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About this Episode
China's economy demonstrated strong resilience in 2025, with growth holding firm despite mounting external pressures and internal structural adjustments, while new growth drivers are taking shape to support sustainable expansion going forward, said officials and experts.
政府工作人员和专家指出，2025年中国经济展现出强劲韧性，在外部压力不断加剧和内部结构调整的双重背景下，经济增长依然保持稳健，同时新的增长动力正在形成，为未来可持续扩张提供支撑。
Official data released on Monday showed that China's gross domestic product grew 5 percent last year, meeting the country's annual target of around 5 percent. The hard-won performance, achieved amid heightened tariff pressures, has laid a solid foundation for a steady start to economic growth in 2026, reinforcing confidence that the world's second-largest economy remains on a stable trajectory.
官方周一公布的数据显示，中国去年国内生产总值增长5%，实现了约5%的年度增长目标。在关税压力加剧的背景下取得的这一来之不易的成绩，为2026年经济增长平稳开局奠定了坚实基础，增强了市场信心，表明这个全球第二大经济体仍保持着稳定发展态势。
As China enters the opening year of its 15th Five-Year Plan (2026-30) period, economists said policymakers are set to press ahead with front-loaded fiscal support to boost domestic demand, alongside a moderately accommodative monetary stance aimed at lifting prices and easing financing costs.
随着中国迎来第十五个五年规划（2026-2030年）的开局之年，经济学家指出，政策制定者将推进前置性财政支持以提振内需，同时采取适度宽松的货币政策立场，旨在提振物价并降低融资成本。
The country's annual GDP came in at 140.19 trillion yuan ($20.13 trillion) in 2025, according to the National Bureau of Statistics. In the fourth quarter of 2025, the Chinese economy grew 4.5 percent year-on-year, following 4.8 percent growth in the third quarter.
国家统计局数据显示，2025年中国国内生产总值（GDP）达140.19万亿元（合20.13万亿美元）。2025年第四季度，中国经济同比增长4.5%，此前第三季度增速为4.8%。
Kang Yi, head of the NBS, said that the latest indicators fully demonstrate the Chinese economy's steady progress, resilience under pressure, and vitality in moving toward higher-quality and innovation-driven development.
国家统计局局长康义表示，最新指标充分展现了中国经济稳步前进的态势、在压力下的韧性，以及在迈向更高质量、创新驱动发展道路上的活力。
"China's average annual contribution to global economic growth stood at around 30 percent throughout the 14th Five-Year Plan (2021-25) period. With a complete industrial system, China has played a stabilizing role in global supply chains and injected much-needed stability into a world economy undergoing turbulence and transformation," he said.
中国在“十四五”规划（2021-2025年）期间，对全球经济增长的年均贡献率保持在30%左右。凭借完整的产业链体系，中国在全球供应链中发挥着稳定器作用，为动荡转型中的世界经济注入了急需的稳定力量。
Guan Tao, global chief economist at BOCI China, said that China's economy has delivered "hard-won" results in 2025, featuring breakthroughs in technological advances and emerging consumption phenomena, setting the stage for a 2026 GDP growth target possibly at 4.5 percent to 5 percent.
中银证券全球首席经济学家管涛表示，2025年中国经济取得“来之不易”的成果，技术进步实现突破性进展，消费呈现新形态，为2026年GDP增速目标设定4.5%至5%的区间奠定基础。
"In 2025, when people talked about China, things like DeepSeek, Ne Zha 2, Unitree humanoid robots, the overseas expansion of innovative pharmaceuticals, and Jiangsu Football City League, or Suchao, all showed that China's economy has been full of highlights, whether in consumption recovery or technological innovation," Guan said.
管涛表示：“在2025年，当人们谈论中国时，话题转向了诸如DeepSeek、《哪吒2》、宇树人形机器人、创新药出海、江苏城市足球联赛‘苏超’等新事物；焦点无论是消费复苏还是科技创新，都展现出中国经济的亮点纷呈；都无不印证着中国经济的蓬勃生机。”
Citing the latest indicators, Sheana Yue, a senior economist at British think tank Oxford Economics, said that the fourth quarter's continued momentum appeared to be driven by stronger industrial activity and exports in December, which offset still weak domestic demand.
