China's National Bureau of Statistics has announced the country achieved its 2024 GDP target of 5 percent. Officials said the national economy witnessed steady progress, alongside sound and stable development last year. CGTN's Bi Ran has more.
According to preliminary estimates, the gross domestic product of China was 134 trillion yuan in 2024, approximately 18 trillion US dollars, which is an increase of 5% over the previous year, meeting the annual growth target.
KANG YI, Commissioner, National Bureau of Statistics of China "In 2024, by industries, the value of the primary industry was up 3.5% compared to 2023. The secondary industry increased by 5.3% and the tertiary industry was up by 5%."
Data shows that grain output reached a new level and production of animal husbandry grew steadily, while industrial production, equipment manufacturing and service sector all grew in the previous year.
KANG YI, Commissioner, National Bureau of Statistics of China "In the first quarter, the economy had a good start, but in the second and third quarter, the government saw challenges and took a series of measures to spur production, consumption, and market growth. The economy grew 5.4 percent in the fourth quarter from a year earlier, the largest expansion since the second quarter of 2023."
Data also shows that in 2024, the consumer price index went up by zero point two percent compared to the previous year. Producer prices and purchasing prices for industrial products both went down by 2.2% year on year. High-quality development was advanced in 2024. However, challenges remain due to adverse effects by the external environment, insufficient domestic demand, and enterprises' difficulties in production.
BI RAN Beijing "China will accelerate efforts to foster a new pattern of development to pursue high quality development, deepen reform and opening up, and implement more proactive macro policies, expand domestic demand, and stabilize market expectations to promote economic recovery and development. Bi Ran, CGTN, Beijing."