China’s GDP expands 5% to hit 140-trillion-yuan mark in 2025, meeting growth target despite serious headwinds
2025年，中国GDP增长5%，突破140万亿元大关；尽管面临重重阻力，仍如期实现增长目标
A worker operates in the production workshop of China Construction Equipment & Engineering Co in Nanjing of East China's Jiangsu Province on January 19, 2026. Photo: VCGChina's GDP grew at 5 percent year-on-year to 140.19 trillion yuan ($20.13 trillion) in 2025, data from the National Bureau of Statistics (NBS) showed on Monday, meeting the annual growth target of around 5 percent and surpassing the 140-trillion-yuan threshold for the first time.
2026年1月19日，在江苏省南京市，中建装备工程有限公司的工人在生产车间内作业。图片来源：视觉中国 国家统计局于周一公布的数据显示，2025年中国GDP同比增长5%，达到140.19万亿元人民币（约合20.13万亿美元），实现了约5%左右的年度增长目标，并首次突破140万亿元大关。
Observers said the upbeat data underscored the resilience and vitality of the world's second-largest economy despite multiple downward pressures. They added that such growth momentum will continue to position China as a beacon of stability and the locomotive of the world economy.
观察人士表示，这一乐观数据凸显出，尽管面临多重下行压力，全球第二大经济体依然强劲韧性和活力。他们还补充指出，这一增长势头将继续使中国成为世界经济稳定的灯塔和增长引擎。
While the data represents a resounding success to the conclusion of China's 14th Five-Year Plan (2021-25) period, it also lays a solid foundation for a head start this year - also the opening year of China's 15th Five-Year Plan (2026-30), analysts said, noting that China's economic strength will give the country and the global community greater confidence to navigate an increasingly complex, volatile geopolitical environment and rising waves of trade protectionism in the years to come.
分析人员指出，这些数据不仅仅代表着中国“十四五”规划（2021-25）时期的巨大成功，同时也为今年——即中国“十五五”规划（2026-2030年）的良好开局奠定了坚实的基础。他们表示，中国的经济实力将为中国及国际社会在未来应对日趋负责动荡的地缘政治环境、不断抬头的贸易保护主义浪潮，提供更强信心。
The economy in the 14th Five-Year Plan period was marked by four consecutive leaps - surpassing 110 trillion yuan, 120 trillion yuan, 130 trillion yuan, and 140 trillion yuan, Kang Yi, head of NBS, said at a press briefing of the State Council Information Office on Monday on the release of the economic data for 2025.
国家统计局局长康义于周一国务院新闻办公室举行的2025年国际经济运行情况新闻发布会上表示，“十四五”期间，中国经济接连实现四次飞跃——GDP先后突破110万亿元、120万亿元、130万亿元和140万亿元大关。
The economy expanded 4.5 percent year-on-year in the fourth quarter last year, data from the NBS showed, easing from 4.8 percent in the third quarter, following 5.2 percent in the second quarter and 5.4 percent in the first quarter.
国家统计局的数据显示，去年第四季度中国经济同比增长4.5%，增速较第三季度的4.8%有所放缓；此前第二季度增长5.2%，第一季度的5.4%。
When asked to comment on China's economic performance last year, Kang used four keywords: "stable, progressive, innovative, and resilient."
当被问及对去年中国经济运行情况的评价时，康义给出了几个关键词：稳中有进、创新驱动、韧性强劲。
"China's economy has continued to demonstrate strong resilience, navigating instability while achieving both quantitative leaps and qualitative improvements," said Kang, noting that the country is projected to contribute around 30 percent to global economic growth, serving as a stabilizer for world supply chains.
康义表示：“中国经济持续表现出强大韧性，在应对不稳定因素的同时，实现了量的飞跃和质的提升”他指出，预计中国将对全球经济增长贡献约30%的份额，成为世界供应链的稳定器。
Yao Jingyuan, a special researcher of the Counselor's Office of the State Council, told the Global Times on Monday that achieving 5-percent GDP growth and crossing the output milestone of 140 trillion yuan marks the successful completion of the goals listed in the 14th Five-Year Plan (2021-25). Meanwhile, the robust figures have laid a crucial foundation for a strong start to the 15th Five-Year Plan (2026-30) and for resolutely marching toward China's second centenary goal.
