China’s Economy Surges in 2024: 5% Growth Highlights Resilience

Beijing – china’s economy displayed significant strength in 2024,achieving a 5% growth rate and reaching a total economic output of 130 trillion yuan. The National Bureau of Statistics released the 2024 National Economic and Social growth Statistical Bulletin on February 28th, showcasing progress in employment, trade, and technological innovation.The bulletin emphasizes China’s dedication to high-quality development and Chinese-style modernization. New urban employment remained above 12 million for the fourth consecutive year, and the total import and export of goods exceeded 43 trillion yuan for the first time, indicating robust economic activity despite global challenges.

The Chinese economy demonstrated remarkable resilience in 2024, achieving a notable 5% growth rate, a figure that stands out amidst global economic uncertainties. This growth propelled the nation’s total economic output to a new high of 130 trillion yuan, underscoring its economic vitality. The National Bureau of Statistics’ (NBS) release of the 2024 National Economic and Social Development Statistical Bulletin on February 28th provided a detailed overview of this progress, highlighting key advancements across various sectors, including employment, trade, and technological innovation. This performance underscores China’s commitment to high-quality development and its unique approach to modernization.

Economic Growth Amidst Challenges

Sheng Laiyun, deputy director of the National Bureau of Statistics, emphasized the significance of the 5% economic growth rate in 2024, considering the increasing external pressures and internal difficulties.

In 2024, my country’s economy will grow by 5%, successfully completing the main goals and tasks of economic and social development.
sheng Laiyun, deputy director of the National Bureau of Statistics

Sheng Laiyun highlighted that this growth reflects the resilience and potential of China’s economy. Proactive macro-control measures and incremental policies by the Party Central Committee played a crucial role in promoting economic recovery and boosting social confidence. Notably, GDP in the fourth quarter of 2024 increased by 5.4% year-on-year, surpassing the third quarter’s growth by 0.8 percentage points.

The 5% growth was driven by both production and demand. The total industrial added value increased by 5.7% over the previous year, contributing 34.1% to economic growth. The service industry’s added value rose by 5%, contributing 56.2% to economic growth. Domestic demand accounted for 69.7% of economic growth, while net exports of goods and services contributed 30.3%.

Sheng Laiyun also emphasized the global significance of China’s economic performance:

Looking at the world, my country’s economic growth rate of 5% ranks among the forefront of major economies, and the economic growth created is equivalent to the total economic output of a medium economy in a year, and its contribution to global economic growth is expected to reach about 30%.
sheng Laiyun, deputy director of the National Bureau of Statistics

Change and Upgrading: Stimulating Development Vitality

China is currently in a critical phase of transitioning from old to new economic drivers. Sheng Laiyun highlighted the importance of coordinating the cultivation of new momentum with the upgrading of existing industries.

At present, my country’s economic development is in a critical stage of the transformation of new and old kinetic energy into a critical stage. All parties are unwavering in anchoring the primary task of high-quality development, and coordinate the relationship between cultivating new momentum and updating old kinetic energy, develop new quality productivity according to local conditions, and promote the smooth continuous transformation of new and old kinetic energy.
Sheng Laiyun, deputy director of the National Bureau of Statistics

The country’s investment in research and development (R&D) reached 2.68% of GDP in 2024, exceeding the average level of EU countries. Basic research funding increased by 10.5% over the previous year. The industrialization rate of effective invention patents of enterprises reached 53.3%, and the national technology contract transaction volume increased by 11.2%. The added value of large-scale equipment manufacturing and high-tech manufacturing industries increased to 34.6% and 16.3% respectively.

In 2024, China’s new energy vehicle production reached 13.17 million, making it the world’s first country with an annual output exceeding 10 million new energy vehicles. Preliminary estimates indicate that carbon dioxide emissions per 10,000 yuan of GDP decreased by 3.4% over the previous year, and energy consumption per 10,000 yuan of GDP decreased by 3.8%. The average number of days with good air quality in 339 cities at the prefecture level and above was 87.2%, an increase of 1.7 percentage points over the previous year.

