China’s Economy Achieves 5% Growth in 2024, Meeting Annual Target
China’s economy expanded by 5% year on year in 2024, successfully meeting the national annual target of approximately 5%, according to official data released by the National Bureau of Statistics (NBS) on Friday.
The country’s gross domestic product (GDP) reached 134.91 trillion yuan ($18.41 trillion) for the full year. The fourth quarter saw a robust growth rate of 5.4%, marking the strongest quarterly performance since the second quarter of 2023.
This significant growth was bolstered by a series of policy measures implemented in the latter part of the year. These measures aimed to bolster domestic demand, support enterprises, stabilize the real estate market, and revitalize 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,” wrote Wen Bin, chief economist at China Minsheng Bank, in a research note.
Positive Economic Indicators Across Sectors
Key economic indicators demonstrated 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% year on year, while the high-tech manufacturing sector saw an impressive 8.9% increase.
Fixed asset investment grew by 3.2%, driven by accelerated growth in high-tech industries, signaling continued confidence in the nation’s long-term economic prospects.
Consumer spending also showed resilience amid global uncertainties. Total retail sales of consumer goods increased by 3.5% year on year, with online retail sales surging by 7.2%. The service sector contributed significantly to economic growth, with its added value expanding by 5%.
Foreign Trade Remains a Strong Pillar
Foreign trade continued to play a crucial role in supporting economic growth. The total import and export of goods increased by 5% year on year. Trade with Belt and Road partner countries grew by 6.4%, accounting for over half of the total trade volume, highlighting the success of international cooperation initiatives.
Kang Yi, commissioner of the NBS, stated that these figures indicate China’s economy has maintained a steady growth trajectory despite facing various challenges. He emphasized the importance of sustained efforts to promote economic recovery and advance high-quality development.
Reference(s):
cgtn.com
