The Chinese mainland's economy showed impressive resilience in 2024, with a reported gross domestic product (GDP) growth of 5% year on year, successfully meeting the annual target.
Total GDP reached 134.91 trillion yuan ($18.41 trillion), as per the latest data released by the National Bureau of Statistics (NBS).
In the fourth quarter, the economy expanded by 5.4%, marking its strongest growth since the second quarter of 2023. This surge was fueled by a series of policy measures aimed at boosting domestic demand, supporting enterprises, stabilizing the real estate market, and revitalizing the capital market.
Wen Bin, chief economist at China Minsheng Bank, highlighted in a research note, \"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.\"
Key economic indicators showcased positive momentum. Industrial production saw robust growth, especially in equipment manufacturing and high-tech sectors. The added value of large industrial enterprises rose by 5.8% year on year, while high-tech manufacturing added 8.9%.
Fixed asset investment grew by 3.2%, driven by accelerated expansion in high-tech industries. Consumer spending remained strong, with total retail sales of consumer goods up by 3.5% year on year. Notably, online retail sales surged by 7.2%, and the service sector's added value increased by 5%.
Foreign trade continued to support economic growth, with total imports and exports rising by 5% year on year. Trade with Belt and Road partner countries grew by 6.4%, accounting for over half of the total trade volume.
Kang Yi, commissioner of the NBS, emphasized that these figures reflect the Chinese mainland's steady growth trajectory despite various challenges. He also stressed the importance of sustained efforts to promote economic recovery and pursue high-quality development.
Reference(s):
cgtn.com
