China’s gross domestic product (GDP) grew by 5 percent year on year in 2024, successfully meeting the annual target of around 5 percent, according to official data released by the National Bureau of Statistics (NBS) on Friday.
The full-year GDP reached 134.91 trillion yuan ($18.41 trillion), demonstrating the resilience and steady momentum of the Chinese economy amidst global challenges.
In the fourth quarter, the economy expanded by 5.4 percent, marking the strongest growth since the second quarter of 2023. This robust performance was bolstered by a series of policy measures implemented in the latter part of the year, aimed at stimulating domestic demand, supporting enterprises, stabilizing the real estate market, and revitalizing the capital market.
“The combined effects of a package of incremental policies and existing measures have effectively boosted China’s social confidence and caused market demand to significantly rebound, playing a decisive role in achieving the annual economic goals,” Wen Bin, chief economist at China Minsheng Bank, noted in a research report.
Key economic indicators showcased positive momentum across various sectors. Industrial production experienced robust growth, particularly in equipment manufacturing and high-tech industries. The added value of large industrial enterprises increased by 5.8 percent year on year, while the added value of high-tech manufacturing surged by 8.9 percent.
Fixed asset investment expanded by 3.2 percent, driven by accelerated growth in high-tech sectors, signaling confidence in future economic prospects.
Consumer spending demonstrated resilience, with total retail sales of consumer goods increasing by 3.5 percent year on year. Online retail sales surged by 7.2 percent, reflecting the continuing shift towards e-commerce. The service sector also contributed significantly to growth, with its added value expanding by 5 percent.
Foreign trade continued to support economic growth. The total import and export of goods increased by 5 percent year on year. Notably, trade with Belt and Road partner countries grew by 6.4 percent, accounting for over half of the total trade volume, underscoring the importance of these partnerships in China’s trade landscape.
According to Kang Yi, commissioner of the NBS, these figures indicate that the Chinese economy has maintained a steady growth trajectory despite facing various challenges. He emphasized the need for sustained efforts to promote economic recovery and push for high-quality development.
Reference(s):
cgtn.com