国务院参事室特约研究员姚景源于周一接受《环球时报》采访时表示，实现5%的GDP增速并突破140万亿元经济总量这一里程碑，标志着“十四五”规划（2021-25）中列出的目标顺利完成。同时，这一亮眼数据为“十五五”规划（2026-30）开好局、起好步，并为中国向第二个百年奋斗目标坚定迈进奠定了重要基础。
'Unprecedented' challenges
史无前例的挑战
Based on the Global Times' calculation, the 5-percent increase in China's GDP also translates to a net growth of 5.38 trillion yuan ($771.73 billion) in economic volume last year, which is more than the entire GDP of Belgium of $671.37 billion in 2024 by World Bank metric.
据《环球时报》测算，中国GDP增长5%，也意味着去年经济总量净增5.38万亿元人民币（约合7717.3亿美元），这一比例超过了按世界银行口径计算的比利时2024年全年GDP 6713.7亿美元。
Yao said the transcript is by no means easy, as 2025 was an "extraordinary year" during which the internal and external challenges facing the Chinese economy were unprecedented in both scale and intensity.
姚景源表示，这份成绩单来之不易，因为2025年是“极不平凡的一年”，中国经济面临的内外挑战在规模和强度上均前所未有。
"Externally, trade protectionism has been on the rise, and de-globalization trends have reemerged. In particular, there have been renewed attempts to contain and suppress China's development, with the US wielding the tariff stick once again. Internally, China has been dealing with pressures from insufficient demand, an imbalance between supply and demand, as well as the pains associated with economic transformation and upgrading," Yao said.
姚景源表示：“从外部看，贸易保护主义抬头，逆全球化思潮再度抬头。特别是遏制打压中国发展的图谋卷土重来，美国再次挥舞起关税大棒。从内部看，中国面临应对需求不足、供需失衡的压力，以及经济转型升级的阵痛。”
The resilient economic fundamentals, which vividly demonstrated throughout last year's development trajectory, will provide greater policy maneuver and inspire stronger confidence for a robust start in implementing the 15th Five-Year Plan (2026-2030) in 2026, analysts said.
分析人士表示，在去年全年发展历程中得到生动体现的稳健经济基本面，将为2026年实施“十五五”规划（2026-2030年）的顺利开局提供更大的政策回旋余地，并激发更强的信心。
Tian Yun, a Beijing-based economist, told the Global Times on Monday that the standout developments in new growth drivers last year closely align with the priorities of the 15th Five-Year Plan (2026-30), which places strong emphasis on achieving greater self-reliance and strength in science and technology and steering the development of new quality productive forces.
北京经济学家田云于周一接受《环球时报》采访时表示，去年新增长动力的两眼发展与“十五五”规划（2026-30年）的重点方向高度契合。该规划强调实现更高水平的科技自立自强，并大力推动新质生产力的发展。
"So, 2025 served as a critical bridge in deepening this strategic layout," he added.
他补充表示：“因此，2025年是深化这一战略布局的关键衔接之年”
In the next five years, China is expected to play a greater and more indispensable global role in the face of fragmented global supply chain, intensifying global tech race and rising geopolitical tensions, analysts noted.
分析人士指出，在未来五年，面对全球供应链碎片化、全球科技竞争加剧以及地缘政治紧张局势加剧，中国有望在全球舞台上发挥更为重要且不可或缺的作用。
"The resilient and stable growth logged by the Chinese economy has provided a crucial safeguard for the sustainable development of the world economy. On the other hand, China stands today as the world's most stable supply chain base and the primary production hub for industrial goods. And this position will become more evident in the years to come," Tian said.
田云表示：“中国经济的韧性和稳定增长为世界经济的可持续发展提供了重要保障。另一方面，中国如今已成为全球最稳定的供应链基地和主要工业品生产中心。这一地位在未来几年将更加明显。”
According to Yao, China's 5-percent growth rate clearly places the country at the forefront among the world's major economies. An IMF report released on Monday forecasted that global growth will hover around 3.3 percent in 2025.
姚景源认为，中国5%的经济增速，使其稳居世界主要经济体前列。国际货币基金组织于周一发布的报告预测，2025年全球经济增长将徘徊在3.3%左右。
The economic expansion of the world's second-largest economy has also caught the limelight of global mainstream media outlets. A Guardian article cited an economist as saying that "navigating a fraught geopolitical landscape remained a 'major wildcard,' but that China's economy should continue to grow through 2026." The Associated Press said in a report that China's economy expanded at a 5 percent annual pace in 2025, buoyed by strong exports despite US tariffs.
