On January 17, 2025, the National Bureau of Statistics (NBS) of China released the GDP figures for the year 2024. The statistics show that China achieved its 2024 GDP target of 5 per cent in December 2023 at the CEWC meeting. The economy peaked in 2007 with a 14.2 per cent growth rate but stagnated after President Xi Jinping implemented the ‘Three Red Lines’ policy to improve the real estate sector. Stimulus measures and impressive Q4 growth from exports and manufacturing ended the year positively. The GDP totalled RMB 134.91 trillion (US$18.80 trillion) with a 5% year-on-year growth rate in constant prices, meeting the government’s objective. Though lower than pre-COVID rates, it signifies China’s shift towards a more sustainable and consumption-oriented economy, reducing reliance on property and infrastructure investments.
Sectoral Performance
All the views and opinions expressed are those of the author. Image Credit – KITCO.
About the Author
Rahul Pandey is PhD Candidate at China Centre for East Asian Studies at the School of International Studies, Jawaharlal Nehru University (JNU), New Delhi. He has authored commentaries and policy briefs for different publications such as Indian Express, The Diplomat, South China Morning Post (SCMP), Vivekananda International Foundation (VIF), India Foundation, JNU SIS Blog, Organisation for Research on China and Asia (ORCA), Financial Express, Firstpost, Daily Guardian, Dainik Jagran and Sahara.
