The 2025 Weibo Finance Night and Beijing Finance Key Opinion Leaders Alliance Annual Conference was held in Beijing on January 15. Financial commentator and columnist Wu Qilun stated that the economy is never just about the fluctuations of numbers; it is the pulse of the times, the trajectory of people's lives, and the footsteps of a nation's progress.
Wu Qilun pointed out that evaluating a super-large economy hinges on its strategic resolve and inherent resilience in weathering storms. In 2025, amid a complex international environment and domestic transition pressures, China's economy demonstrated robust risk resistance and recovery capabilities. The annual GDP growth rate exceeded 5.2%, with the incremental output equivalent to the total annual output of a medium-sized economy, placing it among the top performers globally. The structure of growth drivers underwent a historic transformation, as the contribution rate of final consumption expenditure to economic growth climbed to 53.5%, solidifying the role of domestic demand as the primary engine. Continuously positive macro indicators underscore the foundation for development: the national urban unemployment rate stabilized within a reasonable range of 5.2%, while the year-on-year increase in core CPI expanded for consecutive periods, reflecting a moderate recovery in domestic demand. Foreign exchange reserves remained stable at $3.3 trillion, the RMB exchange rate held largely steady, and goods trade exports hit a record high for the same period, highlighting China's solid position within the global industrial chain. This series of achievements stems from a profound understanding of economic principles and precise macroeconomic policies. By coordinating policies for "Two Major Initiatives" and "Two New Areas," efforts have simultaneously stimulated immediate investment and consumption while focusing on medium- to long-term high-quality development, showcasing systemic wisdom that balances present needs with future goals. Technological and industrial transformation determines the future trajectory of the economy. Wu Qilun emphasized that in 2025, China historically entered the top ten of the Global Innovation Index, with the Shenzhen-Hong Kong-Guangzhou innovation cluster ranking first globally, marking a leap in the overall efficiency of the innovation system. A modern industrial system centered on "new quality productive forces" is accelerating its formation: the "New Three" – new energy vehicles, lithium batteries, and photovoltaic products – have consolidated their global competitive edge with persistently strong exports. Strategic emerging sectors like artificial intelligence, biomanufacturing, and commercial aerospace are rapidly expanding, with the "AI Plus" initiative driving technology integration across countless industries. A wave of technological transformation, characterized by "quality improvement, digital transformation, and network integration," is sweeping through traditional manufacturing. The value-added growth of high-tech manufacturing and equipment manufacturing significantly outpaced the overall industrial average, propelling the manufacturing sector up the global value chain. This industrial evolution represents a fundamental shift in the development model. China's economy is comprehensively transitioning from being driven by traditional factors to being powered by innovation, technology, and green development, laying a solid foundation for navigating global uncertainties and seizing the initiative in international competition. Looking ahead, Wu Qilun believes China's economic growth will be synergistically driven by the dual engines of its "super-large domestic market" and "high-standard opening up." Domestically, the fundamental role of internal demand in driving growth continues to strengthen. The state is implementing special campaigns to boost consumption and has, for the first time, introduced a plan to increase urban and rural residents' incomes, institutionalizing income growth measures. By strengthening the social safety net and bolstering household finances, China is continuously unleashing its unique domestic demand potential. Regarding opening up, China is entering a new stage of institutional openness, extending its dimensions from the flow of goods and factors to deeper levels like rules, regulations, management, and standards. By creating a first-class, market-oriented, law-based, and internationalized business environment and proactively aligning with high-standard international rules, China is integrating into the global economic system with greater confidence. It is participating in and leading the improvement of global governance structures, maintaining a powerful attraction for global resources even amidst uncertainties in cross-border capital flows. Wu Qilun stressed that promoting an optimistic narrative for China's economy is not a blind optimism that ignores challenges, but a rational confidence grounded in solid data, clear industrial logic, and scientific strategic planning. This confidence is rooted in the pioneering innovation of enterprises and the hard work of laborers, and it is shared by every participant in China's economic development. At the critical juncture as the 15th Five-Year Plan period approaches, only through unity of purpose among the government, the market, and enterprises, and by grasping the major trends of the era with wisdom, courage, and diligent action, can we jointly welcome a more brilliant spring of development for the Chinese economy.
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