Strong exports and the administration’s economic stimulus measures supported China’s economic growth.
China’s economy grew at an annual rate of five percent in 2024. Economic growth was slower than in 2023, but in line with Beijing’s goal of “around five percent” annual economic growth.
Economic growth was supported by strong export figures and economic stimulus measures recently decided by the administration.
China’s industrial production grew by 5.8 percent from the previous year. While exports grew by around seven percent, imports grew by 2.3 percent.
Nordea’s chief economist Wind Birch reminds in X that China’s official economic figures should be interpreted with a little reservation.
– Surprise surprise. China’s GDP growth just hit the target last year. More detailed data does open up a lot of questions about the reliability of the data, Koivu writes.
China is aging fast
Economists have predicted that China’s economic growth will slow down even more in the coming years. This is influenced, among other things, by the aging and shrinking population of China.
According to the official population data of the Chinese government, which has just been published, the country’s population decreased last year. This has also been the case in the previous two years.
At the end of 2024, China’s population was 1.408 billion people, which is about 1.39 million people less than at the end of 2023.
Many factors contribute to population decline. The young generations are already smaller than the previous ones due to the birth control policy that prevailed for decades. Now the rising cost of living makes it difficult for these generations to start a family.
Source: AFP, AP