China’s economy has hit its 5% growth target for 2024, showing resilience and strength despite global economic challenges. Official data released on Friday by the National Bureau of Statistics (NBS) revealed that the country’s GDP reached a staggering 134.91 trillion yuan ($18.41 trillion).
The fourth quarter was particularly impressive, with the economy expanding by 5.4%—the fastest growth since mid-2023. This surge was largely due to a series of government policies rolled out to boost domestic demand, support businesses, stabilize the real estate market, and invigorate the capital market.
“These policies have effectively boosted confidence and reignited market demand, helping us achieve our annual economic goals,” said Wen Bin, chief economist at China Minsheng Bank.
Manufacturing and high-tech industries led the way, with large industrial enterprises increasing their added value by 5.8% compared to last year. High-tech manufacturing was a standout performer, soaring by 8.9%.
Investment in fixed assets, like infrastructure and equipment, grew by 3.2%, thanks to accelerated growth in high-tech sectors. Consumer spending remained strong, with retail sales of consumer goods up by 3.5%. Online shopping continued to boom, jumping by 7.2%.
The service sector also played a key role, growing by 5%. On the global stage, China’s foreign trade remained a vital part of its growth story. Total imports and exports increased by 5%, with trade involving Belt and Road partner countries rising by 6.4%. These partnerships now make up over half of China’s total trade volume.
Kang Yi, commissioner of the NBS, highlighted that despite facing various challenges, China’s economy is on a steady growth path. He emphasized the importance of continuing efforts to promote economic recovery and focus on high-quality development.
Reference(s):
cgtn.com
