China's GDP expands 5% in 2024, meeting annual target

China's gross domestic product (GDP) grew 5 percent year on year in 2024, meeting the annual target of around 5 percent, according to official data released on Friday, CGTN reports. 

China's gross domestic product (GDP) grew 5 percent year on year in 2024, meeting the annual target of around 5 percent, according to official data released on Friday.

For the full year, GDP reached 134.91 trillion yuan ($18.41 trillion), according to the data released by the National Bureau of Statistics (NBS).

The economy expanded by 5.4 percent in the fourth quarter, marking the strongest growth since the second quarter of 2023. This growth was subsequently supported by a series of policy measures implemented in the fourth quarter, including measures to bolster domestic demand, support enterprises, stabilize the real estate market, and revitalize the capital market.

"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," Wen Bin, chief economist at China Minsheng Bank, wrote in a research note.

Key economic indicators showed positive momentum. Industrial production experienced robust growth, particularly in equipment manufacturing and high-tech sectors. The added value of large industrial enterprises increased by 5.8 percent year on year, and the added value of high-tech manufacturing increased by 8.9 percent.

Fixed asset investment expanded by 3.2 percent, driven by accelerated growth in high-tech industries.

Consumer spending also demonstrated resilience. Total retail sales of consumer goods increased by 3.5 percent year on year. In particular, online retail sales surged by 7.2 percent. The service sector also contributed to growth, with its added value expanding by 5 percent.

Foreign trade continues to support economic growth. Total import and export of goods increased by 5 percent year on year, with trade with Belt and Road partner countries growing by 6.4 percent and accounting for over half of total trade volume.

These figures indicate that the Chinese economy has maintained a steady growth trajectory despite facing various challenges, according to Kang Yi, commissioner of the NBS.

He also emphasized the need for sustained efforts to promote economic recovery and push for high-quality development.

Earlier it was reported that global economy would expand by 2.7% in 2025, 2026, according to the World Bank forecast.