安永：2025中国经济“半年报”：奋楫笃⾏稳中提质（英文版）（11页）.pdf

1、Chinas mid-year economicreport Forging ahead withdetermination,advancingquality with stabilityAugust 2025First half(H1)of 2025:Stable economicperformance with consumption as key growthdriver Steady momentum with solid progress:In H1,Chinas gross domestic product(GDP)grew by5.3%year-on-year(YoY),with

2、 final consumptionexpenditure contributing 52%1to overalleconomic growth.The acceleratedimplementation of“anti-involution”policies isexpected to restore supply-demand equilibriumin some industries,thereby reinforcing therecovery of endogenous growth drivers.Resilient consumption and structuralupgrad

3、es supported by policy:In H1,totalretail sales of consumer goods reachedRMB24.5 trillion,marking a 5.0%YoY increase2.The“trade-in”initiative across five majorcategories generated RMB1.6 trillion in sales,surpassing the full-year total for 2024 andsignaling continued structural improvements inconsump

4、tion.Navigating external headwinds in foreign tradewith a focus on green and innovative exports:In H1,Chinas total goods trade reachedRMB21.8 trillion and saw a 2.9%YoY increase3.Exports of high-tech products by privateenterprises witnessed a 12.5%growth4,driving ashift from scale-based expansion to

5、 a modelemphasizing technology and branding.Investment growth shows volatility,realestate remains a key challenge:In H1,fixedasset investment(FAI)growth slowed to 2.8%YoY5.While manufacturing and infrastructureinvestment may improve marginally in Q3 withpolicy support,real estate investment isexpect

6、ed to remain subdued given the ongoingtransformation.21.National Bureau of Statistics(NBS),https:/ Administration of Customs(GAC),http:/ State Council Information Office(SCIO),http:/ half(H2)of 2025:Coordinated efforts tostabilize growth and optimize structure Enhancing policy flexibility and foresi