Economic Performance - In 2024, China's GDP reached 134.91 trillion yuan, growing by 5.0% compared to 2023, successfully meeting the annual target[10] - The industrial added value for large-scale industries increased by 5.8% year-on-year, with a notable 6.2% growth in December[12] - Social retail sales totaled 48.79 trillion yuan, up 3.5% year-on-year, with December showing a 3.7% increase[13] Structural Improvements - The consumer price index (CPI) rose by 0.2% for the year, while the producer price index (PPI) fell by 2.2%[4] - By the end of December, M2 money supply grew by 7.3%, while M1 decreased by 1.4%, indicating a structural improvement in monetary supply[40] - The total social financing stock increased by 8.0% year-on-year, with a cumulative increment of 32.26 trillion yuan in 2024[40] Trade and Investment - Exports grew by 5.9% year-on-year, totaling 3.58 trillion USD, with a trade surplus of 992.2 billion USD in 2024[26] - Fixed asset investment reached 51.44 trillion yuan, growing by 3.2%, but private investment saw a slight decline of 0.1%[18] - The real estate sector continued to struggle, with new housing starts down by 23.0% and sales area down by 12.9%[21] Outlook and Risks - The 2025 GDP target is expected to remain around 5.0%, with potential uncertainties arising from U.S. tariffs under the Trump administration[32] - The RMB exchange rate may shift from absolute depreciation to relative appreciation in 2025, influenced by monetary policy adjustments[56]
宏观月报：2024年GDP目标顺利完成 经济结构性矛盾显著改善
Guo Xin Qi Huo·2025-01-20 06:24