On October 20, China's National Bureau of Statistics released national economic data for the first three quarters.

China's economy achieved real growth of 5.2% in the first three quarters of 2025, with nominal GDP at market prices expanding to RMB 101,503.6 billion (US$14,168.2 billion), continuing to rank second globally after the United States.

I. The economy performed steadily in the first three quarters, with a slight quarter-on-quarter increase.

In the first three quarters, China's GDP reached RMB 101,503.6 billion, a year-on-year increase of 5.2% at constant prices. Of this total, the added value of the primary industry was 5,806.1 billion yuan, a year-on-year increase of 3.8%, contributing 4.7% to economic growth; the added value of the secondary industry was 36,402.0 billion yuan, a year-on-year increase of 4.9%, contributing 34.6% to economic growth; and the added value of the tertiary industry was 59,295.5 billion yuan, a year-on-year increase of 5.4%, contributing 60.7% to economic growth. The added value of the three industries accounted for 5.7%, 35.9%, and 58.4% of GDP, respectively.

In the third quarter, China's GDP was 35,450.0 billion yuan, a year-on-year increase of 4.8% at constant prices. Of this total, the added value of the primary industry was 2,688.9 billion yuan, a year-on-year increase of 4.0%, contributing 7.0% to economic growth; the added value of the secondary industry was 12,497.0 billion yuan, a year-on-year increase of 4.2%, contributing 31.3% to economic growth; and the added value of the tertiary industry was 20,264.1 billion yuan, a year-on-year increase of 5.4%, contributing 61.8% to economic growth.

On a quarter-on-quarter basis, seasonally adjusted GDP grew by 1.1% in the third quarter, up 0.1 percentage point from the second quarter.

II. Production and supply showed positive growth momentum, with the three industries contributing jointly.

In the first three quarters, production across all sectors grew steadily. Agricultural production performed well, with a slight increase in early rice production, overall stable autumn grain production, and steady growth in animal husbandry. The added value of agriculture, forestry, animal husbandry, and fishery increased by 4.0% year-on-year, contributing 0.3 percentage points to economic growth. Industrial production grew steadily, with industrial added value increasing by 6.1% year-on-year, contributing 1.8 percentage points to economic growth. Manufacturing added value increased by 6.5% year-on-year, exceeding the growth rate of industrial added value. The service industry maintained steady growth and provided strong support for economic growth. Specifically, the added value of information transmission, software, and information technology services, and leasing and business services increased by 11.2% and 9.2% year-on-year, respectively, contributing a combined 0.9 percentage point to economic growth. Consumption potential continues to be unleashed, with rapid growth in services related to travel, express delivery, and food delivery. The added value of wholesale and retail, transportation, warehousing, and postal services, and accommodation and catering services increased by 5.6%, 5.8%, and 4.6% year-on-year, respectively, contributing a combined 0.9 percentage point to economic growth.

In the third quarter, industry maintained a strong growth momentum, with added value increasing by 5.8% year-on-year, contributing 1.7 percentage points to economic growth. Modern service industries, such as information transmission, software, and information technology services, and leasing and business services, saw rapid growth, with added value increasing by 11.7% and 8.6% year-on-year, respectively, contributing a combined 0.9 percentage point to economic growth. The capital market was relatively active, with the added value of the financial sector increasing by 5.2% year-on-year, contributing 0.4 percentage points to economic growth. Trade-in-related consumption continued to grow, with concentrated summer travel demand driving rapid growth in related service industries. The added value of wholesale and retail, and transportation, warehousing, and postal services increased by 4.9% and 4.8% year-on-year, respectively, contributing a combined 0.7 percentage point to economic growth.

III. Domestic demand continues to improve, and the resilience of foreign trade continues to be demonstrated.

Consumption potential continues to be unleashed. Policies to boost consumption continue to be implemented and demonstrate significant results. Service consumption maintained rapid growth, and the overall consumer market remained stable. In the first three quarters, final consumption expenditure contributed 53.5% to economic growth, boosting GDP growth by 2.8 percentage points. Of this, final consumption expenditure contributed 56.6% to economic growth in the third quarter, boosting GDP growth by 2.7 percentage points. Consumer demand is the primary driver of economic growth.

Investment plays a key role. With the solid progress of the "two-pronged" development plan and the continued impact of the "two new" policies, investment in key areas has grown rapidly, driving the transformation and upgrading of traditional industries. In the first three quarters, gross capital formation contributed 17.5% to economic growth, boosting GDP growth by 0.9 percentage points. Of this, gross capital formation contributed 18.9% to economic growth in the third quarter, boosting GDP growth by 0.9 percentage points.

Net exports maintained steady growth. Facing multiple pressures and challenges, China's imports and exports grew steadily, and the structure of its foreign trade continued to optimize, achieving both quantitative and qualitative improvements. In the first three quarters, net exports of goods and services contributed 29.0% to economic growth, boosting GDP growth by 1.5 percentage points. Among them, net exports of goods and services contributed 24.5% to economic growth in the third quarter, boosting GDP growth by 1.2 percentage points.

IV. Market vitality continues to be unleashed, and new momentum continues to accumulate and strengthen.

The digital economy plays a significant supporting role. From January to August, the operating revenue of enterprises in the information transmission, software, and information technology services sector (above designated size) increased by 12.1%, 4.4 percentage points higher than that of all service enterprises above designated size. In the first three quarters, online retail sales of physical goods increased by 6.5% year-on-year, 2.0 percentage points higher than the growth rate of total retail sales of consumer goods.

The transformation and upgrading of the manufacturing industry is accelerating. In the first three quarters, the added value of equipment manufacturing and high-tech manufacturing sectors (above designated size) increased by 9.7% and 9.6% year-on-year, respectively, outperforming all industries above designated size by 3.5 and 3.4 percentage points. Manufacturing investment increased by 4.0% year-on-year, 4.5 percentage points higher than the growth rate of all fixed asset investment.

The development of the modern service industry is moving in a new and positive direction. From January to August, the operating revenue of high-tech service enterprises (above designated size) increased by 9.4% year-on-year, 1.7 percentage points higher than that of all service enterprises above designated size. In the first three quarters, investment in high-tech services increased by 6.1% year-on-year, 6.6 percentage points higher than the growth rate of total fixed asset investment.