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China GDP 2024 +5%

According to data from the National Bureau of Statistics, China’s GDP grew by 5 per cent year-on-year in 2024, achieving the annual target set by the Chinese government.

 

In the fourth quarter of 2024, the economy expanded by 5.4 per cent year-on-year, while on a quarterly basis it grew by 1.6 per cent.

 

China’s value-added industrial output, a key economic indicator, rose by 5.8 per cent year-on-year in 2024. In December, this figure increased 6.2 per cent from the same month a year earlier and 0.6 per cent from November.

 

For the year 2024, fixed-asset investment, a gauge of expenditures on items including infrastructure, property, machinery and equipment, grew by 3.2 per cent year-on-year. Investment in infrastructure and the manufacturing sectors rose by 4.4 per cent and 9.2 per cent, respectively, compared to the previous year, while property development investment declined by 10.6 per cent.

 

High-tech industries experienced strong growth, with investment increasing by 8 per cent year-on-year. Investment in high-tech manufacturing and high-tech services grew by 7 per cent and 10.2 per cent, respectively.

 

Regarding the consumer market, retail sales of consumer goods, a key indicator of consumption, increased by 3.5 per cent year-on-year in 2024, meanwhile in December alone, retail sales rose by 3.7 per cent year-on-year.

 

The per capita disposable income in China stood at RMB 41,314 in 2024, reflecting a nominal increase of 5.3 per cent compared to the previous year.

 

Regarding the job market, the surveyed urban unemployment rate averaged 5.1 per cent in 2024, a slight decrease of 0.1 percentage points from 2023.

 

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