China's economic aggregate exceeded 130 trillion yuan for the first time, and the growth rate picked up significantly in the fourth quarter

According to the annual economic data released by the National Bureau of Statistics on January 17, the economic aggregate in 2024 will reach 130 trillion yuan, with GDP growing by 5.0% year-on-year, successfully completing the annual economic growth target of around 5%.

In the fourth quarter of 2024, GDP grew by 5.4% year-on-year, 0.8 percentage points faster than in the third quarter. In the fourth quarter, the growth rate of industrial added value above designated size, that of the service sector, and total retail sales of consumer goods accelerated by 0.7, 1.0 and 1.1 percentage points respectively. The manufacturing PMI began to rise back into the boom zone in October, and the non-manufacturing business services index rose steadily, reaching 52.2% in December. In the fourth quarter of 2024, GDP grew by 5.4% year-on-year, 0.8 percentage points faster than in the third quarter. In the fourth quarter, the growth rate of industrial added value above designated size, that of the service sector, and total retail sales of consumer goods accelerated by 0.7, 1.0 and 1.1 percentage points respectively. The manufacturing PMI began to rise back into the boom zone in October, and the non-manufacturing business services index rose steadily, reaching 52.2% in December.

Kang Yi, Director of the National Bureau of Statistics, said at a press conference of the State New Office on the same day that after the meeting of the Political Bureau of the Central Committee on September 26, 2024, the package of incremental policies introduced effectively stimulated the vitality of development, expanded market demand, stimulated enterprise production, enhanced market activity, and enhanced confidence in development. It played a decisive role in the economic recovery in the fourth quarter and the smooth realization of the annual target.

The year 2025 is the end of the 14th Five-Year Plan of our country. Kang Yi said that the adverse impact of changes in the external environment may be deepened, but China's economic foundation is stable, more advantages, strong resilience, great potential, long-term support conditions and basic trends have not changed, the general trend of high-quality economic development has not changed, favorable conditions are stronger than unfavorable factors, and the "time" and "potential" of development are still dominant. We have full confidence in China's economic development in 2025.

"In 2024, China's economic aggregate exceeded 130 trillion yuan, which is a remarkable achievement." Kang Yi said that this means that China's economic strength, scientific and technological strength, comprehensive national strength has jumped to a new level, it also means that China's development foundation is stronger, better conditions, more powerful, stronger risk resistance, but also means that China has made new important contributions to global development.

"In 2024, China's economic aggregate exceeded 130 trillion yuan, which is a remarkable achievement." Kang Yi said that this means that China's economic strength, scientific and technological strength, comprehensive national strength has jumped to a new level, it also means that China's development foundation is stronger, better conditions, more powerful, stronger risk resistance, but also means that China has made new important contributions to global development.

Employment is the foundation of people's livelihood and the source of income. The average surveyed urban unemployment rate in 2024 will be 5.1 percent, down 0.1 percentage point from the previous year. In terms of quarters, the four quarters were 5.2%, 5.0%, 5.2% and 5.0% respectively.

Data show that in 2024, the proportion of China's service industry in GDP continues to increase, increasing by 0.4 percentage points over the previous year, and the proportion of service industry in GDP reached 56.7%. From the perspective of the average annual employment in the service industry, more than 7 million more people will be employed in 2024 than in the previous year.

Resource: 第一财经