China’s economy has seen a robust growth of 5% in 2024, solidifying its position as one of the world’s fastest-growing major economies. According to a government work report submitted to the national legislature on Wednesday, the Chinese mainland continues to contribute about 30% to global economic growth.
Despite global economic uncertainties, the Chinese mainland maintained overall economic stability in 2024. The major goals and tasks for its economic and social development were accomplished, demonstrating resilience and steady progress.
Employment figures remained positive, with 12.56 million new urban jobs created last year. The surveyed urban unemployment rate averaged 5.1%, reflecting a stable job market. Prices also remained steady, as the consumer price index rose by only 0.2%.
The report highlighted substantial improvements in people’s well-being. Per capita disposable income increased by 5.1% last year, indicating that residents are experiencing better living standards and increased purchasing power.
This economic performance underscores the Chinese mainland’s crucial role in driving global economic growth. As it continues to develop, the impacts are felt across the Global South, offering opportunities for trade, investment, and shared prosperity.
