China’s economy met the government’s official growth target in 2025, with official figures showing real gross domestic product (GDP) expanded by 5%.
Exports played an outsized role in delivering this headline growth. Despite a simmering trade war with the United States, China finished up the year with a record-breaking trade surplus of US$1.2 trillion as it lifted exports to new markets in the rest of the world.
Yet behind these headline figures, China’s economy continues to face some stubborn headwinds. Consumer spending remains subdued. Exports – while strong – face mounting global uncertainty. And government expenditure is constrained by public sector debt pressures.
