China's economy grew 5% last year, official data showed on Friday (January 17), meeting the government's annual growth target of around 5% and beating economists' forecast of 4.9% growth.
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00:00China's economy grew 5% last year, as the country continues its struggle to recover
00:07from the COVID-19 pandemic.
00:10The latest figures released on Friday by the National Bureau of Statistics met the Chinese
00:15government's annual growth target of around 5% and beat economists' forecast of 4.9%
00:21growth.
00:22The fourth quarter growth pace of 5.4% was the quickest since early 2023.
00:45Meanwhile the government said China continued to keep its consumer price index, which is
00:50a gauge of inflation, at low levels, with an increase of only 0.2% year-on-year in 2024.
00:58Property investment in 2024 fell 10.6% from the previous year, marking the largest annual
01:04decline on record.
01:06Property sales and new construction starts, measured by floor area, fell 12.9% and 23.0%
01:14respectively, in 2024, signaling persistent challenges for the Chinese real estate sector
01:20in the foreseeable future.
01:23The government has unveiled a blitz of stimulus measures, including US$325 billion in fiscal
01:30support since September last year, to revive growth.
01:33They have pledged to do more this year in anticipation of heftier tariffs by the United
01:38States on Chinese goods, as US President-elect Donald Trump returns to the White House next
01:43week.