12月经济数据点评：经济回升态势加快，全年目标顺利达成

Economic Growth - China's Q4 GDP grew by 5.4% year-on-year, exceeding the expected 5.0% and marking the highest growth rate of the year[4] - The annual GDP reached 13,490,840 million yuan, achieving a year-on-year growth of 5.0%[5] - Q4 GDP seasonally adjusted quarter-on-quarter growth was 1.6%, slightly above the five-year average of 1.5%[5] Industrial Production - December industrial added value increased by 6.2% year-on-year, surpassing the expected 5.5% and marking the highest growth rate in the second half of the year[12] - Manufacturing sector growth was particularly strong, with a year-on-year increase of 7.4% in December[12] - Full-year industrial added value growth was 5.8%, driven by robust manufacturing performance[12] Consumer Spending - December retail sales of consumer goods rose by 3.7% year-on-year, exceeding the expected 3.5%[18] - The full-year retail sales growth was 3.5%, with final consumption contributing 2.2 percentage points to economic growth[18] - The "old-for-new" consumption policy significantly boosted retail sales in Q4, which grew by 3.8% year-on-year[21] Investment Trends - Fixed asset investment (excluding rural households) grew by 3.2% year-on-year in 2024, slightly below market expectations[24] - Manufacturing investment showed resilience with a year-on-year growth of 9.2%, despite a slight decline from previous values[28] - Infrastructure investment in December increased by 6.3% year-on-year, indicating a rebound in narrow infrastructure investment[30] Employment Situation - The urban survey unemployment rate in December was 5.1%, a slight increase from the previous value of 5.0%[34] - The average urban unemployment rate for 2024 was 5.1%, down 0.1 percentage points from the previous year[34] - The increase in unemployment rate is attributed to seasonal factors related to the upcoming Spring Festival[34]