Beijing (TDI): China’s GDP grew 5% year-on-year to 134.9 trillion yuan ($18.41 trillion) in 2024, according to data released by the National Bureau of Statistics on Friday.
The positive expansion is in line with the country’s annual growth target, demonstrating that the world’s second-largest economy has successfully navigated turbulent waters last year and maintained its good growth momentum, experts said.
In the fourth quarter, China’s GDP expanded 5.4% year-on-year, NBS data showed.
The reading in the fourth quarter accelerated from the 4.6% growth recorded in the third quarter and also represented the highest quarterly growth of the year.
Chinese economists said that was partly driven by the manifestation of a package of incremental policies that have efficiently shored up domestic consumption and strengthened market expectation, according to Global Times.
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China’s GDP grew by 5.3% and 4.7% in the first and second quarter of 2024, respectively.
Chinese economy has achieved a relatively stable growth in 2024 despite immense pressure ranging from a complex international environment, insufficient domestic demand to rising geopolitical uncertainties, which is not an easy task, Tian Yun, an economist based in Beijing, noted.
He added that while tackling with those downward pressures, China has gradually set up a mechanism for endogenous and innovative development, which is propelled by industries involving new quality productive forces such as artificial intelligence.
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Last year, the added value of industrial enterprises above designated size increased by 5.8% year-on-year, while fixed-asset investment also edging up by 3.2%, according to NBS.
In terms of domestic consumption, the retail sales of consumer goods in the first three quarters increased 3.5 %, NBS data showed.
