China Real Estate Value Added Falls to RMB 83 Trillion, Ending S

China's "Other Services" Output Value Exceeds 24.6 Trillion RMB,

Core Overview: According to the latest DataTrack data, the output value of "other services" within China's tertiary industry recorded 246,593 billion RMB (approximately 24.66 trillion) in 2025, a growth of 6.3% compared to 232,014 billion RMB in the previous year. This increase not only successfully reversed market concerns about a service sector slowdown but also surpassed the 5% overall GDP growth target set by Chinese officials. Data shows that against the backdrop of contracting investment in real estate and traditional construction industries, "other services," characterized by digitalization and specialization, have become a core force stabilizing the macroeconomic foundation. Key Sub-sectors: Further breaking down the data structure, high-tech service industries demonstrated extremely strong resilience. According to market and official information (such as NBS data compiled by China Briefing), "Information Transmission, Software and Information Technology Services" recorded a year-on-year growth of over 11% in 2025, mainly benefiting from the explosion of AI applications and enterprise digital transformation demands; "Leasing and Business Services" also grew by approximately 10.3%, reflecting a vibrant market for enterprise overseas expansion consulting and equipment leasing. The double-digit growth in these sub-sectors effectively compensated for the impact of stable but moderate growth in traditional sectors such as public management. Deep Attribution: Institutional analysis generally believes that precise policy guidance is the main cause of this wave of growth. The World Bank and Chinese official think tanks point out that as 2025 marks the final year of the "14th Five-Year Plan," the government has vigorously promoted the "Two New" policies (large-scale equipment renewals and consumer goods trade-ins), which directly stimulated demand for related technical services and leasing. Furthermore, as the manufacturing sector climbs towards the high end of the value chain, the deep integration of Producer Services with advanced manufacturing has also created a large volume of new orders for industries such as software development and R&D design. Outlook and Risks: Looking ahead to the short term (1-2 months), benefiting from the Spring Festival long holiday effect in early 2026, service sub-sectors involving culture, sports, and entertainment are expected to experience a seasonal boom, potentially supporting a strong start for the first quarter data. However, the medium term (3-6 months) still faces external challenges, particularly if US-China trade friction escalates further (such as potential tariff barriers), which could impact demand for business services involving cross-border operations. Additionally, close attention must be paid to the sustainability of domestic demand recovery; if resident income expectations do not see substantial improvement, it may limit the pricing power and profit margins of the service sector. Reference Sources: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHztaGhqJD1x1XsizP11Ekflmed7t1TQamFKC4DbBFew3i90SMzmSiTfQq0Pq6v0FtY7LohqeY-O3chNX6RDKaX5CmjrZXY2nKba1QSkH6uDInxv_C9yhj-c_bv_2hFIERYw118oZygOVdw3RV97asShmNJigxwHkvpcW_23MJf-idG8K-YHum5Vsbg https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQF2lL3pTGxn4VNAQz3Xp1E3iR5uNZV-xykNpiKpJ8zto-KBhgyKJenUQdhVXZlue1G8n5A9a_uALkbjNqOAlk1Zd6rWHCPBYkfVFlhS5O3e24gsH3CYgNLMwoeSZoHhcDkMgOsU7BLhkxHQCBvWm9gNX0GUYPiF9OE-eXzspssoCcxvkFT0wVBc_YilEPdepca8bg https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQEeOfpt9ME63XBjQi-66I4sgT53cU4LOokINUTatEHR0f5t2FqMPCn-wlMCeZKp2u6uo6H_aIOzsoZ9BB9pXO8JwqwEmv9ngMnavFlYuh8x7A56GF6pkZCdcWlQoSb1JqiI_RI6l7cABe7yqctCd0hiP02vFk4_lI-Z2uyaOkMchedt3Hby_6vx5h8pUI3db2s=