Na Bian/Bloomberg via Getty Images
TAKEAWAYS :
- China achieved its GDP target of 5% for 2024 thanks to stimulus measures which boosted economic activity during the fourth quarter.
- According to the country's National Bureau of Statistics, China's "major targets and tasks of economic and social development were achieved successfully" after it posted a 5.4% expansion in the fourth quarter.
- Export-led growth numbers come just days before Donald Trump, the U.S.-elect president, is sworn in as his successor. Trump has threatened higher tariffs for China.
China announced it had met its annual GDP growth target of 5% for 2024. This was achieved thanks to stimuli that boosted the economy in the last quarter.
According to the country's National Bureau of Statistics, China's "major targets and tasks of economic and social development were achieved successfully" after it posted a 5.4% expansion in the fourth quarter. Beijing had issued a 2024 GDP growth target of "around 5%" last March.
China has stated that it will record a GDP growth rate of 5.2% in 2023.
The Trump Tariff Hike Threatens Export-Driven Growth
China’s export led growth has been criticized by foreign leaders, who claim Beijing is selling their excess production overseas. Donald Trump, the U.S. president-elect who will retake control of the White House in a few days, threatened to impose an extra 10% on Chinese imports.
China said that its economy last year was "generally stable" but warned that "adverse effects brought by external environment are increasing, the domestic demands are insufficient, some enterprises have difficulties in production and operation, and the economy is still facing difficulties and challenges."
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