Official GDP growth rate announcement by China's National Bureau of Statistics

Xi Projects China's 2024 GDP Growth at 5%, Highlights Strategic Focus and Proactive 2025 Policies

Dec 31, 2024, 06:35 AM

Chinese President Xi Jinping has announced that China's GDP is expected to grow by around 5% in 2024, meeting the country's official target. Speaking at a New Year's reception held by the National Committee of the Chinese People's Political Consultative Conference, Xi highlighted China's efforts to achieve its socio-economic goals despite domestic and international challenges. He emphasized the need for more proactive macroeconomic policies in 2025 to sustain growth, deepen reforms, expand high-level opening up, and better coordinate development and security. Xi also issued a rallying call to maintain strategic focus. Recent aggressive measures, such as interest rate cuts and easing restrictions on homebuying, have been implemented to address economic challenges including a property market crisis, weak consumption, and rising government debt. Economists have suggested that further fiscal stimulus may be necessary to bolster domestic consumption. The International Monetary Fund has projected China's GDP growth at 4.8% for 2024, slightly below the government's target. Additionally, China's manufacturing PMI stood at 50.1 in December, indicating continued expansion in the industrial sector.