Xi says China’s 2024 GDP growth set to hit target of around 5%

CHINA’S gross domestic product is expected to expand around 5 per cent for the full year of 2024, President Xi Jinping said, signalling the world’s second-largest economy is on track to meet its official target.

China’s economy was “overall stable and progressing amid stability,” Xi said in a speech published on Tuesday (Dec 31) by the official Xinhua News Agency. Risks in key areas were effectively addressed, while employment and prices remained steady, he said.

Xi reiterated a call to adopt more proactive macroeconomic policies to aid the economy’s continued recovery, during remarks made at a new year event held by the nation’s top political advisory body.

The growth rate by Xi is in line with market expectations. Economists surveyed by Bloomberg forecast the economy to expand 4.8 per cent this year, after policymakers rolled out a slew of stimulus steps since late September.

China is expected to set a 2025 growth target roughly similar to this year’s, as top leaders signalled earlier this month they’re willing to embrace more forceful stimulus measures. That would help the economy counter any impact from potential increases in US tariffs. BLOOMBERG