China's economy grew by 5% in 2024, exceeding expectations with a 5.4% expansion in the fourth quarter, fueled by stimulus measures. The growth was driven by increased retail sales, industrial output, and higher disposable income. However, concerns remain about weak domestic demand and the impact of external factors. The government is expected to unveil further stimulus measures at upcoming parliamentary meetings.
China's economy expanded by 5% year on year in 2024, with an upswing in the final quarter of the year, as a flurry of stimulus measures kicked in and helped meet Beijing's growth target.
China's economy expanded by 5% year on year in 2024, with an upswing in the final quarter of the year, as a flurry of stimulus measures kicked in and helped meet Beijing's growth target.Fourth-quarter GDP beats expectations with 5.4% growth, according to China's National Bureau of Statistics. Reuters-polled economists had estimated a 5.0% growth in the final quarter.
The statistics bureau, however, cautioned:"We must be aware that the adverse effects brought by external environment are increasing, the domestic demands are insufficient." It called for implementing"more proactive and effective macro policies." to ease local governments' financing crisis. Beijing has also expanded a program for consumers to trade-in used cars and home appliances, and buy new ones at a discount.The real estate slump and uncertainty about future income have weighed on consumer spending and business confidence, adding to deflation concerns.
CHINA ECONOMY GDP GROWTH STIMULUS MEASURES RETAIL SALES INDUSTRIAL OUTPUT
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