Chinese economy performs better than expected in major indicators this year: official

The Chinese economy has made steady progress despite pressures, with significant economic indicators performing better than expected, an official said on Saturday.

Speaking at the Annual Conference on China's Economy 2025-2026 hosted by the China Center for International Economic Exchanges in Beijing, Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, said 2025 marks an extraordinary year in Chinese modernization drive.

"This year, Chinese economy has made steady progress despite pressures in innovation-driven and high-quality development, showing strong resilience and vitality. Major economic indicators have performed better than expected," Han said.

Noting "many institutions forecast the annual economic growth rate will be around 5 percent," Han said, "China remains the greatest engine for global economic growth."

"China's employment has remained generally stable, while foreign trade has grown rapidly, and export diversification has produced prominent results," Han said.

"Accelerated progress has been made in modernizing the industrial system, with new quality productive forces developing steadily. China is currently among global leaders in the research and development and application of artificial intelligence, biomedicine, and robots," said the official.

"New strides have been made in reform and opening up. Thorough efforts have been made to develop a unified national market, and comprehensive measures have been taken to address rat race competition. Positive changes have been seen in supply, demand, and price trends in industries such as photovoltaics, and capital markets have seen active trading and stronger confidence among both domestic and foreign investors. Voluntary opening up has advanced in an orderly manner, presenting the rest of the world a safe, stable, confident, and inclusive China," Han said.

Chinese economy performs better than expected in major indicators this year: official

Chinese economy performs better than expected in major indicators this year: official

A taxi fleet has been offering free rides to residents and victims in the wake of the recent catastrophic residential building fire in Hong Kong, one of the region's deadliest disasters in decades.

The fire, which broke out at the Wang Fuk Court residential complex in Tai Po on November 26, had claimed 160 lives by Tuesday, with six people still listed as missing, according to authorities.

In response, the "Big Bee" taxi fleet, operated by Sino Development (International) Company, joined several volunteer groups in providing free rides for affected residents.

Beyond transporting displaced survivors, the fleet also assisted in moving donated supplies and volunteers to and from the area.

"In the first few days, drivers came to the site voluntarily to offer help. There were many firefighters and rescuers on site. During the ten days from December 1 to 10, we offered about 100 free rides daily on average, serving roughly 300 residents and fire victims each day," said Sam Wong, founder and CEO of Sino Development (International) Company.

"We are very willing to take part in this effort. Every driver is," said Lui Kai-wa, a taxi driver.

As most displaced residents have now been relocated through government coordination, volunteer taxi drivers are gradually returning to their regular routes.

More than 2,500 displaced residents have moved into transitional housing units, with Hong Kong's Transport Department providing additional public transport services to meet commuting needs.

"There is a gradual decrease in usage, as much of the transportation need for people and supplies has already been completed. Demand is clearly declining," Lui said.

Wong also praised the government's role in the relief work.

"Over the past few days, we've seen the government carry out a tremendous amount of work, especially in response to such a big and serious disaster. Its role has been very significant," Wong said.

Taxi feet offers free rides to residents, victims in wake of deadly Hong Kong residential building fire