China’s GDP growth hit 5 percent, meeting the annual target for 2024. The growth was led by industrial output and exports. For the fourth quarter, the world’s second-largest economy grew 5.4 percent, exceeding estimates.
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The country’s industrial output rose 5.8 percent thanks to strong growth in manufacturing, the best full-year result since 2021. Industrial output growth has accelerated for 3 consecutive months.
Retail sales grew 3.5 percent in 2024, and state-led efforts to encourage consumption began to bear fruit.
Fixed-asset investment grew 3.2 percent in 2024, driven by a 9.2-percent increase in manufacturing investment and a 4.4-percent rise in infrastructure investment. Investment in aerospace and equipment manufacturing jumped 39.5 percent.