From policy to progress: China's 5% GDP growth signals stability in 2024--China Economic Net

Core Insights - China's GDP grew by 5% year-on-year in 2024, reaching 134.9 trillion yuan ($18.41 trillion), aligning with Beijing's annual target, indicating resilience against global economic challenges [1][1][1] - The fourth quarter saw GDP expand by 5.4% year-on-year, suggesting a steady acceleration in economic momentum [1][1][1] Economic Performance - Industrial production increased by 5.8% year-on-year, driven by equipment manufacturing and high-tech industries [1][1] - High-tech manufacturing experienced an impressive growth of 8.9%, reflecting Beijing's focus on innovation [1][1] - Total retail sales of consumer goods rose by 3.5% year-on-year, with online retail sales surging by 7.2% [1][1][1] - The service sector's added value expanded by 5%, contributing significantly to the economy [1][1] Strategic Economic Transformation - Policymakers have effectively channeled resources into strategic industries while fostering consumer confidence and sustaining growth in services [1][1] - Despite global headwinds, China's performance illustrates its strategic capacity to maintain growth, although long-term challenges like demographic shifts remain [1][1][1] Future Outlook - The government has intensified its focus on structural economic evolution, rolling out additional measures to reinforce market confidence and sustain growth [1][1] - China is positioning itself as a proactive architect of its future economic landscape, emphasizing innovation and resilience [1][1]