Editorial |
Rising above adversity | |
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China's National Bureau of Statistics on January 17 released the country's economic performance results for 2024. Throughout last year, China's GDP surpassed 130 trillion yuan ($17.8 trillion) for the first time, approaching 134.91 trillion yuan ($18.77 trillion). The year-on-year growth rate of 5 percent was one of the highest among major global economies, successfully meeting the annual growth target of around 5 percent. These achievements were hard-earned. In 2024, the Chinese economy faced intensified adverse impacts from the external environment, including rising regional conflicts, trade protectionism, and unilateralism. Domestic demand, particularly consumer demand, was insufficient, and investment remained sluggish, particularly in the real estate sector. Additionally, many businesses encountered difficulties in production and operations, highlighting the challenges facing the economy. Despite this backdrop, the resilience and potential of the Chinese economy emerged as strengths in the global economic landscape. In 2024, the Chinese economy achieved several milestones: It produced 13 million new-energy vehicles and 1.6 billion mobile phones, reinforcing its status as the world's largest manufacturing nation. Grain output reached a record high of 706.5 million tons. Progress in new-type urbanization continued steadily, with the urban population comprising 67 percent of the total by year-end. Additionally, China climbed to 11th place in the Global Innovation Index, making it one of the fastest-growing economies in innovation over the past decade. The achievements of the Chinese economy last year resulted from effective decision-making by the Central Government. GDP growth slowed down in the first three quarters, falling to 4.6 percent in the third quarter. However, a comprehensive package of policies was introduced across fiscal, monetary, employment, industry, investment and consumption sectors in late September, boosting confidence and stimulating development, particularly by expanding market demand and encouraging production. As a result, GDP growth rebounded to 5.4 percent in the fourth quarter, helping achieve the annual target. In 2025, the adverse effects of changes in the external environment may intensify; however, the Chinese economy has a solid foundation, strong resilience and considerable potential. The conditions for long-term growth remain intact. |
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