China's GDP growth on track to meet 2024 official target

Investing.com -- China's gross domestic product (GDP) is projected to grow around 5% for the entire year of 2024, as stated by China's Leader Xi Jinping. This indicates that the world's second-largest economy is on course to reach its formal goal.

During a new year event on Tuesday, Xi reported that the Chinese economy was generally stable and progressing steadily. He mentioned that risks in critical areas were effectively managed, and that employment and price levels remained consistent.

The exact figure for the GDP growth won't be available until the following month. However, Xi's announcement concludes a year marked by economic uncertainty. The growth goal, initially viewed as a "target without a plan," seems more achievable after the implementation of numerous stimulus measures since late September. Economists are now predicting a growth of 4.8% for 2024.

In his New Year's Eve remarks to the country's leading political advisory body, Xi indicated that economic support will persist into 2025. He repeated his call for the adoption of more proactive macroeconomic policies.

China is likely to establish a growth target for 2025 that is roughly equivalent to this year's. This comes after top leaders signaled earlier in December that they are prepared to implement more robust stimulus measures. Such actions would assist the economy in mitigating any effects from potential increases in US tariffs following the return of President-elect Donald Trump to the White House next month.

The official GDP growth target for 2025 will be disclosed in March, during the annual legislative sessions.

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Source: Investing.com