Beijing (TDI): As the year draws to a close amidst a challenging global economic environment, China’s National Development and Reform Commission (NDRC) on Tuesday reaffirmed its resolve to meet the 2024 economic growth target of approximately 5 percent.
Highlighting favorable conditions and robust support for sustained economic progress, the NDRC stated that current policies, incremental measures, and the cumulative effects of policy synergies would bolster economic recovery in the final months of the year.
“At present, we are working closely with all stakeholders to ensure that the annual growth goal is achieved,” NDRC spokesperson Li Chao said during a press briefing.
Economic indicators showed positive momentum in recent months.
Data from the National Bureau of Statistics revealed a 5.4 percent year-on-year increase in October’s value-added output of manufacturing enterprises above the designated size, according to Global Times.
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Equipment manufacturing rose by 6.6 percent, while high-tech manufacturing surged by 9.4 percent.
Retail sales also witnessed growth, reaching 4.54 trillion yuan ($627 billion) in October, marking a 4.8 percent year-on-year rise, an acceleration of 1.6 percentage points compared to September.
China’s real estate market showed signs of recovery, with nationwide transactions of new and secondhand homes increasing by 3.9 percent year-on-year in October—the first rise after eight consecutive months of decline.
Economists remain optimistic about China’s economic prospects.
China’s GDP growth for the first three quarters of 2024 stood at 4.8 percent year-on-year, with momentum expected to continue into 2025.
Looking ahead, the NDRC emphasized several supportive factors for economic growth.
Over 300 reform measures adopted during the Third Plenary Session of the 20th Communist Party of China Central Committee are being implemented at a rapid pace.
China’s Urbanization Drive Key Pillar of Economic Development
China’s urbanization drive remains a key pillar of economic development, with significant potential for expansion.
Enhanced welfare benefits for migrant workers, including improved social security, are also expected to unlock substantial consumption potential, contributing to urban economic growth.
Other growth drivers include investment in energy conservation, carbon reduction, and emerging sectors such as digital and green industries.
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Services like eldercare and childcare continue to experience robust demand, providing further avenues for economic expansion.
With its vast market size and untapped potential, China remains confident in maintaining steady growth despite external challenges, the NDRC affirmed.
