ECONOMY

Update: Last-Quarter Bounce Helps China Hit GDP Target but Challenges Remain

Published: Jan. 17, 2025 10:35 a.m. GMT+8, Updated: Jan. 17, 2025 8:36 p.m.

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China’s economy grew 5% in 2024, official data showed Friday, in line with the government’s target of “around 5%.”

The annual figure, published by the National Bureau of Statistics (NBS), surpassed the average estimate of 4.9% in a Caixin survey of economists. The expansion, however, slowed from a pace of 5.2% in 2023.

For the fourth quarter, GDP rose 5.4% year-on-year as stimulus policies unveiled since September buoyed growth. That’s compared with a 4.8% increase in the January-September period.

Fourth-Quarter Bounce Boosts China’s Growth to Target

Overall, the economy made progress while maintaining stability last year, Kang Yi, head of the NBS, said at a press conference in Beijing.

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China's economy grew by 5% in 2024, matching the government's target, supported by robust export and manufacturing investment growth in early quarters but hindered by a real estate slump and sluggish consumption mid-year.
GDP growth slowed in the second quarter to 4.7% but rebounded in the fourth quarter to 5.4% year-on-year.
To counter challenges, including property market issues, China implemented stimulus measures and a 10 trillion yuan support package, with further economic uncertainty anticipated due to global trade tensions.

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