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1、China EconomicMonitorIssue:2025 Q2May 2025 KPMG Huazhen LLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Chinese Mainland,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of indepe

2、ndent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2Key takeawaysChinas real GDP grew by 5.4%year-on-year(YoY)in Q1 2025,matching the growth rate in Q4 2024 and exceeding market expectations.The robust start of Chinas econ

3、omy was fueled by proactive policies implemented since last September,as well as front-loading exports ahead of US reciprocal tariffs.But the growth of major economic indicators including industrial production,retail sales and fixed asset investment marginally slowed in April due to the escalation i

4、n China-US tariff tensions.Thanks to policies to boost consumption,the YoY growth rate of total retail sales increased from 4.0%in Q4 2024 to 4.6%in Q1 2025.Meanwhile,as local government debt burdens ease,urban renewal and consumption-related infrastructure projects expand,infrastructure investment

5、maintains strong.The growth rate of manufacturing investment remained relatively stable,decreasing slightly by 0.1 percentage points from the previous quarter to 9.1%.Supported by strong infrastructure investment,export front-loading,equipment upgrades and consumer goods trade-in programmes,industri

6、al production grew by 6.5%year-on-year in Q1,further increasing from 5.8%of 2024 full year growth.Notably,manufacturing production grew from 6.1%of last year to 7.1%in Q1.Although the decline in real estate investment narrowed by 2.5 percentage points to-9.9%compared to Q4 2024,it still remains the