The Beijing Hour
China meets economic growth target in 2024
Jan 17, 2025
Liu Baocheng, Dean of the Center for International Business Ethics, provides an expert analysis on China's impressive economic growth, which hit 5% in 2024. He discusses the stability and resilience of Chinese companies amid global challenges, as well as government efforts to stimulate consumption. The conversation also touches on the successful disaster relief operations in quake-hit Xizang and implications of U.S. chip restrictions on trade. Liu highlights the broader economic landscape, including low inflation and positive trends in various industries.
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Quick takeaways
- China's economy successfully achieved a 5% growth in 2024, highlighting resilience amid external pressures and domestic challenges.
- Efficient disaster relief efforts in quake-hit Shizang prioritized timely delivery of essential supplies and safe shelter for affected residents.
Deep dives
China's Economic Growth in 2024
China's economy achieved a 5% growth in 2024, meeting its growth target despite external pressures and domestic challenges. Officials reported that the gross domestic product reached a record 134 trillion yuan, with varying increases across sectors: the primary industry up 3.5%, the secondary industry by 5.3%, and the tertiary industry by 5%. In particular, the nation's economy started strong in the first quarter with a 5.4% increase, but faced difficulties in the subsequent quarters, prompting the government to implement measures to boost consumption and production. Despite these challenges, China remains focused on achieving high-quality development and aims to stabilize market expectations to enhance economic recovery in 2025.
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