The Chinese economy grew by 5.4% year-on-year in Q4 2024, up from 4.6% in Q3 and exceeding market expectations of 5.0%.
China 2024 GDP growth meets official target
This marked the strongest annual growth rate in 1.5 years, driven by a series of stimulus measures introduced since September to support recovery and restore confidence. In December, industrial output growth reached an 8-month high, and retail sales rebounded from a 3-month low. However, the unemployment rate rose to a 3-month peak.
Exports grow before Trump's tariffs
On the trade front, exports saw a double-digit increase in December, marking the ninth consecutive monthly gain and reaching their highest level in 3 years, as businesses rushed to fulfill shipments before potential tariff increases under the US Trump administration. Imports also rose unexpectedly, hitting their highest level in 27 months. For the full year, GDP grew by 5.0%, meeting Beijing's 2024 target of around 5%, but falling short of the 5.2% growth recorded in 2023. Last year, fixed investment increased by 3.2% year-on-year, outpacing the 3.0% growth in 2023.
