China's 2024 economic growth expected to reach about 5 pct: official

The current economic performance indicates that China's GDP is expected to grow by around five percent this year, reinforcing its role as a key engine of global economic growth, said an official of the Office of the Central Committee for Financial and Economic Affairs.

The comments came after the annual, tone-setting Central Economic Work Conference, which was held in Beijing from Dec 11 to 12, where the key economic tasks for 2025 were laid out.

The new quality productive forces have developed steadily, with significant advancements in scientific and technological innovation, particularly in areas such as integrated circuits, artificial intelligence, and quantum technology. The intelligent and digital transformation of traditional industries has progressed continuously, while the pace of green and low-carbon transformation has notably accelerated, the official said.

Reform and opening-up efforts have continued to deepen, with major initiatives such as raising the retirement age and establishing a unified national market advancing at an accelerated pace. The high-quality development of the Belt and Road Initiative has been steadily promoted, yielding positive outcomes in terms of high-level opening-up.

Risks in key areas have been mitigated in an orderly and effective manner. A series of measures have been implemented to stabilize the real estate market, resulting in consecutive year-on-year and month-on-month increases in commercial housing sales in October and November. Efforts to address local government debt have been proactive, while risks in small and medium-sized local financial institutions have been steadily alleviated through reforms. The country has made solid efforts to ensure people's wellbeing, with stable employment and the sustained consolidation of poverty alleviation achievements.

China's 2024 economic growth expected to reach about 5 pct: official

China's 2024 economic growth expected to reach about 5 pct: official

Fuel price hikes due to the U.S.-Israel-Iran conflict are placing significant cost pressures on livelihood industries in the Philippines and New Zealand, which are heavily dependent on imported energy, while also driving the growth of the new energy vehicle market.

In various gas stations across Manila, the Philippine capital, diesel prices have surged more than twice the levels seen at the end of February, with increases also noted in liquefied petroleum gas (LPG) prices.

Businesses such as restaurants and vendors relying on LPG have expressed concerns over escalating costs, fearing they may soon be unable to cover their expenses.

"The cost of our goods has gone up. Our income has decreased as a result. The money we earn is barely enough to cover restocking, let alone pay our employees' wages," said Rey, a food vendor.

In Auckland, New Zealand, a senior executive at a local car dealership said the surge in fuel prices is prompting more consumers in the country to shift from conventional cars to new energy vehicles.

"(Fuel price hike) really has increased the sale of our electric vehicles, particularly battery electric vehicles. Consumers are now experiencing battery electric vehicles. They see their economic advantage. It's good for the market. It's also good for New Zealand in terms of sustainability," said Simon Rutherford, CEO of Auto Distributors New Zealand, a division of Armstrong Motor Group.

Fuel price hikes squeeze livelihoods in energy-importing Philippines, New Zealand