Editor's note: At a news conference held by the State Council Information Office on Jan 19, the National Bureau of Statistics revealed figures of China's economic performance in 2025. Xu Hongcai, deputy director of the economic policy committee of the China Association of Policy Science, shared with China.com.cn his impressions of the country's economic performance last year. Below are excerpts of the interview. The views don't necessarily represent those of China Daily.

The National Bureau of Statistics succinctly and accurately summarized the overall economic performance of China over the past year saying it featured "stability, progress, innovation and resilience".

China's consumer price index in 2025 remained flat compared to the year before, but the core CPI registered a moderate rebound, reflecting that the country's economy is bottoming out and recovering. This is a positive result of the countercyclical macroeconomic policies the country has adopted.

Currently, the country's overall investment appears somewhat weak, mainly dragged down by the real estate sector. While the real estate market has stabilized, it's unrealistic to expect policies to stimulate it in such a way that it returns to what it was five years ago.

Meanwhile, investment in the manufacturing sector has increased moderately. The investment in high-tech equipment manufacturing has shown strong growth momentum, indicating a significant shift in the drivers of China's economic growth.

Generally speaking, it's still necessary to expand investment, as it plays a crucial role in stabilizing growth. In the meantime, China needs to actively promote structural transformation to lay a solid foundation for the emergence of new economic drivers.

The expansion and upgrading of the market in China has brought tangible benefits to its global trade partners. China imported over 18 trillion yuan ($2.58 trillion) of goods in 2025, and its superlarge market presents enormous potential.

Companies from many countries have invested in China, utilizing China's resources, labor and industrial support to produce and sell their products in the country. More importantly, in such a tumultuous international context, China has consistently adhered to reform and opening-up, thereby improving the world's confidence in multilateral cooperation.

Innovation is the core driving force for the country's future development. Therefore, China needs to further increase investment in research and development.

Of the industry supply chains established in the Yangtze River Delta, the Pearl River Delta and the Beijing-Tianjin-Hebei region, some have secured a prominent position in the world in terms of innovation. The successful experience gained in these regions, including the collaboration among companies, universities and research institutes, should be shared and applied in other parts of the country.

China also needs to make persistent efforts in basic research and development.

The country should maintain its strategic resolve in the face of external uncertainties. It should focus on running its own affairs well, further expand opening-up, promote multilateral cooperation and advance reform and improvement of the global economic governance system.

All in all, China's economy is a crucial engine for global growth and a stabilizer for the world economy. China has been a stabilizing force for the world economy for over a decade, contributing between 25 and 30 percent to global economic growth, which has been no easy feat.

The opportunities for China's development belong not only to the country but also to the world. Greater cooperation is possible if countries adhere to the spirit of equal cooperation and mutual benefit. Those who promote "decoupling" will harm not only others but also their own interests.