China's 2025 economic report card was released on the 19th, revealing two significant and robust breakthroughs upon closer examination. The first is the GDP surpassing the 140 trillion yuan milestone. According to data from the National Bureau of Statistics, the preliminary accounting shows the annual gross domestic product reached 140,187.9 billion yuan, a 5.0% increase over the previous year calculated at constant prices. This 5% growth rate continues to place China among the top performers of major global economies, with the increment equivalent to the total output of a medium-sized economy. Taking a longer view, during the "14th Five-Year Plan" period, China's economic aggregate achieved "four consecutive leaps," successively surpassing new thresholds of 110 trillion, 120 trillion, 130 trillion, and 140 trillion yuan. Luo Zhiheng, Chief Economist and Dean of the Research Institute at Yuekai Securities, commented to Sanlihe that the 140 trillion yuan economic scale is not only an achievement for China's economy but also the foundation for addressing future risks and challenges and achieving further growth.
The second breakthrough is the total retail sales of consumer goods exceeding 50 trillion yuan. In 2025, the total retail sales of consumer goods reached 50,120.2 billion yuan, an increase of 3.7% compared to the previous year. On average, the daily spending exceeded 137.3 billion yuan; what does this figure represent? To put it vividly, if this money were exchanged for 100-yuan banknotes, the stacked height would surpass that of 15 Mount Everests. Consumption has demonstrated its value as the primary engine of the economy. In 2025, the contribution rate of final consumption expenditure to economic growth was 52.0%. Specifically, in the fourth quarter, the contribution rate of final consumption expenditure to economic growth was 52.9%. Luo Zhiheng believes that a series of coordinated policies for stabilizing growth and preventing risks, particularly more systematic measures to boost consumption, along with a macroeconomic governance philosophy increasingly focused on expanding domestic demand, have been instrumental. Policies such as childcare subsidies and free preschool education have gradually been implemented to reduce household burdens and increase willingness to consume, while the "trade-in" policy has provided tangible financial incentives to promote consumption, driving its stable growth.
Beyond these two major robust breakthroughs, China's economy also delivered several "world first" performances. For instance, in the automotive sector, both the production and sales of automobiles in China exceeded 34 million units in 2025, setting new historical records and maintaining the top global position for 17 consecutive years. The production and sales of new energy vehicles both surpassed 16 million units, securing the global lead for the 11th consecutive year. Behind these achievements lies China's continuously rising innovation capability. Data from the World Intellectual Property Organization shows that China's innovation index ranking entered the global top ten for the first time. China, with its increasingly "tech-savvy" demeanor, is showing the world a glimpse of the future. Furthermore, the total value of imports and exports for the year reached a record high, with China maintaining its position as the world's largest goods trading nation. Notably, exports grew against the trend by 6.1% despite external pressures. Luo Zhiheng stated that the strong competitiveness of Chinese products, coupled with the diversification of export markets and the upgrading of the export product structure, are key factors behind the sustained high growth rate of exports.
This report card represents both confidence and strength for China, and it holds global significance. At a time when global economic recovery remains sluggish, China's contribution to world economic growth is expected to reach around 30%. China provides "certainty" for the world economy through its own stability and becomes a "source of confidence" for the global economy through its continuous progress. The Wall Street Journal evaluated that China's strong economic growth in 2025 defied expectations that the U.S.-China trade war would weaken the world's second-largest economy. With the successful conclusion of the "14th Five-Year Plan," this report card is not only a summary of the past but also a starting point for the future. With a solid foundation and a clear direction, the next five years for China's economy are highly anticipated.
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