China’s GDP Expands 5% in 2024: Fast Facts & Key Drivers
China’s GDP grew by 5.0 percent in in 2024, meeting the government’s annual economic target set at the beginning of the year. Fourth-quarter GDP exceeded expectations, rising by 5.4 percent, driven by exports and a flurry of stimulus measures. This article provides a brief overview of the key statistics and the main drivers behind this growth.
According to official data released by the National Bureau of Statistics (NBS) on January 17, 2025, China’s GDP reached RMB 134.91 trillion (US$18.80 trillion) in 2024, reflecting a 5.0 percent year-on-year growth at constant prices. During the 2024 Two Sessions, the government set the 2024 GDP growth target of “around 5 percent”.
By sector, the secondary industry expanded by 5.3 percent year-on-year to RMB 49.21 trillion (US$6.85 trillion), the fastest among the three sectors, while the tertiary industry grew by 5.0 percent, reaching RMB 76.56 trillion (US$10.63 trillion) and the primary industry contributed RMB 9.14 trillion (US$1.31 trillion), growing 3.5 percent.
Quarterly data showed GDP growth reached 5.4 percent in Q4, beating market expectations and faster than the 5.3 percent growth in Q1, 4.7 percent in Q2, and 4.6 percent in Q3.
China’s economy in 2024 at a quick glance
- GDP growth: China’s GDP reached RMB 134.91 trillion (US$18.80 trillion) in 2024, the second-largest in the world, trailing only the United States, whose 2024 GDP is projected at approximately US$29 trillion.
- Manufacturing sector: China’s manufacturing sector above the designated size (companies with an annual main business income of above RMB 20 million) grew by 6.1% year-on-year. Notably, equipment manufacturing expanded by 7.7%, while high-tech manufacturing rose by 8.9%. In terms of products, production in new energy vehicles, integrated circuits, and industrial robots grew by 38.7%, 22.2%, and 14.2%, respectively.
- Services sector: The services sector saw a 5.0% year-on-year growth in 2024. Key sub-sectors included: Information transmission, software, and IT services (10.9%), leasing and business services (10.4%), transportation, storage, and postal services (7.0%), accommodation and catering services (6.4%), financial services (5.6%), and wholesale and retail trade (5.5%).
- Retail sales: The total retail sales of consumer goods reached RMB 4.88 trillion (US$679.81 billion), growing 3.5% from the previous year. Online retail sales accounted for RMB 1.55 trillion (US$215.92), marking a 7.2% increase.
- Fixed asset investment: Total fixed asset investment (excluding rural households) amounted to RMB 5.14 trillion (US$716.03), rising by 3.2%. Excluding real estate development, fixed asset investment grew by 7.2%. Fixed asset investment in manufacturing grew by 9.2%. High-tech industries investment grew by 8.0%, with high-tech manufacturing and high-tech services growing by 7.0% and 10.2%, respectively. Notable sub-sectors of high-tech manufacturing included aerospace and computer manufacturing, with investment increases of 39.5% and 7.1%, respectively. In high-tech services, investments in professional technical services and technology transformation services grew by 30.3% and 11.4%, respectively.
- Trade: China’s total goods imports and exports reached RMB 4.38 trillion (US$610.16 billion), an increase of 5.0%. Exports amounted to RMB 2.55 trillion (US$355.23 billion, up 7.1%), while imports totaled RMB 1.84 trillion (US$256.32 billion, up 2.3%), maintaining China’s position as the world’s second-largest importer for the 16th consecutive year. Exports of electromechanical products grew by 8.7%, accounting for 59.4% of total exports.
- Consumer prices: The Consumer Price Index (CPI) increased by 0.2% year-on-year in 2024.
- Unemployment Rate: The national urban population surveyed had an unemployment rate of 5.1%, a slight decrease of 0.1 percentage points from the previous year.
- Income growth: The per capita disposable income of residents reached RMB 41,314 (US$5,755), a nominal increase of 5.3%. After adjusting for inflation, the real growth was 5.1%.
- Population: By year-end, China’s population stood at 1.408 billion, a decrease of 1.39 million from the previous year. The working-age population (16-59 years) totaled 857.98 million, or 60.9% of the total population, while those aged 60 and above reached 310.31 million, making up 22.0%. Of this, 220.23 million were aged 65 and above, accounting for 15.6% of the total population.
A more detailed analysis of China’s economic performance in 2024 will be provided later.
(1USD = 7.1785 RMB)