On January 19, the National Bureau of Statistics detailed the performance of the national economy in 2025, unveiling China's economic report card: the gross domestic product (GDP) surpassed the 140 trillion yuan mark for the first time, growing by 5.0% compared to the previous year.
Kang Yi, Commissioner of the National Bureau of Statistics, summarized the past year's economic performance with four descriptors: "stable, progressive, innovative, and resilient." He stated, "For an economy of our massive scale, achieving stable development amid intertwined risks and challenges is no small feat."
Industry experts believe that breaking the 140 trillion yuan GDP threshold signifies a solid step forward for China in its goal of basically realizing socialist modernization. Over recent years, global economic growth has faced significant challenges; yet, China, as a major economy, has maintained its footing and achieved steady growth. A GDP exceeding 140 trillion yuan also demonstrates the resilience and potential of the Chinese economy to the world.
How was the 5.0% GDP growth rate achieved? Overcoming obstacles, new quality productive forces emerged as a powerful driver of economic growth. According to preliminary calculations by the National Bureau of Statistics, the annual GDP exceeded 140 trillion yuan for the first time. Specifically, in 2025, the contributions of final consumption expenditure, capital formation, and net exports of goods and services to economic growth were 52.0%, 15.3%, and 32.7%, respectively.
"Last year, China's GDP grew by 5.0%, successfully meeting the pre-set annual economic growth target. Of course, this process was not straightforward," Dong Yu, Executive Vice President of the China Institute for Development Planning at Tsinghua University and Vice President of the China Society of Private Economy, commented. Starting from the second quarter of 2025, China encountered some unexpected situations, such as external tariff pressures, while domestic contradictions like strong supply and weak demand became increasingly prominent. It can be said that last year's 5.0% GDP growth was achieved while navigating pressures and overcoming hurdles.
Luo Zhiheng, Chief Economist and Dean of the Research Institute at Yuekai Securities, stated that the Chinese economy maintained considerable resilience in 2025, with the total economic output breaking the 140 trillion yuan barrier for the first time. "This resilience stems mainly from two aspects: on one hand, the strong competitiveness of Chinese products and the diversification of export markets, with exports sustaining relatively high growth driven by upgrades in the export product structure; on the other hand, a series of coordinated policies aimed at stabilizing growth and preventing risks, particularly the more systematic measures to boost consumption, which helped maintain a good consumption growth rate."
Data from the National Bureau of Statistics shows that in 2025, China's total goods import and export volume reached approximately 45.47 trillion yuan, a record high. Exports were about 26.99 trillion yuan, growing by 6.1%. Meanwhile, total retail sales of consumer goods surpassed 50 trillion yuan, with final consumption expenditure contributing 52% to economic growth, an increase of 5 percentage points from the previous year.
More notably, new quality productive forces have become a strong engine driving China's economic growth, with both hard and soft power seeing significant improvements. In 2025, China became the first country in the world to possess over 5 million domestic valid invention patents. PCT international patent applications ranked first globally for six consecutive years, and the reserve of high-value patents in key core technology areas continued to strengthen. During the same period, the value-added of large-scale equipment manufacturing and high-tech manufacturing accounted for 36.8% and 17.1% of the total value-added of large-scale industrial enterprises, respectively. The output of civilian drones and industrial robots increased by 37.3% and 28% year-on-year, respectively. The annual production and sales of new energy vehicles both exceeded 16 million units.
What is the quality behind the 140 trillion yuan? "Stable, progressive, innovative, and resilient" describes a growth rate with substance and genuine value. China's GDP reaching the new milestone of 140 trillion yuan is not merely a quantitative increase but a comprehensive upgrade involving structural improvement, enhanced quality and efficiency, and new growth drivers.
At the press conference on January 19, Kang Yi summarized China's economic achievements over the past year with the four words: "stable, progressive, innovative, and resilient." Firstly, the "stable" foundation was consolidated. In 2025, the average surveyed urban unemployment rate was 5.2%, employment remained generally stable, goods trade reached a new high, and foreign exchange reserves exceeded 3.3 trillion US dollars.
Secondly, the "progressive" strides became more forceful. In 2025, the value-added of large-scale high-tech manufacturing as a proportion of total large-scale industrial value-added rose to 17.1%, and final consumption expenditure contributed over half to economic growth. Livelihood safeguards were effective, with per capita disposable income for residents growing 5.0% in real terms, keeping pace with economic growth.
Furthermore, "innovative" drivers were cultivated and strengthened. In 2025, China's R&D expenditure intensity reached 2.8%, an increase of 0.11 percentage points from the previous year, exceeding 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.
Finally, the "resilient" characteristic became increasingly prominent. Globally, China's economic growth rate ranked among the top of major economies, making it the most stable and reliable source of growth for the global economy, with its contribution to world economic growth estimated at around 30%.
