With its GDP surpassing 140 trillion yuan (RMB) in 2025, China's economic aggregate has successively crossed four major 10-trillion-yuan thresholds during the "14th Five-Year Plan" period. Behind this "four consecutive leaps" over five years, three prominent trends have emerged.
The economic foundation has become more solid, with enhanced resilience against risks. The 140 trillion-yuan figure corresponds to tangible productive capacity. China's grain output has stabilized above 1.4 trillion jin for two consecutive years, its manufacturing value-added has remained the world's largest for 16 years straight, the service sector's share of GDP rose to 57.7% in 2025, and it boasts the world's largest and most extensive network infrastructure. These multiple factors collectively form a robust buffer against external shocks. The vast domestic market, nurtured by China's huge population base, also creates significant comparative advantages. Characterized by massive demand, diverse tiers, and rich business models, the consumption gradient differences provide continuously expanding market depth, effectively cushioning against fluctuations in external demand. According to official statistics, China's total retail sales of consumer goods exceeded 50 trillion yuan for the full year of 2025. Final consumption expenditure contributed 52% to economic growth, an increase of 5 percentage points from the previous year, establishing itself as the primary driver and stabilizing anchor of economic growth. Looking ahead to the inaugural year of the "15th Five-Year Plan," Wen Bin, Chief Economist at China Minsheng Bank, stated that vigorously stimulating consumption and expanding domestic demand will be the focus of policy efforts. With consumer confidence gradually recovering, coupled with comprehensive policy support, the expansion of service consumption, and the release of new consumption momentum, domestic demand is expected to be continuously activated.
Development quality has improved, with a greater emphasis on innovation. Behind the "four consecutive leaps," the characteristics of "newness" have become more distinct. Over the past five years, China's new quality productive forces have steadily grown, its innovation index ranking entered the global top ten for the first time, the value-added of large-scale high-tech manufacturing achieved an average annual growth of 9.2%, and digital technologies like AI and 5G have flourished. The transition to cleaner, low-carbon energy supply has accelerated, and the market competitiveness of new energy products has continuously strengthened. A notable example is that beyond the "new three" products, an increasing number of Chinese goods are highlighting their "advanced" and "high-end" attributes. In 2025, the value-added of China's equipment manufacturing and high-tech manufacturing sectors accounted for 36.8% and 17.1% of the total value-added of large-scale industries, respectively. Exports of high-tech products increased by 13.2% year-on-year, contributing 2.4 percentage points to export growth. After crossing the 140 trillion-yuan milestone, Luo Zhiheng, Chief Economist and Dean of the Research Institute at Yuekai Securities, anticipates that the structure of China's economic growth drivers will continue to undergo significant changes in 2026, with the drag from old kinetic energy weakening and the pull from new kinetic energy strengthening. Within this shift, manufacturing investment will exhibit structural optimization, with capital expenditure in areas crucial for autonomous control, such as semiconductors and industrial machinery, maintaining relatively high growth rates. Infrastructure investment is expected to accelerate in the first year of the "15th Five-Year Plan," with a shift in focus towards new infrastructure represented by information and communication networks and major scientific and technological facilities.
More opportunities are being created, leading to broader cooperation space. The ever-expanding "pie" of the Chinese economy is now inviting the world to share in its benefits, reaching millions of households. Leveraging its comprehensive industrial system, China has played a "ballast" role in stabilizing global supply chains and injected a scarce element of certainty into a turbulent world economy. Throughout the "14th Five-Year Plan" period, China's average annual contribution to world economic growth was around 30%. More importantly, China remains a crucial source of global development opportunities. In 2025, China's goods imports reached a record 18.5 trillion yuan, providing vast market space for various countries. The continuous shortening of the negative list for foreign investment access and further optimization of entry policies have greatly facilitated personnel exchanges and economic cooperation. Statistics show that in 2025, 249 countries and regions engaged in trade with China. Among them, 14 had trade volumes exceeding one trillion yuan, 62 exceeded one hundred billion yuan, and 137 exceeded ten billion yuan. Zhou Mi, a researcher at the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, stated that this fully demonstrates China's role as a stabilizer and hub in global trade. By establishing trade ties with China, many countries can better leverage their comparative advantages and meet their development needs. In turn, the diversification of trade partner structures will also enhance the stability and resilience of China's own growth.
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