推进改革可提升前景——中国经济动态（英）

1 Official Use Only China Economic Update (December 2025) ADVANCING REFORMS, ENHANCING PROSPECTS China Economic Update - December 2025 II © 2025 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org This work is a product of the staff of The World Bank. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. Any queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: pubrights@worldbank.org. Cover Photo: © metamorworks/Shutterstock China Economic Update - December 2025 III Acknowledgements The December 2025 issue of the China Economic Update was prepared by a team comprising Kevin Chua (Task Team Leader), Yusha Li (co-Task Team Leader), Jun Ge, Elitza Mileva, Katherine Anne Stapleton, Shichao Zhou, Sailesh Tiwari, Gitanjali Kumar, and Zhencen Liu. The special focus note on Household Savings and Financial Intermediation in China was prepared by Marius Vismantas, Abayomi Alawode, Siqi Fang and Jiahang Yu. Guidance and thoughtful comments from Mara Warwick, Lalita M. Moorty, Aaditya Mattoo, Habib Rab, Benu Bidani, Francesco Strobbe, and Ergys Islamaj are gratefully acknowledged. The team would like to thank Tianshu Chen, Ying Yu, Luoyi Zhou, and Yige Zhang for support in the production and dissemination of this report. The findings, interpretations, and conclusions expressed in this report do not necessarily reflect the views of the Executive Directors of the World Bank or the Chinese government. Questions and feedback can be addressed to Tianshu Chen (tchen@worldbank.org). China Economic Update - December 2025 IV Table of Contents Executive Summary ...................................................................................................................................... 1 I. Recent Economic Developments ...................................................................................................... 5 Growth remains resilient despite headwinds ................................................................