Official data show that China's economy grew by 5 percent in 2024 and its total economic output surpassed 130 trillion yuan ($17.88 trillion) for the first time.

2024, which marked the 75th anniversary of the founding of the People's Republic of China, was a critical year for the 14th Five-Year Plan (2021-25).

Throughout the year, the global economic recovery remained sluggish, geopolitical conflicts and international trade frictions intensified, while domestic demand remained insufficient, leading to slower economic growth in the second and third quarters. However, because of the comprehensive incremental policies introduced by the central leadership, the economy rebounded significantly.

In the fourth quarter of 2024, the GDP grew by 5.4 percent year-on-year, not only helping to achieve the annual target but also laying a solid foundation for growth in 2025. The 5 percent innovation-driven growth in 2024 once again confirms the assessment that China's economic foundation is stable, its resilience is strong, and its potential remains vast.

Major breakthroughs in integrated circuits, artificial intelligence, and quantum communication powered China's growth. Grain production exceeded 700 million tons for the first time, while new urban jobs surpassed 12 million for the fourth consecutive year.

China's economy expanded in scale and improved in quality amid global challenges. The 5 percent growth rate is significantly higher than the global average of around 3 percent. In fact, the growth in China is equivalent to the entire annual economic output of a medium-sized country.

Additionally, China maintains its position as the world's largest manufacturing power, largest goods trading nation, and largest foreign exchange reserves holder, while remaining the second-largest country in services trade. China's contribution to global economic growth is expected to reach approximately 30 percent, further bolstering worldwide economic stability.

This year, 2025, being the final year of the 14th Five-Year Plan, remains an important year for deepening reforms. With over 500 million domestic trips made during the Chinese New Year holiday, box office revenues hitting a record high, and DeepSeek AI making waves, signs of prosperity are already evident.

China is committed to successfully achieving the 14th Five-Year Plan goals, laying a solid foundation for the 15th Five-Year Plan (2026-30), and ensuring a strong start for the next stage of national development.

ECONOMIC DAILY