News & Insights Across Asia
ANZ Group’s Chief Economist Richard Yetsenga highlights China’s 4.9% GDP growth as a significant achievement amid global challenges, affirming China’s position as the largest contributor to global GDP.
China’s GDP grew by 4.8% year-on-year in the first three quarters of 2024, reaching over 94.97 trillion yuan ($13.34 trillion), according to the National Bureau of Statistics. The growth highlights the continued expansion of China’s economy.
China’s GDP grew by 5.3% in Q1 2024, surpassing forecasts and indicating economic stabilization and rising consumer confidence, according to the National Bureau of Statistics and ANZ economist Raymond Yeung.
China has set its 2024 GDP growth target at around 5 percent, signaling confidence in its economic resilience amid global uncertainties. The pragmatic goal balances ambition with caution in volatile times.
China sets its GDP growth target at around 5%, focusing on innovation and domestic demand to tackle structural challenges, making the target attainable amid global economic uncertainties.