China's comprehensive national strength reaches new heights: statistical communique

China's comprehensive national strength reached new heights in 2024, according to a statistical communique released by National Bureau of Statistics on Friday.

The Statistical Communique of China on 2024 National Economic And Social Development showed that the national economy was generally stable with steady progress, high-quality development was pursued with solid steps, new quality productive forces witnessed steady development, reform and opening up continued to deepen, risks in key areas were defused with well-ordered and effective measures, people's wellbeing was strongly and effectively guaranteed, and new and solid advances have been made in realizing Chinese modernization.

According to preliminary estimates, the gross domestic product (GDP) in 2024 was 134,908.4 billion yuan (about 18.77 trillion U.S. dollars), up by 5.0 percent over the previous year, indicating that the main goals and tasks of economic and social development have been successfully completed.

In 2024, China's industrial sector contributed 34.1 percent to economic growth, an increase of 12.7 percentage points.

The service industry contributed 56.2 percent, acting as the ballast for stable economic operation.

Domestic demand contributed 69.7 percent, continuing to be the main driving force of economic growth.

The net export of goods and services contributed 30.3 percent, markedly higher than the previous year.

The 5-percent growth is the result of combined impacts from production and demand, fully demonstrating the resilience and potential of China's economy.

2024 also saw a rapid and steady development of China's deepening reform in all respects.

China's total retail sales of consumer goods reached 48.3 trillion yuan, and total fixed asset investment amounted to 52.1 trillion yuan, with the domestic circulation playing a vital role.

The business environment continued to improve, with an average of 24,000 new enterprises established daily in China in 2024.

In 2024, China's high-level opening-up entered a new phase.

The total value of goods imports and exports reached 43.8 trillion yuan, a historic high, maintaining its position as the world’s largest goods trader for the eighth consecutive year.

Service trade made new breakthroughs, with imports and exports of services increasing by 14.4 percent year-on-year.

The expansion and optimization of the visa-free transit policy saw 20.12 million trips made by foreign visitors to China, a 1.1-fold increase, projecting China's open, inclusive, and friendly image to the world.

China's comprehensive national strength reaches new heights: statistical communique

China's Minister of Commerce Wang Wentao outlined the key priorities of the 32nd Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting, which opened on Friday in Suzhou, East China's Jiangsu province.

In an interview with CGTN ahead of the two-day meeting, Wang said free trade, digital cooperation and green economy are high on the agenda of the meeting.

"The key areas include advancing regional economic integration and the Free Trade Area of the Asia-Pacific, supporting the World Trade Organization (WTO) in strengthening digital cooperation and developing green economy. At present, the international situation is marked by intertwined turbulence and chaos, with intensified geopolitical instability. The rise of unilateralism and protectionism poses serious challenges to the international economic and trade order, disrupting global and Asia-Pacific development. Against this backdrop, all parties have higher expectations for this trade ministers' meeting, hoping that it can build consensus and deliver outcomes," Wang said.

This year marks China's third time hosting the APEC meetings and the 35th anniversary of its membership.

By 2025, China had become the largest trading partner of 13 APEC economies. Trade between China and APEC economies reached 3.7 trillion U.S. dollars, accounting for 57.8 percent of China's total foreign trade.

China has signed 24 free trade agreements or economic and trade arrangements with 31 countries and regions, including 15 APEC economies. In recent years, China has also completed upgrades of free trade agreements with APEC economies such as Singapore and Peru.

The minister said that China has always been a firm supporter and an important contributor to APEC.

"We have actively shared our vast market and development opportunities with all parties. China's door to the world will only open wider and wider. Facing the common challenges, China will continue to fulfill its responsibilities as a major country, further deepen reform, expand high-standard opening-up, and continue to provide new opportunities for the Asia-Pacific region and the world with its new achievements in Chinese modernization," the minister said.

China's Commerce Minister outlines priorities for 32nd APEC trade ministers' meeting