Last-Quarter Bounce Helps China Hit GDP Target but Challenges Remain

Some economists predict the year ahead will see a further growth slowdown

China’s economy grew 5% in 2024, official data showed Friday, in line with the government’s target of “around 5%.”

The annual figure, published by the National Bureau of Statistics (NBS), surpassed the average estimate of 4.9% in a Caixin survey of economists. The expansion, however, slowed from a pace of 5.2% in 2023.

For the fourth quarter, GDP rose 5.4% year-on-year as stimulus policies unveiled since September buoyed growth. That’s compared with a 4.8% increase in the January-September period.