China’s national economy maintained a stable momentum with steady progress in November 2025, as reported by the National Bureau of Statistics on December 15. Under the guidance of the Central Committee of the Communist Party of China with Xi Jinping at its core, regions and departments across the country implemented proactive macro policies, focused on building a unified national market, and promoted high-quality development. Despite facing external uncertainties and insufficient domestic demand, key indicators showed resilience: production and supply remained steady, employment was generally stable, market prices improved gradually, and new, quality productive forces continued to develop solidly.
Agriculture delivered strong results, with the annual grain output reaching 1,429.8 billion jin, an increase of 16.75 billion jin or 1.2 percent compared to the previous year. This marked another year of output exceeding 1.4 trillion jin, ensuring robust food security. Autumn grain production contributed significantly, rising by 16.36 billion jin or 1.5 percent. Cereal output grew to 1,320.4 billion jin, up 1.2 percent. The gains stemmed from both expanded sown area—up 0.1 percent to 1.791 billion mu—and higher per-unit yield, which increased 1.1 percent to 399.1 kilograms per mu.
Industrial production demonstrated steady growth, with value-added output for enterprises above a designated size rising 4.8 percent year-on-year in November and 6.0 percent cumulatively over the first eleven months. High-tech and equipment manufacturing sectors outperformed, growing 8.4 percent and 7.7 percent, respectively—well above the overall industrial average. Standout products included 3D printing devices, which surged 100.5 percent, industrial robots up 20.6 percent, and new energy vehicles increasing 17.0 percent. Sector breakdowns showed mining up 6.3 percent, general manufacturing up 4.6 percent, and utilities up 4.3 percent. Ownership variations revealed that state-holding enterprises grew by 4.2 percent, share-holding enterprises by 5.2 percent, foreign-funded entities by 3.4 percent, and private enterprises by 3.2 percent. The Manufacturing Purchasing Managers’ Index edged up to 49.2 percent, while business expectations improved to 53.1 percent. Profits for the first ten months totaled 5,950.3 billion yuan, up 1.9 percent year-on-year.
The service sector expanded steadily, with the Services Production Index rising 4.2 percent year-on-year in November and 5.6 percent over eleven months. Modern services led the way: information transmission, software, and IT services grew 12.9 percent; leasing and business services 8.4 percent; and finance 5.1 percent. Business activity indices for key sub-sectors like railway transport, telecommunications, and financial services remained in strong expansion territory above 55 percent.
Market sales showed modest recovery, with total retail sales of consumer goods reaching 4,389.8 billion yuan in November, up 1.3 percent year-on-year. Urban sales grew 1.0 percent, while rural areas outperformed at 2.8 percent. Goods retail rose 1.0 percent, and catering income increased 3.2 percent. Upgraded and basic living categories performed well, including communication equipment up 20.6 percent and cultural office supplies up 11.7 percent. Cumulative eleven-month retail sales hit 45,606.7 billion yuan, up 4.0 percent, with online retail growing faster at 9.1 percent. Retail sales of services accelerated to 5.4 percent growth over the same period.
Fixed-asset investment presented a mixed picture, declining 2.6 percent year-on-year over eleven months when including real estate, but rising 0.8 percent excluding it. Manufacturing investment grew 1.9 percent, infrastructure fell 1.1 percent, and real estate development dropped sharply by 15.9 percent. High-tech areas remained bright spots, with information services investment surging 29.6 percent and aerospace equipment up 19.7 percent.
Trade performance improved markedly, with November imports and exports totaling 3,898.7 billion yuan, up 4.1 percent—accelerating from the prior month. Exports grew 5.7 percent and imports 1.7 percent. Over eleven months, total trade rose 3.6 percent, driven by private enterprises (up 7.1 percent and accounting for 57.1 percent of trade) and Belt and Road partners (up 6.0 percent). Mechanical and electrical products exports increased 8.8 percent, comprising 60.9 percent of total exports.
Employment remained stable, with the urban surveyed unemployment rate holding at 5.1 percent in November and averaging 5.2 percent over eleven months. Consumer prices rose 0.7 percent year-on-year in November, widening from the previous month, while core CPI excluding food and energy increased 1.2 percent. Producer prices continued to decline 2.2 percent year-on-year but showed a slight month-on-month uptick.
Overall, November data underscores the economy’s resilience amid challenges. The NBS emphasized the importance of maintaining adherence to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, as well as implementing more proactive policies to stimulate demand, optimize supply, and stabilize employment, enterprises, markets, and expectations—aiming for higher-quality growth alongside sustainable output expansion.
