China's economy expanded at a 5% annual pace in 2024, achieving Beijing’s target of “around 5%” growth helped by strong exports and recent stimulus measures.

China’s economy expanded 5% in 2024, meeting the official target of “around 5%” growth after stimulus measures introduced late last year appear to be working.

China’s economy expanded by 5% year on year in 2024, with an upswing in the final quarter of the year, as a flurry of stimulus measures kicked in and helped meet Beijing’s growth target.

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,

China reported its economy grew 5% in 2024 — meeting its target of around 5%. Analysts polled by Reuters had expected China's full-year GDP growth to come in at 4.9%, just shy of the official target of around 5% — which analysts had said was ambitious.

The real estate slump and uncertainty about future income have weighed on consumer spending and business confidence, adding to deflation concerns.