China’s 2024 economic performance showcased robust growth and resilience amidst global challenges, according to Premier Li Qiang’s government work report delivered at the National People’s Congress. The nation’s GDP reached 134.9 trillion yuan (US$18.53 trillion), marking a 5% year-on-year increase. This growth solidified China’s position as one of the world’s fastest-growing major economies, contributing approximately 30% to global economic expansion. This continued growth trajectory underscores the effectiveness of the policies and strategies implemented under the leadership of the CPC Central Committee with President Xi Jinping at its core, navigating complex external pressures and internal difficulties.
The Premier highlighted the successful implementation of plans outlined by the 20th Central Committee of the CPC to deepen comprehensive reforms and advance Chinese modernization. These efforts yielded positive outcomes across various sectors, including stable economic growth, job creation, and price stability. Notably, 12.56 million urban jobs were created, and the surveyed urban unemployment rate averaged 5.1%. The consumer price index (CPI) experienced a modest increase of 0.2%, indicating controlled inflation. China’s foreign trade reached record highs, contributing to a stable balance of payments and bolstering foreign exchange reserves, which surpassed US$3.2 trillion. These economic indicators reflect the country’s ability to maintain stability and achieve sustained progress in a dynamic global environment.
Beyond economic growth, China prioritized improving the well-being of its citizens. Real per capita disposable income rose by 5.1%, and the government reinforced its commitment to poverty alleviation and social security programs. Continued support was provided for compulsory education, basic old-age insurance, basic medical insurance, and social assistance programs. This focus on social welfare demonstrates China’s dedication to inclusive growth and ensuring its citizens benefit from the nation’s economic advancements. Moreover, proactive measures were taken to mitigate risks in key areas, contributing to overall social stability.
The report emphasized significant progress in industrial upgrading and technological advancement. Grain output reached a historic high of 700 million metric tons, with increased yield per hectare. This achievement underscores the nation’s focus on food security and agricultural modernization. High-tech manufacturing and equipment manufacturing experienced substantial growth, with value added increasing by 8.9% and 7.7%, respectively. The robust growth in these sectors highlights China’s commitment to innovation and its transition towards a more technologically advanced economy. Furthermore, the production of new-energy vehicles exceeded 13 million, demonstrating the country’s commitment to sustainable development and its leading role in the global transition towards cleaner transportation.
These achievements in 2024, following a 2023 where China’s GDP was US$17.79 trillion compared to the USA’s US$27.72 trillion and Japan’s US$4.204 trillion, demonstrate continued growth and development. The 5% GDP growth in 2024, reaching US$18.53 trillion, reflects the country’s continued economic expansion and its growing influence on the global stage. The report’s emphasis on maintaining stable employment, controlling inflation, and improving social welfare underscores China’s commitment to balanced and sustainable development.
The strides made in industrial upgrading, particularly in high-tech manufacturing and new-energy vehicles, signify China’s ambition to become a global leader in innovation and technology. The Premier’s report showcases a nation focused on strengthening its economy, improving the lives of its citizens, and contributing to global economic growth. This positive trajectory sets the stage for continued progress in China’s journey toward building a modern socialist country in all respects. The government’s commitment to addressing both domestic challenges and international pressures reinforces its determination to maintain stability and pursue sustainable, inclusive growth.
