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Economic growth

China's Economy Demonstrates Resilience Amid Global Economic Uncertainty

Strategic Insights

— 2 min read

Despite intensifying external trade frictions and a slowdown in global economic growth, China's economy demonstrated notable resilience in the first half of 2025, with a year-on-year increase of 5.3% in GDP, reaching RMB66.05 trillion. The accelerated issuance of ultra-long special treasury bonds and special-purpose bonds boosted infrastructure investment, which contributed to an overall growth rate of 4.6%, with manufacturing investment rising by 7.5% year-on-year. The economy maintained stable operation, with the consumer market steadily recovering and exports outperforming expectations.

Key Takeaways:

  • China's economy demonstrated resilience in the first half of 2025, with a year-on-year increase of 5.3% in GDP, reaching RMB66.05 trillion.
  • The accelerated issuance of ultra-long special treasury bonds and special-purpose bonds boosted infrastructure investment, contributing to an overall growth rate of 4.6%.
  • Manufacturing investment rose by 7.5% year-on-year, underscoring the dynamism and risk resilience of China's economy.
  • The consumer market steadily recovered, with total retail sales of consumer goods reaching RMB24.55 trillion, up 5%, in the first half of 2025.
  • The high-end manufacturing sector saw rapid development, new infrastructure projects advanced solidly, and exports outperformed expectations.
  • The Group, China Qidian Guofeng Holdings Limited, remains committed to enhancing overall operational efficiency and core competitiveness, and has continued to advance in the areas of liquor business, training services, and household appliance retail.
  • The Group optimised its business structure, strategically exited low-efficiency channels, and focused on the high-quality, value-for-money Maotai-flavor liquor in the first half of 2025.
  • Liquor sales revenue decreased by 52.6% to RMB17.215 million in the first half of 2025 due to the contraction of consumption scenarios and the collapse of pricing systems.
  • The Group improved the quality of the long-term customer base by concentrating resources on building the Shengyouhui high-value private-domain ecosystem.
  • The Group accelerated product transformation towards higher-margin cask-customised products and Shengjiu products to strengthen the profitability and offset scale contraction.

Statistics:

  • China's GDP increased by 5.3% year-on-year in the first half of 2025, reaching RMB66.05 trillion (Source: China Qidian Guofeng Holdings Limited).
  • Infrastructure investment contributed to an overall growth rate of 4.6% (Source: China Qidian Guofeng Holdings Limited).
  • Manufacturing investment rose by 7.5% year-on-year in the first half of 2025 (Source: China Qidian Guofeng Holdings Limited).
  • Total retail sales of consumer goods reached RMB24.55 trillion, up 5%, in the first half of 2025 (Source: China Qidian Guofeng Holdings Limited).
  • Liquor sales revenue decreased by 52.6% to RMB17.215 million in the first half of 2025 (Source: China Qidian Guofeng Holdings Limited).

Sources:

  • China Qidian Guofeng Holdings Limited - "MARKET REVIEW: MACRO-ECONOMIC RESILIENCE REMAINS EVIDENT and BUSINESS REVIEW AND OPERATING PERFORMANCE" (https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0916/2025091600504.pdf).

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