The annual GDP growth rate for 2025 has been set at 5%. On January 19th, the National Bureau of Statistics released the economic performance data for 2025. Preliminary calculations indicate that the annual Gross Domestic Product (GDP) reached 140,187.9 billion yuan, representing a 5.0% growth over the previous year when calculated at constant prices. Since the start of the "14th Five-Year Plan" period, China's GDP has successively surpassed the major thresholds of 110 trillion, 120 trillion, and 130 trillion yuan. The figure exceeding 140 trillion yuan this year signifies another substantial leap forward in the total size of the Chinese economy. The consecutive surpassing of key economic thresholds demonstrates the remarkable resilience of the Chinese economy and the effectiveness of its high-quality development. Simultaneously, this achievement lays a solid foundation for the commencement of the "15th Five-Year Plan" and long-term, high-quality development. Looking back from the new platform of 140 trillion yuan, this report card reflects not only quantitative growth but also qualitative improvement. It was attained against a backdrop of sluggish global economic recovery, intensifying geopolitical rivalry, and a complex and severe external environment, making it a truly hard-won accomplishment. Looking beyond the numbers at their underlying meaning, 140 trillion yuan is not merely a simple sum; it is a vivid footnote to the optimization of China's economic structure and the transformation of its growth drivers. Observing the trajectory of economic performance in 2025 reveals that the forces underpinning the 5.0% growth are undergoing profound changes. With the deepening of a new round of technological revolution and industrial transformation, the innovation-driven effect, represented by new quality productive forces, is becoming increasingly prominent. High-tech manufacturing and modern services maintained relatively rapid growth, the digital economy and the real economy became deeply integrated, and strategic emerging industries such as artificial intelligence, biomanufacturing, and commercial aerospace are evolving into new pillar industries. This indicates that the Chinese economy has moved beyond the extensive growth model of the past, which relied on factor inputs and scale expansion, and is steadily advancing towards an intensive development stage characterized by more advanced forms, more complex divisions of labor, and a more rational structure. While maintaining the expansion of the economic "bulk," greater emphasis has been placed on strengthening its "muscles" and solidifying its "physique." From the demand side, the vast hinterland of the domestic market remains the ballast stabilizing the Chinese economy against headwinds. Behind the 140 trillion yuan figure lies the continuous unleashing of the advantages of a supersized market. With the steady increase in residents' income levels and the continuous expansion of the middle-income group, the consumption structure is upgrading from subsistence-oriented to development-oriented and enjoyment-oriented. New consumption hotspots, such as service consumption, green consumption, and digital consumption, are emerging one after another, solidifying consumption's role as the primary engine of economic growth. Meanwhile, effective investment has also played a crucial role in underpinning and leading growth in key sectors. Whether it is the accelerated advancement of new infrastructure construction or the implementation of major livelihood projects, all have accumulated momentum for sustained economic growth. This coordinated effort from both supply and demand sides has solidified the dominant position of the domestic cycle and built a more secure and controllable economic depth. Of course, it must also be recognized that the new threshold of 140 trillion yuan is both a milestone and a new test. Currently, China's economic development still faces numerous difficulties and challenges. Externally, the rise of global trade protectionism and the prevalence of unilateralism have increased uncertainties in the external environment. Internally, issues such as insufficient effective demand, overcapacity in some industries, and weak social expectations persist, and blockages still exist within the domestic cycle. Achieving a medium-high growth rate of 5.0% on such a massive base means that the incremental output required for each percentage point of growth has increased exponentially in difficulty compared to just a few years ago. It is wise to take a long-term view. The 140 trillion yuan mark is a new starting point. Looking ahead, the Chinese economy retains ample confidence to "ride the wind and cleave the waves." This confidence stems from possessing the world's most complete industrial system, the most comprehensive supporting capabilities, and an increasingly complete infrastructure network. It also originates from having a vast human resource pool and increasingly abundant talent resources. More importantly, the dividends of comprehensive deepening reforms are continuously being released. With the accelerated construction of a high-level socialist market economy system, the deepening advancement of a unified national market, and the steady expansion of institutional opening-up, the vitality of market entities will be further stimulated, and societal creativity will further emerge. Standing at the new starting point of 140 trillion yuan, the logic of development is undergoing a profound transformation. The expansion of scale is no longer the sole metric; the enhancement of efficiency and the optimization of structure have become more critical considerations. Facing the future, the key lies in maintaining strategic resolve, transforming policy dividends into tangible developmental momentum, and using our own certainty to counter external uncertainties. As the world's second-largest economy, the stable operation of the Chinese economy is not only crucial for its own modernization process but also serves as a significant force for global economic recovery. In the new stage of development, as long as we adhere to the overarching principle of high-quality development, balance development and security, and persistently promote the effective qualitative enhancement and rational quantitative growth of the economy, the Chinese economy will possess a solid foundation for transcending cycles and advancing steadily and sustainably into the future.
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