Announcements from the People's Bank of China

China Achieves 5% GDP Growth Target in 2024, Reaching $18.4 Trillion Amid Policy Blitz and Export Boom

Jan 20, 2025, 07:40 AM

China's economy grew by 5% in 2024, meeting the government's growth target for the year, with GDP reaching 134.9 trillion yuan ($18.4 trillion). This growth was driven by a policy blitz and a strong export performance, with GDP rising 5.4% in the fourth quarter. Despite hitting the target, the expansion was uneven, with many citizens reporting a decline in living standards. The economy faced challenges in translating industrial and export gains into consumer benefits, raising concerns about structural issues. Additionally, while industrial output and exports were robust, domestic demand showed mixed results, with unemployment rising and property sales contracting. The government has announced plans for further monetary easing and increased public spending in 2025 to counter potential impacts from looming US tariffs under President-elect Donald Trump. Electricity consumption, a key barometer of economic activity, rose by 6.8% year-on-year to 9.85 trillion kilowatt-hours. In the Xinjiang Uygur Autonomous Region, GDP grew by 6.1% to surpass 2 trillion yuan. Meanwhile, China's semiconductor production increased by 12.5% over the previous year.