China's economy made significant strides in 2024, achieving a gross domestic product (GDP) of 134 trillion yuan (approximately $18.38 trillion). This marks a 5-percent year-on-year increase, positioning China as one of the leading major economies globally, according to Liu Jieyi, spokesperson for the third session of the 14th Chinese People's Political Consultative Conference (CPPCC) National Committee.
Liu highlighted the emergence of new industries and business formats, emphasizing the rapid advancements in smart manufacturing and smart products. The country is also witnessing a boom in green productivity, with China leading the world in wind power, photovoltaics, and new energy vehicles.
Consumption trends have shown robust momentum, particularly during the Spring Festival holiday. Sales revenues for household appliances and audiovisual equipment surged by 166.4 percent compared to the previous year, while tourism-related services saw a 37.5 percent increase in sales revenues.
The CPPCC spokesperson concluded that China's economy is steadily progressing along the path of high-quality development, underscoring the country's commitment to sustainable and innovative growth.
Reference(s):
CPPCC spokesperson: China's economy made steady progress in 2024
cgtn.com
