A line of wind turbines operated in Longchen, Shandong Province, eastern China on July 31, 2024. Photo: VCG
China’s GDP rose 5% in 2024, surpassing 130 trillion yuan ($17.82 trillion) for the first time, achieving pre-set major economic and social development goals.
This milestone reflects the strong resilience of the Chinese economy, the face of external pressures and domestic challenges, demonstrating China’s ability to navigate uncertainty. And it highlights the deeper truth that China is constantly growing stronger despite its various challenges. The impressive growth rate has boosted our confidence in seeking a brighter future.
This achievement is worth celebrating, especially after weathering a very important year.
Externally, global economic recovery was slowing due to global political conflicts, tensions in international trade, and intensifying efforts to contain China’s development by certain countries. Domestic, the Chinese economy faced challenges as the strategic transition from old growth drivers to new growth drivers, while the Chinese economy had insufficient market demand. In an uncertain and unstable world, it is never easy to strive for sustainable growth in an economy as big as China.
The 5% growth rate reflects a reasonable increase in overall GDP volume. This is a significant and substantial expansion based on the high foundations of the previous year. The world’s second largest economy, 5% growth, means that China’s progressive GDP last year is on par with the overall production of the global medium-sized economy.
This achievement has contributed greatly to highlight China’s global economic growth.
The IMF forecast global average economic growth for 2024 at 3.2%, with developed economies rising 1.8% and emerging market economies rising 4.2%. China’s contribution to global growth last year was estimated to be around 30%. The country has acted consistently as the most important stabilizer and engine of the world economy.
Non-stop innovation
It is clear that China’s economy has gained in both quantity and quality, mainly thanks to Beijing’s unwavering pursuit of developing new quality productive power through non-stop innovation.
The prototype of the world’s fastest CR450 highway train has just been announced, with commercial operation speeds reaching 400 km/h. The second domestically built large cruise ship has already completed assembly and full system integration, reducing production time by more than two months compared to the first ship. And in addition to the takeoff of the low-altitude economies in major cities, the country’s high-tech manufacturing is very impressive as more than 10 million new energy vehicles were produced in 2024.
More and more, the world is witnessing a “green” economy in China that takes shape.
China’s energy consumption intensity is estimated to have declined by more than 3% in 2024, but the share of green renewable energy in the country’s total installed capacity exceeds 50%. China is already phased out in a new globally competitive energy industry and supply chain.
GDP growth of 5% was achieved through the “cooperative” efforts of the Chinese government and the country’s huge market.
Last year’s economy began high in the first quarter, but recession pressure rose in the second and third quarters, caused by many internal and external factors that soften market expectations and mitigate economic indicators .
Praise of policy movement
With key conjunctions, the policy-making process immediately began to move. President Xi Jinping chaired the Politburo meeting of the Central Committee of the Communist Party of China (CPC) on September 26, 2024, and a series of increasing pro-political policy measures were announced and implemented. Maintain structure and positive growth.
The new package of incremental pro growth policy has earned high praise as it is “unprecedented range, size and depth” that sets new landmarks in China’s macroeconomic readjustment and control history . In 2024, we made it possible to make a V-shaped economic rebound.
The policy measures taken are critical and influential. Specifically, initiatives to promote large-scale industrial equipment updates and trade in many consumer goods have paid off, increasing the likelihood of domestic consumption and increasing investment vitality. Almost all economic indicators bounced back to better than the fourth quarter of the previous year.
And the pace of reforms is accelerating domestically. For example, nuclear power projects, rail transport bidding and major government initiatives have all been opened to private companies, removing the previous barriers faced by private companies.
Meanwhile, the door to the outside world of China is even more open. From Chansei Port in Peru to Shanghai, the new marine transport lanes attracted global attention and laid the foundations for Asia Latin America’s land corridors in a new era.
Last year’s 5% economic growth strengthened our confidence and determination to pursue another fruitful year of 2025, another fruitful year in the 14th five-year planning period (2021-25). .
From “increasing domestic demand in all aspects” to “promoting the development of new quality productivity through scientific innovation,” to “opening high standards” From “Expansion” to Central Economic Work, the conference held in December 2024 recorded a comprehensive strategy for implementation.
This has provided the Chinese economy with the tools needed to tackle the uncertainty of the external environment and outlined a roadmap for the transition to a new growth driver for the economy.
After more than 40 years of continuous rapid development, the Chinese economy is currently in a phase of high quality growth. A new round of technological revolution and industrial transformation accelerates, bringing new opportunities to the world’s largest manufacturing nations.
Government policies aimed at promoting domestic consumption and improving people’s livelihoods are constantly being unfolded, where new momentum is expected to be injected to promote the country’s high quality development.
Chinese people are confident and focused on their actions. With the new year underway, we are ready to welcome it, overcome the challenges and embrace the opportunity.
This article is based on the article on the People’s Daily homepage on February 13th, 2025.
