According to official data released on Friday, China's gross domestic product (GDP) grew by 5 % year-on-year in 2024, meeting the annual target of around 5 %.
For the full year, GDP reached 134.91 trillion yuan (US$18.41 trillion), according to data released by the National Bureau of Statistics (NBS).
In the fourth quarter, the economy grew by 5.4 %, the strongest growth since the second quarter of 2023. This growth was subsequently supported by a number of policy measures introduced in the fourth quarter, including measures to boost domestic demand, support businesses, stabilise the property market and revive the capital market.
"The combined effects of the gradual policy package and existing measures have effectively boosted social confidence in China and caused a significant recovery in market demand, which has played a critical role in achieving the annual economic targets," wrote in a research report Wen Bin, chief economist of China Minsheng Bank.
Key economic indicators showed positive dynamics. Industrial production recorded strong growth, particularly in the equipment and high-technology sectors. The value added of large industrial enterprises increased by 5.8 % year-on-year and the value added of high-tech manufacturing increased by 8.9 %.
Investment in fixed assets increased by 3.2 %, driven by accelerated growth in high-tech sectors.
Consumer spending also showed resilience. Total retail sales of consumer goods increased by 3.5 % year-on-year. In particular, online retail sales increased by 7.2 %. The services sector also contributed to the growth, with value added increasing by 5 %.
Foreign trade continues to support economic growth. Total merchandise imports and exports increased by 5 percent year-on-year, with trade with the Belt and Road partners growing by 6.4 percent and accounting for more than half of total trade.
According to Kang Yi, Commissioner of the NBS, these data suggest that the Chinese economy is maintaining a stable growth trajectory despite facing various challenges.
He also stressed the need for sustained efforts to support economic recovery and promote quality development.
CMG/ gnews - RoZ
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