On January 10, 2025, railway builders erected box girders at the standard engineering site in front of the Shanghai-Nanjing section of the Shanghai-Nanjing High-speed Railway in Suzhou, Jiangsu Province, China.
Cost Photo | Noor Photo | Getty Images
With the introduction of a series of stimulus measures, China’s economy will grow by 5% annually in 2024 and rebounded in the final quarter, helping to achieve Beijing’s growth goals.
According to data from the National Bureau of Statistics of China, GDP grew by 5.4% in the fourth quarter, which was better than expected. Economists polled by Reuters expected growth of 5.0% in the final quarter.
Compared with 4.6% in the third quarter, 4.7% in the second quarter, and 5.3% in the first quarter, the growth rate is faster.
Annual economic growth is low Growth of 5.4% compared to 2023 After the epidemic. as a Annual revision of preliminary figuresAccording to CNBC’s calculation of official data, the National Bureau of Statistics revised GDP growth in 2023 to 7.4% in late December.
But the National Bureau of Statistics warned: “It must be noted that the adverse effects of the external environment are increasing and domestic demand is insufficient.” It called for the implementation of “more active and effective macro policies.”
Retail sales rose 3.7% year-on-year in December, exceeding Reuters’ forecast of 3.5%. Industrial output rose 6.2% annually, higher than expectations for a 5.4% increase, highlighting the imbalance between China’s domestic production and weak demand.
Fixed asset investment grew by 3.2% for the whole of 2024, lower than the 3.3% growth expected in a Reuters survey, as real estate investment dragged down a sharp 10.6% drop from January to November.
The urban unemployment rate rose to 5.1% in December from 5.0% in the previous month.
In 2024, the per capita disposable income of urban residents will grow by 4.4%, and the per capita disposable income of rural residents will grow by 6.3%.
The national population will decrease by 1.39 million to 1.408 billion in 2023.
China has been working hard to promote economic growth and has Many measures have been taken This ends.
Since the end of September, Chinese authorities have called for real estate to stop falling, lower interest rates and announced Five-year financial plan of NT$10 trillion ($1.4 trillion) to ease the local government financing crisis. Beijing has also expanded a program for consumers to trade in cars and household appliances and buy new ones at discounted prices.
Senior leaders pledged to adopt “aggressive” fiscal measures and a “moderately loose” monetary policy stance this year.
Some analysts expect stimulus measures It could come into effect this year, but it will take longer to see a significant impact.
The housing downturn and uncertainty about future income have weighed on consumer spending and business confidence, exacerbating deflationary concerns.
Consumer inflation in China remains slightly above zero, while wholesale prices fell for the 27th consecutive month in December. Official data showed last week.
The government is expected to announce its official growth target for 2025 and other stimulus measures at the annual parliamentary meeting in March.
Economists predict China will maintain The GDP growth target in 2025 is around 5%if not slightly lower.
Friday’s data comes just days before Donald Trump will be inaugurated as the next US president on January 20. Additional tariffs planned Chinese goods have at least 10% tariff. He also has Appointed some China hawks to key cabinet positions.
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