On October 20, the National Bureau of Statistics of China released data indicating that preliminary calculations show the country's GDP grew by 5.2% year-on-year in the first three quarters. The report highlights the resilient growth of the Chinese economy and the effectiveness of policies, providing a foundation for achieving the annual targets. In the first three quarters, GDP reached 10,150.36 billion yuan, with a quarterly growth of 4.8%. A spokesperson for the National Bureau of Statistics noted three unchanged aspects: "The main tone of steady economic operation remains unchanged," "The solid progress of high-quality development remains unchanged," and "The basic characteristics of strong economic resilience and great potential remain unchanged."

The data from the National Bureau of Statistics serves as a "health check" and "barometer" for the national economy and social development, laying the groundwork for macro-control and policy formulation. The performance of the economy in the first three quarters will directly influence macro policies in the fourth quarter.

First, examining GDP— a core indicator of economic scale and growth rate—we see a 5.2% year-on-year increase in the first three quarters, surpassing last year’s total and the same period of the previous year by 0.2 and 0.4 percentage points respectively, with an economic increment of 3,967.9 billion yuan, 136.8 billion yuan higher year-on-year.

For a vast economy like China, maintaining stable growth is no small feat, especially amid various intertwined risks and challenges, which demonstrates the economy's formidable resilience, according to the spokesperson.

Next, looking at employment and prices—where the Consumer Price Index (CPI) directly indicates price level changes of daily goods and services, serving as the most direct measure of inflation or deflation. The average urban survey unemployment rate for the first three quarters was 5.2%, consistent with the first half of the year. The CPI saw a slight decrease of 0.1%, however, the core CPI, excluding food and energy, increased by 0.6%, indicating a gradually stabilizing “core” price trend.

This reflects the effectiveness of policies aimed at boosting domestic demand and consumption. Furthermore, assessing balance of payments—an indicator of global household finances—shows resilience in foreign trade, with exports and imports reaching historic highs and showing quarterly growth. As of the end of September, foreign exchange reserves remained above 3.3 trillion USD, with the yuan showing stability and slight appreciation.

Globally, a growth rate of 5.2% positions China among the top major economies, reaffirming its role as a stable and reliable driver of global economic growth.

On the front of high-quality development, notable achievements have continued to emerge this year under dual drivers of policy and market forces. The spokesperson summarized five key highlights of new productive forces development:

1. A surge in innovative outcomes and capabilities—investments in automotive manufacturing, rail transportation, aerospace, and other transportation equipment continued to grow by double digits year-on-year. 2. Rapid development of new industries and products, accelerating expansion of new business models—growth in added value in high-tech manufacturing reached 9.6% year-on-year for the first three quarters. 3. Enhanced empowerment from artificial intelligence and a booming digital economy—with a year-on-year increase of 9.7% in the value added of major digital product manufacturing industries. 4. Steady advances toward green transformation with remarkable increases in renewable energy generation. 5. Continuous deepening of technological renovations in traditional industries, fostering renewed growth.

The spokesperson emphasized the effective implementation of more proactive macro policies, with measures to expand domestic demand and regulate the capital market yielding results. Significant government support has been directed toward enhancing consumption through trade-ins, stabilizing consumer spending which contributed 53.5% to economic growth in the first three quarters—a notable increase from last year.

By the end of September 2025, applications for car trade-ins exceeded 8.3 million, indicating strong consumer activity in the auto market. Public investment in equipment has also seen robust growth due to timely and synergistic fiscal and financial policies.

The spokesperson concluded that despite the complexities of external conditions, the steady and progressive growth pattern of the Chinese economy remains intact, driven by deep-rooted systemic advantages, collaborative efforts, and continuous innovation. The 4.8% GDP growth in the third quarter, although down by 0.4 percentage points from the second quarter, is aligned with the overall stable trajectory accompanied by a foundation supporting this year’s expected targets, albeit with ongoing effort required.