Overview
- Official data show full-year GDP growth of 5.0%, with fourth‑quarter expansion easing to 4.5% year on year and 1.2% quarter on quarter.
- December figures underscored the imbalance as industrial output rose 5.2% while retail sales grew just 0.9% from a year earlier.
- Fixed‑asset investment fell 3.8% in 2025 and property investment dropped 17.2%, reflecting the depth of the real‑estate slump.
- Exports underpinned growth, delivering a record trade surplus near $1.2 trillion as manufacturers increased shipments to non‑U.S. markets.
- The PBOC cut sector‑specific lending rates and left room for broader easing, while economists forecast about 4.5% growth in 2026 and report an urban jobless rate around 5.1%.