The total retail sales of consumer goods and the total fixed asset investment in the whole society reached 48.3 trillion yuan and 52.1 trillion yuan respectively in 2024. 27.37 million new business entities were established throughout the year, averaging 24,000 new enterprises per day. The urbanization rate of the permanent population reached 67% at the end of the year.

Despite challenges related to anti-globalization and trade protectionism, China has remained committed to expanding its opening up to the outside world.

Faced with the challenges of anti-globalization thoughts and trade protectionism,my country has unswervingly expanded its opening up to the outside world,and its trading partners cover five continents

China’s Economic Resilience: A Deep Dive into 5% Growth and Future Prospects

Did you know that China’s economic growth in 2024,despite global headwinds,rivals that of many developed nations? This remarkable achievement signifies a strong foundation for continued expansion and global influence.

senior Editor (SE): Dr. Li,thank you for joining us today. China’s 5% GDP growth in 2024 is a critically important achievement. Can you elaborate on the key factors contributing to this success, despite global economic uncertainties and challenges?

Dr. Li (DL): The 5% growth rate in 2024 reflects China’s remarkable economic resilience and the effectiveness of its proactive macroeconomic policies. Several crucial factors contributed to this success. First, domestic demand played a pivotal role, accounting for a ample portion of the economic growth. This highlights the strength of the Chinese consumer market and the government’s efforts to stimulate domestic consumption. Second, China’s robust export sector also contributed significantly despite global trade tensions. This underscores the competitiveness of Chinese products and services in the international marketplace. strategic investments in technological innovation and infrastructure advancement have laid a solid groundwork for lasting long-term growth. this includes significant investments in renewable energy, high-tech manufacturing, and digital infrastructure.

SE: The report emphasizes progress in employment, trade, and technological innovation.how did these sectors specifically contribute to the overall economic performance?

DL: Let’s look at those sectors individually. Employment remained remarkably strong,exceeding 12 million new urban jobs for the fourth consecutive year. This directly impacts consumer spending and overall economic activity. Concerning trade, the total import and export volume surpassed a significant milestone, indicating robust economic activity and engagement within the global trading system, despite global challenges such as trade protectionism.technological innovation continued to be a key driver. The increased investments in research and development,particularly in areas such as new energy vehicles and advanced manufacturing,further solidify China’s position as a global technological leader. These investments translate to increased productivity and economic competitiveness.

SE: The report mentions China’s transition from old to new economic drivers.Can you shed light on this transformation and its implications for future growth?

DL: China is strategically shifting its focus from customary, resource-intensive industries toward higher-value-added sectors such as technology, innovation, and services. This transition – sometimes referred to as upgrading economic drivers – involves coordinating the cultivation of new growth engines with the modernization of existing industries. This crucial shift is essential for sustaining a high-quality and sustainable economic future. This requires a concerted effort to improve productivity, enhance efficiency, and foster innovation across various sectors. This approach includes optimizing resource allocation, developing human capital, and strengthening intellectual property rights protection.

SE: What are the key challenges and opportunities China faces in sustaining this growth trajectory?

DL: While China’s economic outlook remains positive, there are potential challenges such as navigating global economic uncertainty, managing debt levels, and addressing regional inequalities. However, opportunities abound in areas like technological advancement, infrastructure development, and the expansion of domestic consumption.Moreover, China’s continuing commitment to expanding its opening up to the outside world, despite anti-globalization movements, presents significant opportunities for collaboration and cooperation internationally. This collaborative spirit can be expected to advance and secure a prosperous future.

SE: What are your final thoughts on china’s economic performance and future prospects?

DL: China’s 5% GDP growth in 2024 provides a strong indication of the nation’s economic vitality and resilience. The strategic focus on innovation, technology, and the cultivation of new economic drivers positions the nation for continued growth. While external challenges exist, China’s ability to adapt and implement effective macroeconomic policies suggests a promising future. This growth not only benefits China but significantly contributes to global economic stability and development.

Key Takeaways:

Resilient Growth: China’s 5% GDP growth in 2024 showcases its economic strength despite global challenges.

Diverse Drivers: Strong domestic demand, robust exports, and technological innovation fueled this growth.

* Strategic Transition: The shift toward higher-value-added sectors is crucial for long-term sustainability.

We encourage you to share your thoughts and perspectives on China’s economic future in the comments below!

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