2025年10月20日，中國國家統計局公布前三季度的國民經濟運行數據，顯示中國經濟整體保持平穩增長。前三季度國內生產總值（GDP）達到101.5兆元人民幣，同比增長5.2%，較上年同期的4.8%略有提高，經濟增量同比增加約1368億元。其中，三季度GDP同比增長4.8%，環比增長1.1%，增速雖較上半年略有回落，但仍高於多數主要經濟體水平，反映出中國經濟在複雜的國際環境與國內結構調整壓力下依然具有韌性。

在工業與服務業方面，規模以上工業增加值前三季度增長6.2%，9月份單月增速回升至6.5%。其中，高技術製造業增加值增長達9.6%，工業機器人、3D打印設備等新興設備產量增幅顯著，顯示中國製造業正向高技術、高附加值方向穩步發展。服務業增加值增長5.4%，信息技術、金融等領域的貢獻突出，對經濟穩定增長起到支撐作用。

消費與投資呈現分化趨勢。社會消費品零售總額增長4.5%，其中家電、汽車等領域受以舊換新政策刺激，消費有所提升，但9月增速放緩至3.0%。固定資產投資同比下降0.5%，其中製造業投資增長4.0%，而房地產開發投資下降13.9%，反映出投資結構仍在調整中。

外貿方面，中國進出口表現具有韌性，貨物進出口總額增長4.0%，其中出口增長7.1%，對共建“一带一路”國家的進出口增幅達6.2%，展現出國際市場需求的穩定性。

就業和物價總體保持穩定。前三季度城鎮調查失業率平均值為5.2%，9月亦維持在5.2%；核心CPI同比上漲0.6%，9月漲幅擴大至1.0%，物價運行邊際改善，未出現明顯通脹壓力。

從政策角度看，消費對經濟增長的貢獻率達到53.5%，顯示政策在提振內需方面發揮作用。同時，新型基建投資與穩外貿政策持續推進，有助於保持四季度經濟回升勢頭。國家統計局強調，中國實現全年約5%的增長目標“有基礎有支撐”，但仍需關注和應對內外部風險挑戰，包括國際經濟環境波動和國內結構調整壓力。

整體而言，前三季度經濟數據反映出中國經濟在穩中求進的總體態勢，工業、服務業穩中有進，消費回暖，外貿韌性較強，為全年經濟平穩運行提供有力支撐。

On October 20, 2025, China’s National Bureau of Statistics released the economic performance data for the first three quarters, showing that the country’s economy maintained overall stable growth. China’s gross domestic product (GDP) reached 10.15 trillion yuan, marking a 5.2% year-on-year increase, slightly higher than the 4.8% growth recorded in the same period last year, with an additional economic output of approximately 136.8 billion yuan. In the third quarter, GDP grew 4.8% year-on-year and 1.1% quarter-on-quarter. Although growth slightly slowed compared with the first half of the year, it remained higher than that of most major economies, reflecting China’s resilience amid a complex international environment and ongoing domestic structural adjustments.

In the industrial and service sectors, the added value of industries above the designated size increased by 6.2% in the first three quarters, with September alone seeing a rebound to 6.5%. High-tech manufacturing grew by 9.6%, with significant increases in the output of industrial robots and 3D printing equipment, indicating a steady shift toward high-tech and high-value-added production. The service sector saw an added value growth of 5.4%, with information technology and financial services contributing prominently to overall economic stability.

Consumption and investment showed a differentiated pattern. Retail sales of consumer goods grew 4.5%, driven by policies like trade-in incentives for appliances and automobiles, although September growth slowed to 3.0%. Fixed asset investment fell 0.5% year-on-year, with manufacturing investment up 4.0%, while real estate development investment declined sharply by 13.9%, reflecting ongoing adjustments in the investment structure.

Foreign trade remained resilient. Total imports and exports of goods increased by 4.0%, with exports up 7.1%, and trade with countries involved in the Belt and Road Initiative growing 6.2%, demonstrating stable demand from international markets.

Employment and prices remained generally stable. The urban surveyed unemployment rate averaged 5.2% over the first three quarters and held steady at 5.2% in September. Core CPI rose 0.6% year-on-year, with the September increase reaching 1.0%, indicating marginal improvement in price trends without significant inflationary pressure.

From a policy perspective, consumption contributed 53.5% to economic growth, highlighting the role of measures aimed at boosting domestic demand. Meanwhile, investments in new infrastructure and policies to stabilize foreign trade continued to support economic recovery in the fourth quarter. The National Bureau of Statistics emphasized that achieving the approximately 5% annual growth target is “well-founded and supported,” although challenges and risks from both domestic structural adjustments and external economic uncertainties remain.

Overall, the first three quarters’ economic data illustrate that China’s economy is maintaining a steady and progressive trajectory, with industrial and service sectors advancing steadily, consumption rebounding, and foreign trade showing resilience, all of which provide strong support for stable performance throughout the year.