China achieves growth target to boost confidence

According to Reuters on January 17th, driven by a series of measures, the Chinese economy has come to a better than expected end to 2024

According to data released by the National Bureau of Statistics of China on the 17th, the gross domestic product (GDP) of the world's second-largest economy grew by 5.0% year-on-year in 2024, achieving the government's annual growth target of around 5%. Previously, analysts had predicted a growth rate of 4.9%

In the fourth quarter of 2024, the Chinese economy grew by 5.4% year-on-year, significantly exceeding analysts' expectations and setting the fastest growth rate since the second quarter of 2023

Fan Limin, Chief Asia Economist at HSBC Global Research, said, "Driven by industrial output and exports, the Chinese economy is showing signs of recovery." Economic data released on the 17th showed that with the help of a series of government support measures, the economy has gained momentum as the new year approaches

According to a report by Agence France Presse on January 17th, according to preliminary calculations by the National Bureau of Statistics of China, China's GDP will reach RMB 134908.4 billion in 2024. The National Bureau of Statistics pointed out that in the face of the complex and severe situation of increasing external pressure and internal difficulties, the main goals and tasks of economic and social development have been successfully completed

In addition, according to the Financial Times website on January 17th, the Chinese economy grew by 5% last year, achieving the government's previously set target

After releasing better than expected GDP data, China's currency, stock, and bond yields saw a slight increase

Li Wei, head of the multi asset investment department at Faba Securities (China) Co., Ltd., stated that considering that most economic indicators in China meet or exceed economists' forecasts, the data released on the 17th indicates that Beijing's monetary and fiscal stimulus measures are starting to take effect

He said, "Overall, the situation may be more positive than most investors expect." In 2024, China's industrial added value above designated size will grow by 5.8%, with manufacturing growing by 6.1%, as the government strives to stimulate industry through plans such as subsidizing equipment upgrades

The total retail sales of consumer goods in society increased by 3.5%, and relevant departments are trying their best to boost consumption

According to a report by TASS on January 17th, China's economic growth rate for 2024 is 5%, achieving the official target

The Chinese government is attempting to find new drivers for development by transitioning to a new growth model. Therefore, Chinese leaders emphasize the need to develop new quality productive forces. At the same time, governments at all levels are actively working to boost domestic consumption. China is still a leader in the world economy, contributing approximately 30% to global economic growth

Bloomberg News website also reported on January 17th that a series of data released by China on the 17th showed that the policy measures introduced by Beijing since the end of September 2024 have helped resist the adverse effects of sluggish real estate and weak consumption growth

After the government increased subsidies for purchasing household appliances, automobiles, and commercial equipment, the total retail sales of consumer goods in the fourth quarter of last year increased by 3.8% year-on-year, which was one of the fastest quarterly growth rates of the year

Economist Hu Weijun from Macquarie Group said, "Pre export orders are definitely helpful, but the improvement is not only reflected in exports, but also in consumption, which is mainly the result of consumer subsidies