China's GDP increases by 5 per cent year-on-year in 2024

China's gross domestic product (GDP) totalled 134.9 trillion yuan (US$18.41 trillion), surpassing the 130 trillion yuan mark for the first time. According to a report by the National Bureau of Statistics (NBS), GDP growth of 5 per cent puts China among the world's fastest-growing economies. This is reported by the Global Times, a partner of TV BRICS.

According to NBS data, in 2024, the value added of major industrial enterprises increased by 5.8 per cent and fixed capital investment rose by 3.2 per cent. In domestic consumption, retail sales of goods increased by 3.5 per cent.

Retail sales of consumer electronics and audio-visual equipment increased by 12.3 per cent, up 11.8 percentage points year-on-year.

According to NBS, with the 5 per cent growth, the Chinese economy is expected to contribute to around 30 per cent of the global growth last year. 

Earlier, the tone-setting Central Economic Work Conference in December outlined nine key tasks for 2025 with "vigorously boosting consumption, improving investment efficiency, and expanding domestic demand on all fronts" at the top.