KEY TAKEAWAYS
- China met its annual 5% GDP growth target for 2024, thanks to the stimulus measures that buoyed economic activity in the fourth quarter.
- According to the country’s National Bureau of Statistics, China’s “major targets and tasks of economic and social development were achieved successfully” after it posted a 5.4% expansion in the fourth quarter.
- The export-led growth figures come days before U.S. President-elect Donald Trump, who has threatened increased tariffs against China, gets sworn into office.
China said it met its annual 5% gross domestic product (GDP) growth target for 2024, thanks to the stimulus measures that buoyed economic activity in the fourth quarter.
According to the country’s National Bureau of Statistics, China’s “major targets and tasks of economic and social development were achieved successfully” after it posted a 5.4% expansion in the fourth quarter. Beijing had issued a 2024 GDP growth target of “around 5%” last March.
In 2023, China said it recorded GDP growth of 5.2%.
Export-Led Growth Comes as Trump Threatens Tariffs Hike
China’s export-led growth, which registered at 7.1% in 2024, has come in for criticism from foreign leaders who have argued that Beijing is selling its excess production overseas. U.S. President-elect Donald Trump, who regains the White House on Monday, has threatened an additional 10% tariff on imports from China.
China said that its economy last year was “generally stable” but warned that “adverse effects brought by external environment are increasing, the domestic demands are insufficient, some enterprises have difficulties in production and operation, and the economy is still facing difficulties and challenges.”
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