China has reported that its economy expanded at a 5% annual pace in 2024, slower than the year before but still hitting Beijing’s target of “around 5%” growth

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.

Chinas economy grew 5% in 2024, meeting its target, but concerns over imbalanced growth persist. Industrial gains overshadowed consumer spending, with many citizens reporting declining living standards.

Exports accelerated as companies and consumers rushed to beat potential tariff hikes incoming President-elect Donald Trump may impose on Chinese goods. The world’s second largest economy has struggled with weaker consumer spending and resulting deflationary pressures as its recovery after the COVID 19 pandemic faltered and the property sector,