🌟 China has done it again! In 2024, the Chinese mainland's GDP grew by a solid 5%, hitting its annual target right on the mark. 🥳 According to the National Bureau of Statistics (NBS), the economy reached a whopping 134.91 trillion yuan ($18.41 trillion). 💰
The fourth quarter was particularly impressive, with the economy expanding by 5.4% — the strongest growth since the second quarter of 2023. This boost was backed by some savvy policy moves in the last quarter, like ramping up domestic demand, giving businesses a helping hand, steadying the real estate market, and breathing new life into the capital market. 📈
Wen Bin, the chief economist at China Minsheng Bank, highlighted that the combo of new and existing policies \"effectively boosted China's social confidence and caused market demand to significantly rebound,\" playing a key role in hitting the year's economic goals. 🎯
So, what's driving this growth? Let's break it down:
- Industrial Powerhouse: Industrial production saw strong growth, especially in equipment manufacturing and high-tech sectors. Large industrial enterprises' added value went up by 5.8%, and high-tech manufacturing soared by 8.9%. 🚀
- Investment Moves: Fixed asset investment grew by 3.2%, powered by accelerated growth in high-tech industries. Think more tech, more innovation! 🤖
- Shoppers Unite: Consumer spending held its ground with total retail sales climbing 3.5%. Online shopping was on fire, jumping by 7.2%! 🛍️💻 The service sector wasn't left behind either, adding 5% more value.
- Global Connections: Foreign trade kept the momentum going. Imports and exports increased by 5%, with trade with Belt and Road partner countries growing by 6.4%, making up over half of the total trade volume. 🌐🤝
These numbers show that the Chinese mainland's economy is cruising steadily despite facing some bumps along the way. Kang Yi, the NBS commissioner, pointed out the need to keep up the good work to promote economic recovery and aim for high-quality development. 💪
All in all, it's been a strong year for the Chinese mainland, and the future looks bright if they keep this pace! 🌅
Reference(s):
cgtn.com