"Looking beyond the total figure at the structure, the characteristics of China's economy moving towards innovation and quality are evident. For instance, the manufacturing structure continues to optimize, with high-tech manufacturing maintaining good growth rates; modern services are developing well; there are positive adjustments in consumption structure, such as sustained growth in service consumption; and trade structure is upgrading, with China's foreign trade 'circle of friends' continuously expanding," Dong Yu stated. This indicates that the 140 trillion yuan achievement is built upon a continuously optimizing economic structure—it is a 140 trillion yuan of high-quality development.
Liu Chunsheng, Associate Professor at the Central University of Finance and Economics, also believes that China's 5% economic growth in 2025 was not achieved through extensive expansion. The contributions from new quality productive forces like high-tech manufacturing and the digital economy were particularly outstanding, making this a substantial and valuable growth rate.
What is the current status of this economic scale globally? It provides confidence in facing risks and challenges and represents a major contribution to global economic growth stability. The year 2025 marked the conclusion of the 14th Five-Year Plan. Its economic results not only concern the successful achievement of the plan's targets but also set the starting point for the next phase of high-quality economic development. China's total economic output reaching the new level of 140 trillion yuan carries far greater significance than the number itself.
"Such a large economic scale corresponds to tangible productive capacity. China's grain output has stabilized above 1.4 trillion jin for two consecutive years, the value-added of manufacturing has ranked first in the world for 16 straight years, the share of service sector value-added in GDP has risen to 57.7%, and we have the world's largest and most extensive network infrastructure. These form a solid foundation and strong support for us to withstand risks and progress steadily," Kang Yi stated at the press conference.
Dong Yu believes that a GDP exceeding 140 trillion yuan translates to a per capita GDP of approximately $14,000, representing significant progress compared to the beginning of the 14th Five-Year Plan period. This means China has taken a solid step towards its goal of basically realizing socialist modernization. Globally, as China's total GDP continues to rise, its share in the global economy has also increased, which is a strong reflection of the enhancement of China's comprehensive strength.
"China's GDP breaking 140 trillion yuan in 2025 marks a new level for the total economic output, and per capita GDP is also moving further towards the ranks of high-income countries. Behind the increase in total volume is the continuous optimization of China's industrial structure—the tertiary sector, emerging industries, and export performance are all very impressive, while the green economy is advancing simultaneously. China remains a stabilizer for world economic growth," Liu Chunsheng stated.
Luo Zhiheng candidly remarked that the 140 trillion yuan economic scale is not only an achievement of China's economy but also the foundation for facing future risks, challenges, and further growth. A major economy must possess a considerable scale economy, with strategic depth and vast space, to cope with various domestic and international risks and challenges. The 140 trillion yuan economic scale and stable growth rate themselves constitute a major contribution to the stability of global economic growth.
How to achieve the next 10 trillion yuan of GDP? There is a consensus on seeking growth and quality from new drivers like new quality productive forces. The year 2026 is the inaugural year of the 15th Five-Year Plan, placing China's development at a new starting point. In the new year, the external environment still faces numerous challenges. According to the latest IMF forecasts, global economic growth will be 3.2% in 2025, moderating to 3.1% in 2026. The World Trade Organization has even warned that global merchandise trade volume growth could plummet to 0.5% in 2026, nearly stagnating.
For 2026, it has become a consensus among industry experts that China's economy must seek growth rates and quality from new kinetic energies like new quality productive forces.
"China's economic growth has not only increased in total volume but also in its 'innovative' content—for example, new industrial structures, new consumption patterns, and new trade structures—achieving genuine high-quality development," Dong Yu stated. The next step involves China's GDP advancing towards the 150 trillion yuan mark. If the current growth rate is maintained, this goal will be achieved soon. The Chinese economy must consistently seek growth from new kinetic energies and further pursue the path of high-quality development.
Luo Zhiheng also believes that the next 10 trillion yuan of GDP will primarily rely on new quality productive forces from the industrial perspective. This implies an economic transformation from old to new drivers, enhanced scientific and technological strength, and deeper integration of technological innovation and industrial innovation. From the demand side, it will mainly depend on domestic demand, especially consumption, indicating stronger endogenous economic momentum, stability, and resilience.
"The growth momentum for the next 10 trillion yuan of GDP will mainly originate from several new growth engines: first, strategic emerging industries and future industries led by new quality productive forces, including eight major emerging industries and nine future industries; second, the expansion and quality improvement in areas like service consumption and green consumption; third, the high-end, intelligent, green, and digital transformation and upgrading of traditional manufacturing, which is already very significant; and fourth, effective investment in areas like new infrastructure and urban renewal," Liu Chunsheng stated.
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