China's economy grew by 5% year-on-year in 2024, exceeding expectations with a robust 5.4% expansion in the fourth quarter. Stimulus measures, including interest rate cuts and a large fiscal package, contributed to meeting Beijing's growth target. While the full-year growth was lower than the 5.4% recorded in 2023, key indicators like retail sales and industrial output showed positive signs. The government is expected to unveil further stimulus measures and growth targets for 2025 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. Fourth-quarter GDP beats expectations with 5.4% growth, according to China’s National Bureau of Statistics. Reuters-polled economists had estimated growth of 5.0% in the final quarter. That was faster growth compared with 4.6% in the third quarter, 4.7% in the second quarter and 5.3% in the first quarter.
Since late September, Chinese authorities have called for halting the real estate decline, cut interest rates and announced a five-year fiscal package worth 10 trillion yuan 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. Top leaders have pledged “proactive” fiscal measures and a “moderately loose” monetary policy stance for the current year.
ECONOMY CHINA GROWTH STIMULUS INFLATION
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