China's economy maintained stable growth in the first half of 2025, with gross domestic product (GDP) expanding 5.3% year on year despite mounting external pressures, the National Bureau of Statistics (NBS) announced Tuesday.

The State Council Information Office holds a press conference on China's economic performance of the first half of 2025 in Beijing, July 15, 2025. [Photo by Liu Jian/China SCIO]

In quarterly terms, the economy grew by 5.4% in the first quarter and by 5.2% in the second.

"The Chinese economy remained steady in the first half of the year, making progress while maintaining stability, delivering a highly impressive report card," Sheng Laiyun, deputy commissioner of the NBS, said at a press conference in Beijing. "These achievements are hard-won amid sharp changes in the international situation and heightened external pressures since the second quarter."

Major macroeconomic indicators showed that the economy remained stable with a slight uptick, according to Sheng. The GDP increase of 5.3% in the first half of the year outpaced last year's 5.0% growth rate for both the same period and the full year. 

The surveyed unemployment rate remained generally stable, fluctuating between 5.0% and 5.4% so far this year. 

The balance of payments remained stable, imports and exports of goods reached record high for the period, while foreign exchange reserves stayed above US$3.2 trillion.

Sheng emphasized that domestic demand, particularly consumption, served as the primary driver of GDP growth in the first half.

Since the beginning of this year, in response to external challenges, China has prioritized strengthening domestic circulation and implemented comprehensive policies to expand domestic demand and promote production, he said.

Domestic demand contributed to 68.8% of GDP growth in the first half of this year, with final consumption expenditure contributing to 52%, making it the main growth driver, according to Sheng. 

Looking ahead to the second half of 2025, Sheng acknowledged that uncertainties in the external environment and pressures from domestic structural adjustments will persist. However, he expressed confidence that China's economy has sufficient support to maintain stable growth, citing the country's economic resilience, high-quality development, and macro policies. 

He mentioned in particular China's fiscal policies and trade diversification efforts that have contributed to the economic growth so far this year. 

"We believe that as these policies are further implemented, the effects of promoting consumption, stabilizing investment, and expanding foreign trade will become more evident and continue to support stable economic development," Sheng said.