On January 22, the latest annual data for the "CCTV Finance China Financial Index" and the "CCTV Finance Financial Street Economic Climate Index" were released. What new changes in China's economic development can be observed through this data? Experts provided analysis and interpretation.
The "CCTV Finance China Financial Index," as the first domestic index reflecting the real-time situation of China's financial operations, recorded an annual average of 136.3 points for 2025, an increase of 10.4% year-on-year. The index outperformed the same period of the previous year for all twelve months, with six months in an expansion phase, indicating that China's financial market achieved a milestone leap in 2025, with market vitality fully unleashed.
Within this, the stock market performed remarkably during the year, with ETF assets surpassing 6 trillion yuan. Direct financing increased, accounting for over half of the total social financing increment. Zhang Huaxi, Associate Professor at the School of Finance, Nankai University, stated that the sustained monthly year-on-year advantage throughout the year strongly confirms the process of the market's steady return.
The growth in ETFs and direct financing during the year demonstrates the full play of the capital market's "ballast" role, achieving a qualitative breakthrough in the financing structure by shifting from "virtual to real." Simultaneously, RMB assets demonstrated strong global appeal, and coupled with record-high import and export volumes, further solidified the resilience of the financial system.
As credit funds precisely support new quality productive forces, China's financial system is laying a solid foundation for the next stage of high-quality development through risk repricing.
The "CCTV Finance Financial Street Economic Climate Index," the first domestic index showcasing China's economic climate from a financial perspective, recorded an annual reading of 100.59 points for 2025, indicating stable and improving market expectations and an accelerating upgrade of the Chinese economy.
Throughout 2025, China's total goods import and export volume increased by 3.8% year-on-year, with exports growing by 6.1%. China's manufacturing sector achieved both "volume growth and quality improvement" during the year, with the value-added of manufacturing accounting for nearly 30% of the global share, and the scale of manufacturing is expected to remain the world's largest for the 16th consecutive year.
Fu Lin, Vice Dean of the School of Economics at the Central University of Finance and Economics, stated that the performance of industrial optimization and upgrading is very impressive, with the localization rates of precision instruments and high-end equipment continuously increasing, and the manufacturing sector truly achieving "stable volume and improved quality."
The service sector contributed over 60% to national economic growth, and the competitiveness of the Chinese economy has accelerated its shift from past cost advantages to quality advantages. In 2025, Chinese manufacturing continued to move up the global value chain, with over 60% of exported products being mechanical and electrical products.
Another highlight was that industrial robots achieved a net export status for the first time. Looking ahead to 2026, industrial optimization and upgrading, the deep integration of the digital economy and the real economy, high-level institutional openness, and global layout strategies will jointly support the new drivers for China's high-quality development.
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