China’s gross domestic product (GDP) grew 5 percent year on year in 2024, meeting the annual target of around 5 percent, according to official data released on Friday.
The National Bureau of Statistics (NBS) reported that the GDP reached 134.91 trillion yuan ($18.41 trillion) for the full year.
The economy expanded by 5.4 percent in the fourth quarter, marking the strongest growth since the second quarter of 2023. This robust performance was supported by a series of policy measures implemented in the fourth quarter, including efforts 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,” said Wen Bin, chief economist at China Minsheng Bank, in a research note.
Key economic indicators showed positive momentum. Industrial production experienced robust growth, particularly in equipment manufacturing and high-tech sectors. The added value of large industrial enterprises increased by 5.8 percent year on year, while the added value of high-tech manufacturing rose by 8.9 percent.
Fixed asset investment expanded by 3.2 percent, driven by accelerated growth in high-tech industries. Consumer spending also 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, and the service sector contributed to growth with its added value expanding by 5 percent.
Foreign trade continued to support economic growth. Total import and export of goods increased by 5 percent year on year, with trade with Belt and Road partner countries growing by 6.4 percent and accounting for over half of total trade volume.
Kang Yi, commissioner of the NBS, stated that these figures indicate 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
