China grew 5% in 2024, achieving growth target and bolstering global economy

[Jill 31,812]

China's economy reached its 2024 growth target despite a complex domestic and global landscape, providing much-needed certainty and confidence to the global economy.

The world's second-largest economy expanded 5 percent year on year in 2024, with its gross domestic product (GDP) reaching 134.9084 trillion yuan (about 18.77 trillion U.S. dollars), the National Bureau of Statistics (NBS) said Friday.

Kang Yi, head of the NBS, described the economic achievements as "hard-won," and said they would provide a solid foundation for achieving goals outlined in the country's 14th Five-Year Plan (2021-2025).

China's growth rate is among the highest of the world's major economies, reinforcing its continued role as a key driver of global economic growth, Kang told a press conference.

In the fourth quarter of 2024, the economy expanded 5.4 percent year on year, faster than the growth rate of 4.6 percent recorded in the previous quarter, according to the NBS.

On a quarterly basis, China's GDP grew by 1.6 percent in October-December 2024, reflecting an acceleration from the 0.9 percent increase in the third quarter.

The acceleration came despite various challenges. Domestically, consumer spending growth remained modest, many enterprises faced operational difficulties, employment pressure persisted, and risks in certain sectors continued to pose concerns. Globally, geopolitical conflicts and rising protectionism added to the complexities already confronting China's economy.

Value-added industrial output went up 5.8 percent year on year in 2024, accelerating from 4.6 percent growth achieved in 2023. Retail sales, a main gauge of consumption, gained 3.5 percent year on year, while fixed-asset investment expanded 3.2 percent, according to the NBS.

During the past year, China has made significant strides in its pursuit of high-quality development, achieving record highs in grain output, new energy vehicle production, railway trips, and foreign trade volume, among other key indicators.

Full article

[lodylody 1,790]

5% Where did all that extra land come from?

[bionic 50,111]

4 minutes ago, lodylody said:

5% Where did all that extra land come from?

i know youre joking but china has spent the past decade building over 3000 acres of artificial islands and destroyed lots of coral reef in the process

[Concertaholic 6,578]

I spent two weeks in China last summer and was amazed. Their cities were modern metropolises that put US cities to shame. The people were absolutely lovely and the food was delicious. Surprisingly great LGBT night life too. I’m honestly dying to go back because I enjoyed it so much.

[Horny Chicken 10,932]

I don’t like CCP but Chinese guys are the hottest in the world. 

[lodylody 1,790]

14 hours ago, bionic said:

i know youre joking but china has spent the past decade building over 3000 acres of artificial islands and destroyed lots of coral reef in the process

not THAT  not me accidentally joking about something absolutely awful  

[Economy 52,844]

16 hours ago, Concertaholic said:

I spent two weeks in China last summer and was amazed. Their cities were modern metropolises that put US cities to shame. The people were absolutely lovely and the food was delicious. Surprisingly great LGBT night life too. I’m honestly dying to go back because I enjoyed it so much.

I whatched a small video blog of an American who went to China and was amazed by how friendly Chineese people were and how modern their cities are and how every day chineese culture is nothing like whats portrayed on fearmongering Western Media

 

Obviously i havent seen with my own eyes but im not surprised.

 

PS: This doesnt mean im apologetic to their authoratarian government. But lets keep balanced perspective, China isnt North Korea. Also China is relatively tame as well globally considering how big their military is and how much the West flexes against them

 

If it was Russia or Korea in their shoes some war would have started by now

[skedaddleBItCh 2,821]

44 minutes ago, Economy said:

I whatched a small video blog of an American who went to China and was amazed by how friendly Chineese people were and how modern their cities are and how every day chineese culture is nothing like whats portrayed on fearmongering Western Media

 

Obviously i havent seen with my own eyes but im not surprised.

 

PS: This doesnt mean im apologetic to their authoratarian government. But lets keep balanced perspective, China isnt North Korea. Also China is relatively tame as well globally considering how big their military is and how much the West flexes against them

 

If it was Russia or Korea in their shoes some war would have started by now

They're definitely not friendly towards 'other' Asians lol

[Economy 52,844]

2 minutes ago, skedaddleBItCh said:

They're definitely not friendly towards 'other' Asians lol

I mean im not surprised. But my point isnt to say that they are some problem free society.

[Jill 31,812]

1 hour ago, Economy said:

I whatched a small video blog of an American who went to China and was amazed by how friendly Chineese people were and how modern their cities are and how every day chineese culture is nothing like whats portrayed on fearmongering Western Media

 

Obviously i havent seen with my own eyes but im not surprised.

 

PS: This doesnt mean im apologetic to their authoratarian government. But lets keep balanced perspective, China isnt North Korea. Also China is relatively tame as well globally considering how big their military is and how much the West flexes against them

 

If it was Russia or Korea in their shoes some war would have started by now

The thing with criticizing or pointing out the dichotomy of people v. government is that China's government isn't really separate from its people and it doesn't have the same ideological concepts of governance as the West. The same goes for the DPRK and other countries like Russia. In the case of China, it's estimated that around as much as 95% of the population supports the Communist Party in one way or another.

An article from the Harvard Business Review says the following: "Thus July 2020 polling data from the Ash Center at Harvard’s Kennedy School of Government revealed 95% satisfaction with the Beijing government among Chinese citizens. Our own experiences on the ground in China confirm this" (Source). And we're are talking about a heavily biased source that generally only publishes analysis from a pro-Western stance, so the approval rating must be overwhelmingly positive.

This is why the classic position of "I hate the Chinese government, not its people" is not really valid in this case. China's government, for all intents and purposes, does represent its people much better than many other countries around the world, and it does so by having a system that incorporates popular feedback for policy decision in a very fast and modern way that is virtually unmatched. For example, the Chinese government is notorious for the amount of surveys it distributes and collects on a variety of different topics. Thanks to technological advancement, almost any citizen can partake on these surveys and decisions only by downloading an app, voting online, or approaching their local Communist branches. They're also routinely approached by local Communist officials, who want to gather citizens' opinions on a given subject. This system is exceptional in regards to how well it manages to reflect local sentiments in national policy, and it's (imo) heavily understudied in the West.

Does this mean every single person is a warmonger savage who doesn't know right from wrong? No, that would be projecting Western propaganda for the Chinese government onto Chinese people as well. The truth is much more practical, and complex at the same time. The Chinese people aren't that bad, and neither is the Chinese government. They just have a different system than us, and we should be respectful and learn from it and gather the things we can implement here in our society to make it better for everybody. We shouldn't be a victim of propaganda and superficial, heavily-biased analysis that does nothing but further confuse our way into a more just and equal society..

And the same applies to the DPRK and Russia, although they have different systems and a different context too.