China’s economy demonstrated strong resilience in 2024 despite global economic headwinds, according to data released on January 23 by the National Bureau of Statistics. The country’s GDP grew by 5.5%, driven by robust domestic consumption, infrastructure investments, and a recovery in manufacturing.
Analysts attributed the growth to targeted fiscal policies, including tax breaks and incentives for small businesses. The real estate sector also saw signs of stabilization after years of turbulence, contributing to renewed investor confidence.
“China’s ability to maintain steady growth underscores its role as a key driver of the global economy,” said Liu He, a former vice premier and economist.
However, challenges remain as China grapples with an aging population and slowing export growth amid geopolitical tensions. Experts warn that sustained long-term growth will require further structural reforms, including boosting innovation and reducing reliance on heavy industries.
China’s economic performance is expected to have ripple effects across Asia, with neighboring countries benefiting from increased trade and investment. Policymakers worldwide are closely watching how China navigates its economic challenges while maintaining its status as the world’s second-largest economy.
