The overall performance of the national economy was stable in October – transformation and upgrading solidly promoted development and new momentum continued to grow
2025/11/15 20:00
Guangming Daily
[Report from the press conference of the State Council Information Office]
Data released by the National Bureau of Statistics on November 14 showed that in October, various regions and departments promoted the construction of a unified national market and actively smoothed the domestic and international dual circulation. Production and supply were basically stable, employment was generally stable, and prices improved.
“Overall, the national economy was operating generally stably in October, transformation and upgrading were solidly advanced, and new drivers of development continued to grow.” Fu Linghui, spokesperson, chief economist and director of the National Economic Comprehensive Statistics Department of the National Bureau of Statistics, said at the press conference of the State Council Information Office on November 14.
Positive changes in many areas
Data show that industrial production was generally stable in October, and the added value of industries above designated size increased by 4.9% year-on-year, continuing to maintain overall stable growth. Among them, the added value of the equipment manufacturing industry increased by 8%, which was significantly faster than the growth of industries above designated size and played a significant supporting role in the growth of industries above designated size.
“Special actions to boost consumption continue to be effective, the holiday economy has a significant role in driving the economy, and retail sales of goods and services continue to grow.” Fu Linghui said that total retail sales of consumer goods increased by 2.9% year-on-year in October, and sales of consumer goods trade-in-related goods maintained rapid growth. Among the retail sales of commodities above designated size in October, the retail sales of communication equipment and cultural and office supplies increased by 23.2% and 13.5% respectively. From January to October, retail sales of services increased by 5.3% year-on-year, faster than the growth rate of retail sales of goods.
Consumer prices turned from falling to rising. In October, consumer prices rose by 0.2% year-on-year. The core CPI excluding food and energy rose by 1.2% year-on-year. The increase increased by 0.2 percentage points from the previous month. The increase expanded for six consecutive months.
The growth momentum of high-tech manufacturing is good. In October, the added value of high-tech manufacturing above designated size increased by 7.2% year-on-year, which continues to be faster than the growth of industrial scale above designated size. The transformation and upgrading trend continues. The integration of digital and physical goods is advancing steadily. In October, the added value of digital product manufacturing above designated size increased by 6.7% year-on-year. From January to October, online retail sales of physical goods increased by 6.3%. The results of green transformation are evident. In October, the output of green products such as new energy vehicles and automotive lithium-ion batteries increased by 19.3% and 30.4% respectively.
“In October, the national economy continued to develop steadily while making progress. However, it should also be noted that the international environment is still complex and severe, there are many unstable and uncertain factors, domestic cyclical structural contradictions are intertwined, and the economic operation still faces many challenges.” Fu Linghui said that in the next stage, we must focus on stabilizing employment, stabilizing enterprises, stabilizing the market, stabilizing expectations, stabilizing the fundamentals of the economy, intensifying efforts to cultivate new productive forces, and promoting sustained and healthy economic development.
New kinetic energy strongly supports the stable operation of the economy
Since the 18th National Congress of the Communist Party of China, my country’s economy has shifted from a stage of high-speed growth to a stage of high-quality development, and economic operations have shown the characteristics of shifting growth rates, optimizing structures, and shifting momentum. Fu Linghui pointed out that my country has been deeply promoting the transformation of development methods and economic structural adjustment. Against the background of the slowdown in the growth of traditional industries, new demands such as the digital economy and platform economy have continued to expand. Emerging industries have developed rapidly and the momentum of industrial upgrading has been obvious, which has strongly supported the stable operation of the economy.
Market demand is renewed and improved, and new demands continue to expand. From the perspective of consumption, new consumption formats, new models, and new scenarios are constantly expanding, and the consumption of digital, green, and smart products is growing rapidly. From January to October, online retail sales of physical goods accounted for 25.2% of the total retail sales of consumer goods, an increase of 0.2 percentage points from January to September. From the perspective of investment, investment in high-tech fields has grown rapidly, investment in new energy, new materials, artificial intelligence and other fields has continued to expand, and the quality and efficiency of investment have continued to improve. From January to October, investment in the aviation, spacecraft and equipment manufacturing industries increased by 19.7% year-on-year, and investment in the information services industry increased by 32.7%. From the perspective of exports, from January to October, my country’s mechanical and electrical product exports accounted for 60.7% of all exports, which has an obvious supporting role in foreign trade.
