China’s economy expanded by 5.3 percent in the first half of 2025, showcasing resilience amid global uncertainties and domestic challenges, according to data released by the National Bureau of Statistics (NBS) on Tuesday.
The country’s gross domestic product (GDP) reached 66.05 trillion yuan ($9.2 trillion) from January to June. In quarterly terms, the GDP grew by 5.4 percent year-on-year in the first quarter and 5.2 percent in the second quarter, with a quarter-on-quarter increase of 1.1 percent.
“The national economy has withstood pressures, overcome challenges, and maintained overall stability with steady progress,” the NBS stated.
Key Economic Indicators Show Positive Trends
Investment: Fixed-asset investment (excluding rural households) rose by 2.8 percent year-on-year to reach 24.87 trillion yuan, indicating continued investment momentum, especially in high-tech industries.
Trade: Foreign trade remained a stabilizing force, with total imports and exports of goods increasing by 2.9 percent to 21.79 trillion yuan. Private enterprises led growth in foreign trade, achieving year-on-year growth in imports and exports for 21 consecutive quarters.
“China’s private enterprises continue to drive foreign trade growth,” said Wang Lingjun, vice-minister of China’s General Administration of Customs.
Industrial Output: Industrial production from large-scale enterprises grew by 6.4 percent year-on-year. The equipment manufacturing and high-tech manufacturing sectors showed solid performance.
Lynn Song, chief economist for Greater China at ING, highlighted the strong industrial production growth in June. “High-tech manufacturing has been an outperformer amid China’s transition up the value-added ladder,” she noted.
Consumption: Retail sales, a major gauge of consumption, climbed 5.0 percent to 24.55 trillion yuan, accelerating by 0.4 percentage points compared to the first quarter.
Stable Prices and Improving Employment
Price levels remained generally stable. The consumer price index (CPI) fell by 0.1 percent, while the producer price index (PPI), a measure of factory-gate prices, dropped by 2.8 percent year-on-year.
On the labor front, the nationwide urban surveyed unemployment rate averaged 5.2 percent, a slight decrease from the previous quarter.
Per capita disposable income increased by 5.3 percent in nominal terms to 21,840 yuan, and by 5.4 percent in real terms, indicating modest income gains for households after adjusting for price changes.
Optimism for the Second Half of the Year
“While there remains considerable uncertainty in the external environment and significant pressure for internal structural adjustments, all things considered, we believe there are solid grounds to be confident that China’s economy will maintain stable growth in the second half of the year,” said Sheng Laiyun, deputy head of the NBS, citing positive growth forecasts by global institutions.
