China's Economy Shows Resilience with 5% GDP Growth in 2024

January 17, 2025 — Despite a complex global economic landscape and internal challenges, China's economy demonstrated significant resilience in 2024, achieving a 5.0 percent year-on-year growth in Gross Domestic Product (GDP), according to preliminary estimates released by National Bureau of Statistics of China.

This figure, reaching 134,908.4 billion yuan, underscores the effectiveness of the government's economic policies and the strength of the Chinese market, the relase states.

The robust growth was driven by consistent performance across all sectors. The secondary industry (primarily manufacturing) saw a 5.3% increase, while the tertiary sector (services) grew by 5.0%, and the primary sector (agriculture) expanded by 3.5%. This balanced growth highlights the diversification and stability of the Chinese economy. Notably, the fourth quarter saw a strong rebound with 5.4% year-on-year growth and 1.6% quarter-on-quarter growth, indicating a positive momentum heading into the new year, the release states.

Key highlights from the release include:

• Industrial Powerhouse: Industrial production saw a 5.8% increase, with equipment manufacturing and high-tech manufacturing leading the way with growth rates of 7.7% and 8.9% respectively. Production of new energy vehicles, integrated circuits, and industrial robots experienced substantial growth, showcasing China's focus on technological advancement.
• Service Sector Expansion: The service sector expanded by 5.0%, with notable growth in information transmission, software and information technology services (10.9%), and leasing and business services (10.4%).
• Stable Domestic Demand: Total retail sales of consumer goods reached 48,789.5 billion yuan, up by 3.5%. Online retail sales also saw a healthy increase of 7.2%, demonstrating the continued dynamism of the Chinese consumer market.
• Trade Resilience: Total imports and exports of goods grew by 5.0%, reaching 43,846.8 billion yuan, with exports increasing by 7.1%. Trade with Belt and Road partner countries played a significant role, accounting for over half of total trade value.

While acknowledging the positive results, the release also recognizes existing challenges, including insufficient domestic demand and difficulties faced by some enterprises. The focus moving forward will be on deepening reform and opening up, implementing proactive macro policies, expanding domestic demand, and promoting technological and industrial innovation to ensure continued economic recovery and development. The release stated that the 5% GDP growth in 2024, however, serves as a testament to the Chinese economy's resilience and its ability to navigate complex economic conditions.

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