世界第二大经济体的经济增长也受到了全球主流媒体的高度关注。《卫报》的一篇文章援引一位经济学家的话称，“在充满风险的地缘政治环境中前行仍是一大‘主要变数’，但中国经济在2026年有望继续增长。”美联社在一篇报道中称，尽管面临美国加征关税，中国经济仍靠强劲出口，在2025年实现了5%的年度增速。
Economic highlights
经济发展亮点
In 2025, China's value-added industrial output rose by 5.9 percent compared to the same period in 2024, while fixed-asset investment declined by 3.8 percent year-on-year, NBS data showed. China's retail sales of consumer goods jumped 3.7 percent year-on-year last year.
国家统计局数据显示，2025年中国规模以上工业增加值同比增长5.9%，固定资产投资同比下降3.8%。全年社会消费品零售总额同比增长3.7%。
Hu Qimu, deputy secretary-general of Forum 50 for Digital-Real Economies Integration, highlighted the development of such industries as high-tech and advanced manufacturing, which shows that the development of China's new quality productive forces has been gearing up and become a prominent driver of the economy in 2025.
中国数实融合50人论坛副秘书长胡麒牧指出，高新技术、先进制造业等产业的发展表面，中国新质生产力发展已全面提速，并成为2025年经济增长的重要驱动力。
Last year, the value added of high-tech manufacturing grew by 9.4 percent year-on-year, outpacing overall growth rate by 3.5 percentage points. The output of industrial robots increased by 28 percent, and new energy vehicles rose by 25.1 percent, data from NBS showed.
国家统计局数据显示，去年高技术制造业增加值同比增长9.4%，增速快于整体工业3.5个百分点。工业机器人产量增长28%，新能源汽车产量增长25.1%。
In the fourth quarter, China's growth in retail sales also stabilized, boosted by a slew of measures that stimulated consumer demand as well as the vibrant spending during the eight-day National Day and Mid-Autumn Festival holidays, analysts said.
分析人士表示，在一系列刺激消费需求政策以及国庆中秋8天长假旺盛消费的带动下，去年第四季度中国社会消费品零售总额增速企稳回升。
Tian pointed out that the consumer demand has gotten off a good start this year, with notable release of consumer demands during the New Year's Day holidays, and is expected to continue rising steadily through the upcoming Spring Festival holidays.
田云指出，今年消费需求实现良好开局，元旦假期消费需求释放显著，预计在即将到来的春节假期期间仍将继续稳步回升。
Since the beginning of 2026, Chinese authorities have released a bunch of initiatives that aim at spurring consumption and expanding domestic demand, which analysts believe are set to "create favorable conditions for a promising start" in 2026.
自2026年初以来，中国当局发布了一系列旨在刺激消费和扩大内需的举措，分析人士认为这些举措将为2026年的良好开局创造有利条件。
"Those are clear signals delivered to the market that the Chinese government will act proactively and front-load its efforts. It is forecasted that more targeted measures will be followed to address persisting economic challenges, which will all help to bolster market confidence and enhance overall social expectation this year," Hu said.
胡麒牧说：“这些都是向市场发出的明确信号，表明中国政府将积极采取行动，提前发力。预计后续还将出台更有针对性的措施来应对持续存在的经济挑战。这些都将有助于提振市场信心，并提高今年的整体社会预期。”
A number of economists and global financial institutions are confident on China's economic prospects.
多位经济学家和全球金融机构对中国经济前景充满信心。
The IMF report released on Monday has revised the growth forecast for China upward by 0.3 percentage point to 4.5 percent, "reflecting the lower US effective tariff rates on Chinese goods as a result of the yearlong trade truce agreed to in November and stimulus measures that are assumed to be implemented over two years."
国际货币基金组织于周一发布的报告将中国的增长预测上调了0.3个百分点至4.5%，原因是“去年11月达成的为期一年的贸易休战和刺激措施使美国对华商品实际关税税率降低。”
Chinese economy is projected by Goldman Sachs Research to grow by 4.8 percent in 2026 as exports increase and the downward pressure from a slowing property market lessens, according to a report the US investment bank released on its website.
根据美国投资银行在其官网上发布的报告表示，高盛研究部预测，随着出口增加和房地产市场放缓带来的下行压力减轻，中国经济将在2026年增长4.8%。
The country is expected to set its growth target in March at the annual "two sessions."
预计中国将在3月召开的全国“两会”上设定经济增长目标。
