In 2024, China's economy reached a new milestone, with its Gross Domestic Product (GDP) surpassing 130 trillion yuan (around 17.74 trillion U.S. dollars), reflecting a strong and resilient national strength, said an official of the National Bureau of Statistics (NBS) on Friday.
NBS director Kang Yi told a press conference in Beijing that it also signals that China's economic foundation has become even more solid.
"Since the 18th National Congress of the Communist Party of China (CPC) in 2012, the country's GDP continued to cross thresholds of 10 trillion yuan approximately every 1-2 years. It exceeded 100 trillion yuan in 2020, crossed 110 trillion yuan and 120 trillion yuan consecutively in 2021 and 2022, and exceeded 130 trillion yuan by 2024. In more than ten years, a historic jump has been achieved from more than 50 trillion yuan to more than 130 trillion yuan, and the overall national strength has been significantly enhanced. China's economic growth in 2024 is equivalent to the annual GDP of a medium-sized country," said Kang.
China also saw significant increase of productivity level in 2024, said Kang.
The secondary industry reached a value of 49.2 trillion yuan (around 6.71 trillion U.S. dollars), while the tertiary sector reached 76.6 trillion yuan (around 10.45 trillion U.S. dollars), he said.
The production of new energy vehicles exceeded 13 million units, and mobile phone production surpassed 1.6 billion units. That enables China to maintain its position as the world's largest manufacturing power, he said.
A vast domestic market and a comprehensive industrial system have provided the country with a solid foundation for navigating economic challenges, said Kang.
"In 2024, the total retail sales of consumer goods and the investment in fixed assets reached 48.8 trillion and 51.4 trillion yuan respectively. The role of domestic demand as a major driver of the economy continues. China ranks first in the world in terms of trade in goods, foreign exchange reserves, and manufacturing, and ranks second in service trade and domestic consumer market. China's capabilities in food and energy security have been consolidated and improved. China also accelerates the layout of new infrastructure such as 5G, computing power, and energy storage, makes steady progress in bolstering industrial and supply chains in the manufacturing industry, and consolidates the foundation for safe development," said Kang.
Kang also highlighted that the milestone of 130 trillion yuan underscores China's significant contributions to the prosperity and development of the global economy.
"Over the years, China has consistently contributed around 30 percent to global economic growth annually, establishing itself as the largest driver of global economic expansion. China has steadfastly advanced high-level opening-up by introducing more autonomous and unilateral opening policies, expanding its global network of high-standard free trade zones, and maintaining its position as the world's second-largest import market for several consecutive years. In 2024, China's goods imports reached an impressive 2.6 trillion U.S. dollars, offering new opportunities for international cooperation among countries with its vast domestic market," said Kang.
China’s GDP surpasses 130 trillion RMB for first time in 2024
