China’s GDP grew 5% in 2024, reaching a record 134.9 trillion yuan ($18.77 trillion). While meeting government targets, growth remains one of the slowest in decades amid economic challenges, trade tensions, and skepticism over official data.
China’s economy expanded by 5% in 2024, with its gross domestic product (GDP) reaching a record 134.9 trillion yuan (approximately $18.77 trillion), according to data released by the National Bureau of Statistics (NBS) in January 2025. While the growth rate met government expectations, it remains one of the slowest in decades, reflecting ongoing domestic and global economic challenges.
NBS head Kang Yi described the growth as "hard-won," highlighting China's resilience in the face of external pressures and domestic headwinds. However, independent analysts have expressed skepticism about the accuracy of China's economic data, pointing to low consumer inflation and weak tax revenues as indicators of a potentially weaker economic state than officially reported.
Drivers of Growth and Structural Challenges
The revival of domestic consumption played a key role in economic expansion, supported by government stimulus measures, including subsidies, tax incentives, and infrastructure investments. However, despite these efforts, many Chinese citizens report feeling worse off, as industrial and export-driven growth has not significantly boosted consumer well-being.
China’s high-tech industries saw notable expansion. Production of new energy vehicles, integrated circuits, and industrial robots increased by 38.7%, 22.2%, and 14.2%, respectively. Investment in high-tech industries rose by 8%, reflecting the government’s focus on technological advancement. However, concerns persist over the impact of US trade restrictions on semiconductor exports, which could challenge future growth in advanced manufacturing.
China’s Belt and Road Initiative (BRI) projects continued to stimulate trade and investment ties, strengthening the country’s global economic influence. Meanwhile, the country’s export-driven growth model faced headwinds, with economists warning about the sustainability of trade-dependent expansion amid weak global demand. The potential for new US tariffs on Chinese goods adds further uncertainty.
Policy Measures and Economic Risks
Pro-growth government policies played a stabilising role in 2024. The policy package introduced after the Communist Party’s September 2024 meeting, combined with monetary easing, infrastructure spending, and support for small and medium enterprises (SMEs), helped to cushion economic fluctuations. Looking ahead, the government plans to adopt more proactive fiscal policies and moderately loose monetary measures in 2025 to expand domestic demand.
Despite these efforts, structural challenges persist. Youth unemployment remains elevated, while China’s property market downturn continues to impact consumer sentiment and financial stability. Additionally, the accuracy of China’s official economic data has been questioned by external analysts, who point to low inflation and tax revenue trends as signs that the real economy may be weaker than reported.
Looking Ahead: Growth Prospects for 2025
China aims to achieve stable and sustainable growth through structural reforms, technological innovation, and domestic market expansion. However, concerns over global demand, trade tensions, and internal economic risks remain key challenges.
A recent global opinion poll found that over 90% of respondents from 46 countries expressed optimism about China’s long-term growth prospects. However, foreign investor confidence remains mixed, with some concerns over regulatory unpredictability and market access restrictions. As China navigates economic transitions, its commitment to high-quality development and global engagement will be crucial in shaping its future economic trajectory.
The World Urban Forum (WUF13) continues in Baku, Azerbaijan on 18 May, addressing the global housing crisis. The day’s agenda includes the of...
A drone strike caused a fire at the Barakah nuclear power plant in the UAE, officials said on Sunday, with ...
A 5.2 magnitude earthquake struck China’s Guangxi region early on Monday, killing two people and forcing more than 7,000 residents in Liuzhou...
A new documentary by AnewZ Investigations titled 'Target Yerevan' is set to premiere in Baku soon, examining allegations surrounding former...
Russia carried out overnight drone strikes, air raids and shelling across Ukraine, hitting cities including Odesa and Dnipro, killing one person an...
A 5.2 magnitude earthquake struck China’s Guangxi region early on Monday, killing two people and forcing more than 7,000 residents in Liuzhou to evacuate as rescue efforts continued.
G7 finance ministers voiced growing concern over rising public debt and volatile bond markets as they met in Paris on Monday following a global sell-off driven by fears that the Iran conflict could fuel inflation.
China has launched the world’s first experiment to study how artificial human embryos develop in space, marking a major step in understanding whether humans could one day reproduce beyond Earth.
China will address U.S. concerns about rare earth shortages, the White House said on Sunday in a recap of agreements struck at last week's leaders summit that fell short of calling for the removal of restrictions that have disrupted U.S. aerospace and semiconductor manufacturing.
Bulgaria has won the Eurovision Song Contest for the first time, taking victory in a final overshadowed by a boycott over Israel’s participation and the war in Gaza.
At least eight people were injured after a driver rammed a car into pedestrians in the northern Italian city of Modena, authorities said on Saturday. Four of the victims were reported to be in serious condition.
The World Urban Forum (WUF13) continues in Baku, Azerbaijan on 18 May, addressing the global housing crisis. The day’s agenda includes the official opening press conference, the WUF13 Urban Expo opening and a ministerial dialogue on the Nairobi Declaration to advance Africa's urban agenda.
At least eight people have died and 32 others were injured after a freight train collided with a public bus at a railway crossing in Bangkok on Saturday (16 May), triggering a fire that quickly spread through the vehicle.
U.S. President Donald Trump says China's Xi Jinping agreed Iran must reopen the Strait of Hormuz, as Tehran prepares a new shipping mechanism. Tensions over the U.S. blockade and stalled nuclear talks continue to disrupt global oil supplies.
Government bond markets from Tokyo to New York extended losses on Monday (18 May) as rising energy prices linked to the Middle East conflict heightened inflation concerns and reinforced expectations that major central banks could keep interest rates higher for longer.
Negotiations between Samsung Electronics and its workforce on Wednesday have broken down, officials said, raising fresh concerns over potential disruption to South Korea’s export-heavy economy.
By the time American shoppers began noticing higher prices on everything from trainers to televisions, the world's two largest economies were already deep in a trade war that left the world wondering how it would end.
The Strait of Hormuz remains a vital maritime chokepoint and serves as the primary artery linking the Persian Gulf to international energy markets. With approximately 20% of global oil and gas shipments transiting this waterway, it is the backbone of energy security for Asia, Europe, and beyond.
China’s exports grew faster than expected in April, as overseas buyers moved quickly to secure supplies amid fears that the conflict involving Iran could drive up global energy and transport costs.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment