驾驭困境，通过新的驱动力引导中国经济

March 2026 China achieved 2025 growth target with steady economic In 2025, amid a complex and shifting domestic and globalenvironment, China’s economy showed an asymmetric growth,stronger early in the year and moderating toward year-end.Full-year gross domestic product (GDP) surpassed RMB140 trillion for Consumption’s “new normal” — moderate recovery withdivergence and variety.Total retail sales of consumer goods rose3.7% YoY in 2025. Communications equipment, buoyed by trade-inpolicies, surged 20.9% YoY2. As urbanization deepens, brandsexpand into lower-tier markets and on-demand retail rapidly scales, Fixed asset investment (FAI) softened with notable volatility,while high-tech industries provided critical support.As theinvestment in traditional infrastructure and real estate weakened,total FAI fell 3.8% YoY and the divergence in private investment Foreign trade remained under pressure but shifted to a highergear.In 2025, total goods trade increased 3.8% YoY. Exports ofindustrial robots and high-end machine tools climbed 48.7% and21.5%4. A more diversified market strengthened resilience. Stimulating domestic demand and innovation to strengthen Strengthening counter- and cross-cyclical adjustments through integratedexisting and incremental policies:As the first year of the 15th Five-YearPlan, 2026 will prioritize stability with progress and focus on improvingquality and efficiency. The GDP growth target is likely to be set at 4.5%–5%. Boosting domestic demand and building a sustainable growth path withdomestic circulation staying at the forefront.On the consumption side,policy tools will focus on raising household income, strengthening social Technology innovation is expanding from point breakthroughs to broaderdeployment, building a new “AI+” industrial ecosystem.Breakthroughs inlarge models and humanoid robots are moving past critical technologicalthresholds and entering a pivotal phase of industrialization. Innovation hubs “Anti-involution” and supply side governance to strengthen thefoundations of a unified national market.Policymakers will continue tointroduce targeted, sector specific measures that promote industry self-discipline, rigorous supervision and market driven consolidation to rebalance Institutional opening up to drive diversified and mutually beneficialservices trade.Policy will focus on optimizing the services trade structureand promoting higher value-added services exports. By aligning with high Deepening collaboration across key city clusters to narrow regionaldevelopment gaps.Integrated regional development is essential to domesticcirculation. Major economic provinces serve as hubs of technologicalinnovation and frontiers of industrial transformation, they will need to Dual carbon goals to unlock new green growth drivers.With the full rolloutof the dual-control system for carbon emissions (total volume and intensity)and faster progress in building a new energy system, green and low carbonwill become core engines of economic growth. Improvements to the national Mitigating risks in key areas through multiple measures.In real estate,central level incremental policies will emphasize urban renewal projects,advancing them toward greater scale, diversification and refined operations.On local government debt, addressing operational debt risks at local China achieved 2025 growth target with steady economic expansion In 2025, amid a complex and shifting domestic and global environment,China’s economy showed anasymmetric growth, stronger early in the year and moderating toward year-end.Full-year GDP surpassedRMB140 trillion for the first time, up 5% YoY. Final consumption contributed 52% to economic growth, fivepercentage points higher than the previous year5. High-tech manufacturing steadily increased its share in Consumption’s “new normal” — moderate recovery with divergence and variety.In 2025, total retail sales ofconsumer goods showed strong resilience, rising 3.7% YoY. Communications equipment surged 20.9%6on theback of trade in policies. Services consumption accounted for 46.1% of per capita consumer expenditure7, andemerging segments such as the silver economy, ice-and-snow economy and first-launch economy continued togain momentum. At the same time, structural divergence in the consumer market became more pronounced,with widening growth gaps across consumer groups and product categories. As urbanization deepens, brandsexpand into lower-tier markets and on-demand retail rapidly scales, third- to fifth-tier cities have become core Industrial production remained steady withcontinued progress, and technology innovationdrove industrial upgrading.In 2025, industrialproduction maintained a stable trajectory, withvalue added of industrial enterprises above The “AI+” empowerment effect continued tostrengthen, with output of robot reducers, industrialrobots and service robots increasing 63.9%, 28.0%and 16.1%9. The push for “anti-involution” helpedimprove profit s