The manufacturing industry is moving steadily towards the mid-to-high end, and the equipment manufacturing industry plays a significant role in supporting industrial production. From January to October, the added value of the equipment manufacturing industry above designated size increased by 9.5% year-on-year, accounting for 36.1% of the industry above designated size, and contributing 58.7% to the growth of the added value of industry above designated size.
The digital economy is developing rapidly, green and low-carbon transformation continues to deepen, artificial intelligence empowers industrial development, and industries such as digital manufacturing and intelligent manufacturing grow and expand, injecting new momentum into economic development. From January to October, the added value of the digital industry manufacturing industry above designated size increased by 9.5% year-on-year, and the added value of intelligent equipment manufacturing, electronic components and equipment manufacturing industries increased by 11.1% and 12.3% respectively.
Fu Linghui emphasized that new energy, new materials, aerospace, low-altitude economy, etc. have huge development potential, and quantum technology, biomanufacturing, embodied intelligence, etc. have broad prospects and are expected to become emerging pillar industries in the future, which will strongly support the development and growth of new momentum.
my country’s economy has a stable foundation, many advantages, strong resilience and great potential.
Achieving the annual economic and social development goals has entered the sprint stage. Fu Linghui believes that although the economic operation still faces many risks and challenges, the supporting conditions and basic trends of my country’s long-term economic growth have not changed. Macroeconomic policies continue to exert force, the market space is gradually expanded, new productive forces are cultivated and strengthened, and there are many favorable conditions for achieving the expected goals for the whole year.
Judging from the four major macroeconomic indicators, the stable operation of my country’s economy has not changed, laying a solid foundation for achieving the full-year goals. The economy is growing rapidly, with GDP growing by 5.2% year-on-year in the first three quarters, ranking among the top among the world’s major economies. Employment prices are generally stable. In October, the national urban surveyed unemployment rate continued to decline, and consumer prices turned from falling to rising year-on-year, showing positive changes. The balance of payments is basically balanced. From January to October, my country’s total import and export of goods increased by 3.6% year-on-year. At the end of October, foreign exchange reserves stabilized at more than 3.3 trillion US dollars.
Market sales have expanded steadily, and tourism, culture and sports, and online consumption have continued to be active, injecting new impetus into consumption expansion. The resilience of my country’s foreign trade continues to be demonstrated. In the first 10 months, my country’s imports and exports to ASEAN, the EU, and the “Belt and Road” countries increased by 9.1%, 4.9%, and 5.9% respectively, faster than the growth rate of total imports and exports of all goods.
The integration of scientific and technological innovation and industrial innovation is accelerating, and the creation of new productive forces represented by artificial intelligence, digital economy, and green economy is accelerating. New industries and new drivers are growing vigorously, adding new impetus to high-quality economic development. Intelligent product manufacturing has a good growth momentum. In the first 10 months, the added value of intelligent unmanned aerial vehicle manufacturing and intelligent vehicle-mounted equipment manufacturing increased by 54.7% and 25.5% respectively year-on-year.
Since the beginning of this year, more proactive and promising macroeconomic policies have been stepped up, the “dual emphasis” construction and the “two new” policies have been effective, and the construction of a unified national market has been advanced in depth, driving demand expansion and production increase, promoting economic circulation, and playing an important role in stabilizing the economy. The coordinated efforts of existing policies and incremental policies will help enhance the upward momentum of the economy.
“In general, our country’s economy has a stable foundation, many advantages, strong resilience, and great potential. There are many favorable factors supporting the good development of the economy. Our country’s economy is expected to continue to maintain a steady and progressive development trend.” Fu Linghui said.
(Our reporter Dong Bei)
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