China’s 2024 Growth Meets Official 5% Target On Stimulus Bump
Gross domestic product rose 5% in the world’s second-largest economy, data released by the National Bureau of Statistics on Friday showed.
(Bloomberg) -- China’s economic expansion met the government’s annual target last year as recent stimulus measures bolstered growth in the final months of 2024.
Gross domestic product rose 5% in the world’s second-largest economy, data released by the National Bureau of Statistics on Friday showed, slightly exceeding the median estimate of 4.9% in a Bloomberg survey. President Xi Jinping said on New Year’s Eve the country was expected to meet the growth goal of around 5%.
The economy grew 5.4% in October-December from the same period a year earlier, the fastest pace in six quarters and better than economists’ median forecast of 5%.
The numbers suggest Beijing’s policy pivot since late September helped counter headwinds from a years-long property slump and entrenched deflation. It has vowed further monetary easing and stronger public spending this year, as the economy braces for Donald Trump’s return to the White House. The US president-elect has threatened tariffs of as high as 60% on Chinese goods that could decimate trade with the Asian country and hurt a key growth driver.
Highlights of other key economic indicators:
Industrial production rose 6.2% year on year in December, compared with economists’ forecast of a 5.4% growth
Retail sales gained 3.7% last month, stronger than an estimated 3.6% increase
Property investment contracted 10.6% in 2024, booking its worst year since records began in 1987. The slump dragged on fixed-asset investment, which rose 3.2% compensated by manufacturing and infrastructure spending, versus a 3.3% rise projected by economists
The urban jobless rate was 5.1% in December, slightly higher than 5% in November
