People's Financial Review: 5.0% growth, solid starting point for the start of the 15th Five Year Plan

In 2025, the national economy will move forward under pressure, move towards innovation and excellence, and achieve new results in high-quality development. Preliminary calculations show that the annual gross domestic product was 1.401879 trillion yuan, an increase of 5.0% over the previous year. The 14th Five Year Plan has come to a successful conclusion, demonstrating the stability and vitality of a super large economy with tangible development achievements.

The total economic output continues to reach new heights, providing important support for stable development. The total GDP of 140 trillion yuan means that the material foundation of China's economic development is becoming increasingly strong. As the world's second-largest economy, such a breakthrough in scale is not an easy task amidst the complex and ever-changing international environment and the pains of domestic transformation. China's manufacturing industry has consistently ranked first in the world in terms of added value for 16 consecutive years. In 2025, the added value of industrial enterprises above designated size increased by 5.8% year-on-year, with the manufacturing industry growing by 6.1%, providing core support for the stable growth of the overall economy; The total grain output reached 714.88 million tons, and the production of pigs, cows, sheep, and poultry meat exceeded 100 million tons for the first time. The stability of the basic livelihood has made the economic operation more resilient.

The macroeconomic situation has further consolidated the foundation of 'stability'. The growth rate of 5.0% confirms the scientific and effective nature of China's macroeconomic regulation. By implementing measures such as "dual construction" and exchanging old for new consumer goods, we aim to hedge against downward pressure and maintain economic operations within a reasonable range; The overall employment situation is stable, with an average urban survey unemployment rate of 5.2% for the whole year. The solid foundation of people's livelihoods has injected deep public confidence into economic stability; The overall price level is stable, the core CPI has moderately rebounded, the manufacturing purchasing managers' index returned to the expansion range in December, and enterprise expectations continue to improve... Various positive factors continue to accumulate, jointly building a safety net for stable economic operation.

The continuous optimization and upgrading of industrial structure is an important driving force for economic growth. The continuous improvement of high-quality development and the optimization of industrial structure have become the most distinctive features. The added value of high-tech manufacturing industry increased by 9.4% year-on-year, with a growth rate 3.5 percentage points faster than that of industries above designated size, and the proportion increased to 17.1%. The output of new products such as 3D printing equipment and industrial robots grew rapidly, and the emergence of new quality productivity accelerated. The added value of equipment manufacturing industry increased by 9.2%, the output of new energy vehicles exceeded 16 million, and the green industry flourished. The industry's "green" and "smart" content increased synchronously, promoting the transformation of economic growth from factor driven to innovation driven, injecting lasting momentum into economic development.

The continuous improvement of people's livelihood and well-being provides a solid guarantee for economic stability. The ultimate goal of economic development is to improve people's livelihoods. By 2025, the per capita disposable income of residents in China will increase by 5.0% in real terms, synchronized with the economic growth rate, and achieve the sharing of development achievements by the people. The income growth rate of rural residents is faster than that of urban residents, with an actual growth rate of 6.0%. The income gap between urban and rural areas has further narrowed, and the pace of promoting common prosperity is solid and powerful. The total retail sales of consumer goods in society reached 501202 billion yuan, with a 5.5% increase in service retail sales. The consumption growth rate of upgraded goods such as communication equipment and cultural office supplies was impressive, reflecting the improvement of residents' consumption ability and confirming the profound potential of the domestic demand market, providing lasting impetus for stable economic growth.

Reform and opening up continue to deepen, constantly unleashing development vitality. The continuous promotion of the construction of a unified national market, the formal implementation of the Private Economy Promotion Law, and the continuous optimization of the business environment have injected a shot in the arm for business entities. The high-level opening-up to the outside world is steadily advancing, with a total increase of 3.8% in the import and export of goods and a continuous optimization of the trade structure. The export of high-tech products increased by 13.2%, becoming the main force of export growth, demonstrating the steady improvement of China's industry's position in the global value chain, and the new open economic system has expanded broader space for economic development.

In 2025, the national economy will make steady progress and move towards a new direction, with a total output of 140 trillion yuan and a growth rate of 5.0%, which is a solid starting point for the beginning of the 15th Five Year Plan. The long-term positive fundamentals of China's economy have not changed. As long as we firmly hold onto the "stable" foundation, continue to activate the momentum of "progress", and deeply cultivate the path of high-quality development, we will definitely be able to promote the steady and far-reaching progress of China's economy in the modernization journey, and continue to contribute Chinese strength to world economic growth.