On January 24, 2026, the Xiamen Municipal Bureau of Statistics released the “Statistical Bulletin on Xiamen’s Major Economic Indicators for 2025.” Based on these indicators, we conducted the following data analysis and interpretation:
I. Overall Economic Performance
- GDP: RMB 898.037 billion; YoY growth: 5.7%
Overall, Xiamen’s economy maintained medium-to-high, relatively steady growth. The growth rate is not aggressive, but clearly above a “baseline” or minimum-growth scenario, indicating solid underlying momentum.
II. Industrial Structure Characteristics
1️⃣ Structure of the Three Major Industries
| Industry | Value Added (RMB bn) | YoY Growth |
|---|---|---|
| Primary Industry | 2.424 | +2.5% |
| Secondary Industry | 339.474 | +7.1% |
| Tertiary Industry | 556.139 | +4.8% |
Key observations:
- The secondary industry is currently the main growth engine, posting the highest growth rate among the three sectors (+7.1%).
- The tertiary industry has the largest scale, but its growth remains relatively moderate.
- The primary industry accounts for a very small share and has limited impact on overall growth.
This structure aligns with Xiamen’s model of “industrial support with a service-oriented economy.”
III. Divergence Between Industry and Investment
Industrial Performance
- Value added of above-scale industries: +10.2%
This is significantly higher than overall GDP growth, indicating strong momentum in industrial activity, particularly among large and medium-sized enterprises.
Investment
- Fixed-asset investment: -9.0%
- Real estate development investment: -41.0% (a cliff-like decline)
This reflects:
- Steady growth in industrial production
- A clear structural shift toward de-emphasizing real estate in the economy
IV. Consumption Performance
- Total retail sales of consumer goods: RMB 344.86 billion; YoY +3.6%
Consumption continues to grow, but:
- The growth rate is below GDP growth
- The pattern is more recovery-oriented and moderate, rather than driven by strong stimulus
This suggests Xiamen does not currently exhibit characteristics of a consumption-led, high-stimulation city.
V. Price Level
- Consumer Price Index (CPI): 100.0
This indicates near-zero inflation:
- No obvious inflationary pressure
- Also reflects relatively weak demand-side momentum
VI. Household Income and Expenditure
| Indicator | Amount (RMB) | YoY Growth |
|---|---|---|
| Per capita disposable income (all residents) | 77,762 | +4.7% |
| Urban residents | 79,719 | +4.7% |
| Rural residents | 38,512 | +6.0% |
| Indicator | Amount (RMB) | YoY Growth |
|---|---|---|
| Per capita consumption expenditure (all residents) | 51,352 | +4.6% |
| Urban residents | 52,326 | +4.6% |
| Rural residents | 31,831 | +6.5% |
Interpretation:
- Household income and consumption are growing largely in tandem
- Rural residents show faster growth in both income and consumption than urban residents
- While the urban–rural gap remains, rural improvement is occurring at a faster pace
This typically suggests:
- Some effectiveness of transfer payments, rural revitalization policies, and agriculture-related industries
- Greater consumption potential in lower-tier and rural markets
VII. Conclusion
Overall, Xiamen’s 2025 economic indicators suggest the city is in a phase characterized by:
industrial support, real estate contraction, investment pressure, moderate consumption growth, and steadily rising household incomes.
