Overview
- The National Bureau of Statistics reported real GDP up 5.0% for 2025, with Q4 growth slowing to 4.5% year on year and 1.2% quarter on quarter.
- Nominal GDP rose 3.9%, trailing real growth and signaling persistent deflationary pressure.
- Fixed-asset investment fell 3.8% for the year, led by a 17.2% drop in real-estate development, the fourth consecutive annual decline.
- Exports provided key support despite higher U.S. tariffs, with shipments increasingly redirected to Africa and ASEAN markets.
- Consumption was helped by replacement subsidies for cars and smartphones, and leaders now emphasize expanding domestic demand ahead of the March NPC.