2024 China’s Economic Answers In 2024, China’s GDP increased by 5% year-on-year

    Xinhua News Agency, Beijing, January 17th (Reporter Pan Jie, Han Jianuo) According to the data released by the National Bureau of Statistics on the 17th, the gross domestic product (GDP) in 2024 was 134,908.4 billion yuan, an increase of 5.0% over the previous year at constant prices.

    "In 2024, China’s economy overcame various difficulties and challenges brought about by the complex internal and external environment, successfully achieved the main expected goals and tasks, and promoted the effective improvement of economic quality and reasonable growth of quantity. The high-quality development was full of color and the results were not easy." Kang Yi, director of the National Bureau of Statistics, said at the press conference of the State Council Office that day.

    Under the conditions of increasing external pressure and internal difficulties, China’s economic aggregate reached a new level in 2024, surpassing 130 trillion yuan for the first time, ranking second in the world in scale. Globally, China’s 5% economic growth rate ranks among the top in the world’s major economies and continues to be an important power source for world economic growth.

    Quarterly, GDP increased by 5.3% in the first quarter, 4.7% in the second quarter, 4.6% in the third quarter and 5.4% in the fourth quarter. From the ring comparison, GDP increased by 1.6% in the fourth quarter.

    Kang Yi said that in view of the slowdown of China’s economic growth in the second and third quarters of 2024, the CPC Central Committee strengthened macro-control according to the situation, and a package of policies was issued in time, which effectively boosted social confidence and promoted an obvious economic recovery. In the fourth quarter, the growth rates of industrial added value above designated size, service added value and total retail sales of social consumer goods in China were 0.7, 1.0 and 1.1 percentage points faster than those in the third quarter, respectively.

    In the past year, China’s high-quality development has achieved new results, ensuring and improving people’s livelihood has been solidly promoted, grain output has reached a record high, and risks in key areas have been effectively resolved in an orderly manner. In 2024, the proportion of the added value of high-tech manufacturing and equipment manufacturing industries above designated size in the added value of industrial enterprises above designated size rose to 16.3% and 34.6% respectively, up by 0.6 and 1.0 percentage points respectively over the previous year. The national urban survey unemployment rate averaged 5.1%, down 0.1 percentage points from the previous year; The per capita disposable income of residents increased by 5.1% in real terms, keeping pace with economic growth.

    "We must also be soberly aware that the adverse effects brought about by the external environment are deepening, domestic demand is insufficient, some enterprises have difficulties in production and operation, and people’s employment and income are under pressure. There are still many hidden dangers, and it takes hard work to promote economic recovery." Kang Yi said: in the next stage, we should face up to difficulties, strengthen our confidence and take the lead, turn all favorable factors into development achievements, and constantly promote the sustained economic improvement in accordance with the decision-making arrangements of the Central Economic Work Conference.