In 2024, China’s GDP reached 134.9 trillion yuan (US$18.55t), securing a 5 percent growth calculated at constant price. Hightech development, the green economic transition, online retailing and new energy have offset the downsides caused by slow growth in incomes, unemployment and the sluggish real estate market. Output of high-tech products such as NEVs, integrated circuits and AI products soared by 38.7, 22.2 and 14.2 percent respectively. The value added of aviation and aerospace products, intelligent automobile equipment and UAVs all garnered double-digit growth. Unit consumption of construction materials, steel and nonferrous metals declined while the use of digital processing expanded. Online retail grew by 6.5 percent and hydropower, nuclear, wind and solar energy neared one-third of power generation. Experts advise China to continue expansionary macroeconomic policies to deal with debt and deficits to boost market confidence.
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