China's consumer market showed steady growth in the first two months this year, driven by policies such as the expanded trade-in program, according to the Ministry of Commerce.
Data showed that total retail sales of consumer goods reached over 8.37 trillion yuan (about 1.17 trillion U.S. dollars) from January to February, climbing 4 percent year on year.
With the implementation of the expanded consumer goods trade-in program, the retail sales of communication equipment and cultural and office supplies by enterprises above the designated size jumped by 26.2 percent and 21.8 percent, respectively, over the same period of last year. Sales of furniture and household appliances increased by 11.7 percent and 10.9 percent, respectively, on a year-on-year basis.
China's service consumption also continued to expand in the first two months. The retail sales of services in the period showed a 4.9 percent year-on-year growth. Specifically, catering revenue grew by 4.3 percent from a year earlier. Notably, the retail sales of tourism consultation and leasing services as well as transportation and travel services all achieved double-digit growth rates year on year.
In addition, the growth rate of rural consumption outpaced that of urban consumption during the January-February period. The retail sales of consumer goods in rural areas increased by 4.6 percent year on year, with growth rate being 0.8 percentage points higher than that recorded in urban areas.
China's consumer market maintains steady growth at start of 2025: data
China's consumer market maintains steady growth at start of 2025: data
China's stock market demonstrated robust performance in 2025 with new records in various sectors.
Against the backdrop of global liquidity easing and evolving industrial policies, the A-share market experienced a landmark year. Multiple key metrics - including total market capitalization, trading volume, as well as margin trading and short selling balances - achieved historic breakthroughs, demonstrating remarkable vitality and resilience.
In terms of overall performance, as of Dec. 31, 2025, the total market capitalization of A-shares reached approximately 118.91 trillion yuan, marking a net increase of 25.30 trillion yuan from the year's opening level of 93.61 trillion yuan. This represents a growth rate of 27.03 percent, according to data from financial information provider Wind.
In 2025, major A-share indices extended their annual gains compared to 2024.
On Dec. 31, 2025, the Shanghai Composite Index stood at 3,968.84 points, marking an annual increase of 18.41 percent - the largest annual gain since 2020. The Shenzhen Component Index rose 29.87 percent for the year, while the ChiNext Index surged 49.57 percent. The Beijing Stock Exchange 50 Index recorded an annual gain of 38.80 percent, while the STAR Market 50 Index rose 35.92 percent for the year.
As major indices rose, market trading activity intensified. Throughout 2025, the A-share market recorded a total trading value of approximately 420 trillion yuan, marking a growth of over 60 percent compared to the previous year and nearly doubling the 2023 annual value. It also marked the first time in history that the annual trading value surpassed the 400 trillion yuan threshold.
The margin trading and short selling scale in the A-share market expanded rapidly in 2025. As of the year end, the outstanding margin trading and short selling balance in the A-share market increased by 690.7 billion yuan during the year to reach 2.5 trillion yuan, setting a new historical high.
Notably, the growth in the balance was primarily driven by the increase in the financing balance. Although the short selling balance also increased in 2025, its cumulative growth for the year was less than 10 billion yuan, with the absolute value of the short selling balance remaining at a low level in recent years.
As market sentiment continued to heat up, major sectors in the A-share market saw increases. Key industry sectors rose to varying degrees, with over half posting annual increases exceeding 30 percent.
Boosted by sharp rises in precious metal prices, the nonferrous metals sector delivered standout performance throughout 2025. Defense and military, telecommunications, machinery and equipment, automotive, power equipment, and electronics sectors also ranked among the top annual gainers. Sectors like food and beverages, coal, and banking showed relatively weaker annual performance but still managed modest gains.
Against the backdrop of a broad market rally, individual stocks also rose, with many delivering standout performances. Data indicates that over 4,200 A-shares saw price increases in 2025, accounting for more than three-quarters of the total. Specifically, after excluding newly listed stocks, over 500 A-shares still doubled in value, with more than 100 stocks achieving annual gains exceeding 200 percent.
China's stock market demonstrates strong performance with multiple new records in 2025
