China’s GDP growth meets target at 5% in 2024

China’s GDP growth meets target at 5% in 2024 as several economic indications showed positive growth.

In 2024, China’s GDP grew by 5 percent year-over-year, meeting the national growth target of around 5 percent, according to official data released on Friday.

For the year, the GDP totaled 134.91 trillion yuan ($18.41 trillion), based on figures from the National Bureau of Statistics (NBS).

The economy grew by 5.4 percent in the fourth quarter, marking its strongest performance since the second quarter of 2023. This growth was fueled by policy measures aimed at boosting domestic demand, supporting businesses, stabilizing the real estate market, and revitalizing the capital market.

Several key economic indicators showed positive growth. Industrial production saw strong performance, especially in equipment manufacturing and high-tech sectors. The value added by large industrial enterprises grew by 5.8 percent, while high-tech manufacturing saw an 8.9 percent increase.

Fixed asset investment rose by 3.2 percent, driven by rapid growth in high-tech industries.

Consumer spending also remained resilient, with total retail sales of consumer goods increasing by 3.5 percent year-on-year. Online retail sales surged by 7.2 percent, while the service sector’s value added expanded by 5 percent.

Foreign trade continued to contribute to economic growth, with total imports and exports rising by 5 percent year-over-year. Trade with Belt and Road partner countries grew by 6.4 percent, making up over half of total trade volume.

According to NBS Commissioner Kang Yi, these results demonstrate that the Chinese economy has sustained steady growth despite various challenges. He also highlighted the need for ongoing efforts to foster economic recovery and high-quality development.