China's economy expands 5% in 2024, hitting target helped by strong exports, stimulus measures

abcnews.go.com:

China has reported that its economy expanded at a 5% annual pace in 2024, slower than the year before but still hitting Beijing’s target of “around 5%” growth

HONG KONG — China's economy expanded at a 5% annual pace in 2024, slower than the year before but in line with Beijing’s target of “around 5%” growth, thanks to strong exports and recent stimulus measures.

The economy picked up speed in the last quarter, the government reported Friday, growing 5.4% in October-December.

Exports have surged as companies and consumers rush to beat potential tariff hikes President-elect Donald Trump may impose on Chinese goods.

“The national economy was generally stable with steady progress and new achievements were made in high-quality development,” the report by the National Bureau of Statistics said. «Particularly, with a package of incremental policies being timely rolled out, public confidence was effectively bolstered and the economy recovered remarkably,” it said.

Manufacturing was a strong engine for growth last year, with industrial output jumping 5.8% from a year earlier. Total retail sales of consumer goods grew 3.5% at an annual rate. Exports expanded 7.1% in annual terms, while imports grew 2.3%.

The world’s second largest economy has struggled with weaker consumer spending and resulting deflationary pressures as its recovery after the COVID 19 pandemic faltered and the property sector, once a main driver of business activity, fell into a downturn.

The Chinese economy grew at a 5.2% annual rate in 2023, and economists have forecast that it will slow further in coming years.

Zichun Huang of Capital Economics said that the economy regained some momentum last quarter thanks to recent policy easing.

“Increased fiscal