英国智库牛津经济研究院高级经济学家岳喜娜援引最新指标指出，第四季度经济持续增长的动能似乎源于12月工业活动和出口的强劲表现，这抵消了国内需求依然疲软的影响。
NBS data showed that China's value-added industrial output rose 5.2 percent in December, following 4.8 percent growth in November.
国家统计局数据显示，中国12月工业增加值同比增长5.2%，高于11月的4.8%增速。
"Our estimates suggested high-tech manufacturing, including transport equipment, electrical machinery and electronics manufacturing, continued to outperform at the end of 2025," Yue said.
岳喜娜：“我们的估算显示，包括运输设备、电机和电子制造在内的高科技制造业，在2025年底仍保持着强劲增长态势。”
According to the NBS, retail sales, a key indicator of consumer spending, increased 0.9 percent in December, while China's fixed-asset investment decreased 3.8 percent in 2025.
据国家统计局数据显示，作为消费支出重要指标的零售额在12月增长0.9%，而2025年中国固定资产投资同比下降3.8%。
Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said that looking ahead to 2026, the impact of high tariffs imposed by the United States on global trade and China's exports is expected to become more pronounced, weakening the contribution of external demand to economic growth and requiring domestic demand to step in more decisively.
东方金诚首席宏观分析师王青表示，展望2026年，美国高关税对全球贸易和中国出口的影响预计将更加显著，这将削弱外需对经济增长的贡献，需要内需更果断地接棒。
"We expect that, with more proactive and effective macroeconomic policies continuing to gain strength, consumption will accelerate further in 2026, and investment will stabilize after bottoming out," he said.
王青表示：“随着更积极有效的宏观经济政策持续发力，预计2026年消费将进一步加速增长，投资将在触底后趋于稳定。”
With 2026 marking the opening year of China's 15th Five-Year Plan, Xu Hongcai, deputy director of the economic policy committee of the China Association of Policy Science, said that ensuring a smooth economic start will be critical, and called for stable, consistent and moderately forceful macro policies.
2026年标志着中国第十五个五年规划的开局之年。中国政策科学研究会常务理事、经济政策委员会副主任徐洪才指出，确保经济平稳开局至关重要，呼吁实施稳定、连贯且力度适中的宏观政策。
Fiscal policy should remain proactive, he said, suggesting that the fiscal deficit ratio remain at around 4 percent, supported by the continued issuance of long-term treasuries to boost consumption, improve public well-being and mitigate local government debt risks. He added that monetary policy should stay moderately accommodative, with room for further cuts to interest rates and the reserve requirement ratio.
徐洪才表示，财政政策应保持积极，建议财政赤字率维持在4%左右，同时继续发行长期国债以提振消费、改善民生并缓解地方政府债务风险。他还指出，货币政策应保持适度宽松，存在进一步下调利率和存款准备金率的空间。
Going forward, Xu said that China's economic growth in 2026 is expected to remain within a reasonable range, with improving quality, a more optimized structure and steady progress toward high-quality development.
徐洪才表示，展望未来，2026年中国经济增长预计将保持在合理区间，质量不断提升，结构持续优化，朝着高质量发展稳步迈进。
Choi Yong-ho, chief executive officer and chief happiness officer of South Korean entertainment technology company Galaxy Corp, said China's market holds virtually unlimited development potential. "It is creative, innovative and dynamic, and it is already at the global forefront in multiple industries."
韩国娱乐科技独角兽Galaxy Corp首席执行官兼首席幸福官崔龙湖表示，中国市场蕴藏着几乎无限的发展潜力。“这个市场充满创造力、创新精神和活力，已在多个行业处于全球领先地位。”
"China's strong capabilities in robotics and artificial intelligence are leading industrial development, and its younger generation represents a highly capable and promising talent base. With these advantages, I believe the Chinese market will continue to grow, with a very optimistic outlook," he said.
崔龙湖表示：“中国在机器人和人工智能领域的强大实力正引领着工业发展，其年轻一代代表着一支能力出众、充满希望的人才队伍。凭借这些优势，我相信中国市场将继续增长，前景非常乐观。”
humanoid robot
/ˈhjuː.mə.nɔɪd/
n.人形机器人
trajectory
/trəˈdʒek.tɚ.i/
n.轨道；态势
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