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Railway builders erect a box girder at the standard project site in front of the Huning section of the Shanghai-Nanjing-Hefei high-speed railway in Suzhou, Jiangsu province, China, Jan. 10, 2025.
Costofoto | Nurfoto | fake images
China’s economy expanded 5% year-on-year in 2024, with a rebound in the last quarter of the year, when a series of stimulus measures came into effect that helped meet Beijing’s growth target.
Fourth-quarter GDP exceeds expectations with growth of 5.4%, according to China’s National Bureau of Statistics. Economists surveyed by Reuters had estimated growth of 5.0% in the last quarter.
This is faster growth compared to 4.6% in the third quarter, 4.7% in the second quarter and 5.3% in the first quarter.
Economic expansion throughout the year was lower compared to 5.4% growth in 2023 publish the pandemic. As part of a annual review of preliminary figuresThe statistics office in late December revised GDP growth for 2023 to 7.4%, according to a CNBC calculation of official data.
However, the statistics office warned: “We must be aware that the negative effects of the external environment are increasing and internal demands are insufficient.” He called for implementing “more proactive and effective macroeconomic policies.”
In December, retail sales rose 3.7% from a year earlier, beating Reuters’ forecast of 3.5%. Industrial production grew 6.2% from a year earlier, compared to expectations of 5.4%, underscoring China’s imbalance between domestic production and weak demand.
Full-year fixed asset investment rose 3.2% in 2024, below the 3.3% rise projected in a Reuters poll, as real estate investment widened to a 10.6 drop. %, compared to the period from January to November.
The urban unemployment rate rose to 5.1% in December from 5.0% the previous month.
The disposable income of urban residents grew by 4.4%, while that of rural residents increased by 6.3% in 2024.
The national population fell by 1.39 million in 2023, to 1,408 million people.
China has made efforts to boost economic growth and has taken several measures to this end.
Since the end of September, Chinese authorities have called for the decline in the real estate sector to stop. cut interest rates and announced a five-year fiscal package worth 10 trillion yuan ($1.4 trillion) to alleviate the financial crisis of local governments. Beijing has also expanded a program for consumers to trade in used cars and appliances and buy new ones at a discount.
Top leaders have promised “proactive” fiscal measures and a “moderately flexible” monetary policy stance for the current year.
Some analysts expect stimulus It could begin to take effect this year, but it will take longer to see a significant impact.
The housing sector slump and uncertainty about future incomes have weighed on consumer spending and business confidence, adding to concerns about deflation.
China’s consumer inflation has remained just above zero, while wholesale prices fell for the 27th consecutive month in December. official data shown last week.
The government is expected to reveal official growth targets for 2025 and additional stimulus measures at annual parliamentary meetings in March.
Economists predict that China will maintain its GDP growth target for 2025 around 5%if not slightly lower.
Friday’s data comes just days before Donald Trump is inaugurated as the next president of the United States on January 20. Trump has said that shortly after taking office, plans to impose additional tariffs of at least 10% on Chinese products. he also has named some China falcons to key cabinet positions.
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