宏观经济宏观月报：12月民间投资回暖，总需求改善或具备持续性

Economic Growth - In December 2024, China's GDP reached 13,490.84 billion yuan, growing by 5.0% year-on-year[1] - The GDP growth rate for Q4 2024 was 5.4%, an increase of 0.8 percentage points from Q3[1] - The monthly GDP growth rate for December was estimated at 5.6%, up 0.3 percentage points from November[2] Industrial and Investment Performance - In December, the industrial added value for large-scale enterprises increased by 6.2% year-on-year, up 0.8 percentage points from November[1] - Fixed asset investment (excluding rural households) for the year totaled 514,374 billion yuan, with a year-on-year growth of 3.2%[1] - Private fixed asset investment rebounded to 2.6% year-on-year in December, the highest level since 2023[3] Consumption and Trade - The total retail sales of consumer goods in December reached 45,172 billion yuan, growing by 3.7% year-on-year, an increase of 0.7 percentage points from November[1] - Exports in December amounted to 24,099 billion yuan, a year-on-year increase of 10.9%, while imports grew by 1.3% to 16,570 billion yuan[1] Employment and Unemployment - The urban surveyed unemployment rate in December was 5.1%, a slight increase of 0.1 percentage points from the previous month[1] - The unemployment rate in major cities remained stable at 5.0%, consistent with November's figures[17]