basic pension insurance participation rate stable at over 95%, establishing the world's largest social security system. Educational and medical resources have been continuously optimized, with the number of practicing (assistant) physicians and registered nurses per thousand people exceeding the targets of the "14th Five-Year Plan." The sense of gain and happiness among the people has become the most vivid footnote to economic development. From smart agricultural machinery cultivating fields in rural areas to 5G base stations connecting everything in cities, from the convenience and efficiency of medical insurance reimbursements to the continuous improvement of the ecological environment, the fruits of the 140 trillion yuan GDP growth are tangibly benefiting millions of households. The crossing of the 140 trillion yuan GDP threshold is not an endpoint but a new starting point. Standing at the historical intersection of the "14th Five-Year Plan" and the "15th Five-Year Plan," with the accelerated development of new quality productive forces, the continuous advancement of high-level opening up, and the ongoing improvement in livelihood security, the Chinese economy is poised to continue advancing on the path of high-quality development. This concluding report card for the "14th Five-Year Plan" period not only consolidates confidence and strength but also lays a solid foundation for a good start to the "15th Five-Year Plan." It allows the world to see China's ability and confidence in creating certainty amidst uncertainty and fills hundreds of millions of people with new expectations for future development.
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