China's Economy Grows 5% in 2024, Achieving Yearly Goal
According to official data released on Friday, China's gross domestic product (GDP) experienced a year-on-year growth of 5 percent in 2024, aligning with the annual target of approximately 5 percent.
TroibNews 
China's gross domestic product (GDP) increased by 5 percent year on year in 2024, aligning with the annual target of approximately 5 percent, as reported in official data released on Friday.
For the entire year, the GDP amounted to 134.91 trillion yuan, according to figures from the National Bureau of Statistics (NBS).
During the fourth quarter, the economy grew by 5.4 percent, marking the strongest performance since the second quarter of 2023. This expansion was bolstered by several policy initiatives introduced in the fourth quarter, aimed at enhancing domestic demand, supporting businesses, stabilizing the real estate sector, and revitalizing the capital markets.
"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," noted Wen Bin, chief economist at China Minsheng Bank, in a research report.
Key economic indicators reflected positive momentum. Industrial production demonstrated strong growth, particularly within the equipment manufacturing and high-tech industries. The added value of large industrial enterprises rose by 5.8 percent year on year, while high-tech manufacturing saw an 8.9 percent increase.
Investment in fixed assets grew by 3.2 percent, driven by significant advancements in high-tech industries.
Consumer spending also showcased resilience, with total retail sales of consumer goods increasing by 3.5 percent year on year, particularly boosted by an impressive 7.2 percent rise in online retail sales. The service sector contributed to this growth, with its added value rising by 5 percent.
Foreign trade continues to play a vital role in economic growth, as the total import and export of goods grew by 5 percent year on year. Notably, trade with countries participating in the Belt and Road Initiative increased by 6.4 percent, accounting for over half of the total trade volume.
These statistics suggest that the Chinese economy has maintained a stable growth path despite various challenges, according to Kang Yi, commissioner of the NBS. He further stressed the importance of ongoing efforts to enhance economic recovery and pursue high-quality development.
Alejandro Jose Martinez contributed to this report for TROIB News
For the entire year, the GDP amounted to 134.91 trillion yuan, according to figures from the National Bureau of Statistics (NBS).
During the fourth quarter, the economy grew by 5.4 percent, marking the strongest performance since the second quarter of 2023. This expansion was bolstered by several policy initiatives introduced in the fourth quarter, aimed at enhancing domestic demand, supporting businesses, stabilizing the real estate sector, and revitalizing the capital markets.
"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," noted Wen Bin, chief economist at China Minsheng Bank, in a research report.
Key economic indicators reflected positive momentum. Industrial production demonstrated strong growth, particularly within the equipment manufacturing and high-tech industries. The added value of large industrial enterprises rose by 5.8 percent year on year, while high-tech manufacturing saw an 8.9 percent increase.
Investment in fixed assets grew by 3.2 percent, driven by significant advancements in high-tech industries.
Consumer spending also showcased resilience, with total retail sales of consumer goods increasing by 3.5 percent year on year, particularly boosted by an impressive 7.2 percent rise in online retail sales. The service sector contributed to this growth, with its added value rising by 5 percent.
Foreign trade continues to play a vital role in economic growth, as the total import and export of goods grew by 5 percent year on year. Notably, trade with countries participating in the Belt and Road Initiative increased by 6.4 percent, accounting for over half of the total trade volume.
These statistics suggest that the Chinese economy has maintained a stable growth path despite various challenges, according to Kang Yi, commissioner of the NBS. He further stressed the importance of ongoing efforts to enhance economic recovery and pursue high-quality development.
Alejandro Jose Martinez contributed to this report for TROIB News
