China's gross domestic product grew by 5 percent year-on-year in 2024, positioning the country among the world's fastest growing major economies. This growth continues China's significant contribution to global economic development, accounting for approximately 30 percent of the world's economic expansion, as detailed in a government work report submitted to the national legislature on Wednesday.
The report highlights that China's economy operated on an overall stable footing throughout 2024, successfully achieving its major goals and tasks related to economic and social development.
In the past year, the country's employment and price levels remained stable, with 12.56 million new urban jobs created. The surveyed urban unemployment rate averaged 5.1 percent, while the consumer price index saw a minimal rise of 0.2 percent.
Moreover, the report emphasizes solid progress in enhancing the well-being of the populace, evidenced by a 5.1 percent increase in per capita disposable income over the previous year.
